LoanBuilder

• Reasonable Fixed Fee
• Simple Application Process
• No Hit to Personal Credit
• Wide Range of Loan Amounts
• Repayment Term Options
• Automatic Payments
• LoanBuilder Reviews 

Reasonable Fixed Fee 

LoanBuilder, A PayPal Service has a one-time, fixed-fee cost that is designed to work with businesses. There is no origination fee, prepayment fee, stacking fee, or other hidden fees.

On the LoanBuilder website, borrowers can choose their amount on the company's Loan Configurator and view their repayment in total terms as well as weekly payments. This process will not affect the borrower's personal credit.

This is in line with the Working Capital PayPal business loan: it charges only a fixed percentage fee of PayPal sales and no other fees associated with the loan. 

Simple Application Process

In order to determine eligibility for LoanBuilder's small business loans, business owners simply need to fill out a 5- to 10-minute questionnaire online or contact one of LoanBuilder's Business Funding Experts by phone. Once the questionnaire is complete, estimated loan terms can be customized by adjusting the loan amount and duration to compare the costs of financing. After applicants have selected their desired terms and finished the loan application, they will be emailed and prompted to electronically sign the contract if approved.

If approved, the loan funds are transferred by the lender directly into the business's bank account. Funding can be as fast as the next business day if documents are in and the loan is approved by 5 p.m. ET, Monday through Friday (excluding bank holidays), making the process quick and convenient for borrowers.

This process is much faster than that of a traditional bank loan, saving prospective borrowers time. 

No Hit to Personal Credit

Completing the questionnaire will assess the applicant's eligibility, allow them to review estimated offers for business loans if eligible, and will not impact their credit score.

However, should a borrower decide to complete the loan application process, credit checks and other public records checks will be performed, which may impact their credit score.

Wide Range of Loan Amounts

With LoanBuilder, loan amounts range from $5,000 to $500,000, depending on your business's eligibility.

One of the lender's Business Funding Experts can assess your business's eligibility within minutes, and if eligible, review with you your estimated loan terms and work with you to help you build the right loan for your unique business and situation.

Repayment Term Options

Because LoanBuilder wants borrowers to build a loan that works for their business, the company offers short-term loans with repayment options ranging from 13 to 52 weeks.

Business owners who need lower payments are encouraged to select a longer loan term, while those who want a lower fixed fee are advised to select a shorter loan term.

Automatic Payments

To make things simple and hassle-free for business owners, weekly payments for LoanBuilder loans are withdrawn from the business's bank account automatically. Borrowers have the ability to provide account information and select their preferred payment day when they sign the contract.

LoanBuilder uses a weekly payment structure. Monthly payments do not appear to be an option.

LoanBuilder Reviews

The majority of LoanBuilder reviews are positive and highlight an exceptional lending experience, satisfactory rates, and professional and friendly customer service. Overall, the customer experience notes that LoanBuilder is a trustworthy company with competitive small business loans. You can search for certain themes within the LoanBuilder reviews repository below. 

• Eligibility Requirements
• Personal Guarantee Necessary
• Prepayment Stipulations
• Excluded Industries
• No Online Chat

Eligibility Requirements

With LoanBuilder, a borrower's eligibility and loan offer are based on an overall assessment of their business's health including cash flow, time in business, and credit history. The requirements are stricter than those of some other lenders. 

LoanBuilder evaluates the credit history of the business owner and the business to determine approvability, the loan amount, and pricing. Minimally, a company must have been in business for at least 9 months, generate at least $42,000 in total annual revenue, not have any active bankruptcies, and be located within the 50 United States or Washington D.C.

The business owner applying for the loan must have a FICO credit score of at least 550. The better the credit report, the more favorable the interest rate. 

Personal Guarantee Necessary

As is common with many lenders, LoanBuilder requires a personal guarantee, which is a signed promise to pay back the loan if the business defaults and puts all of the business owner's personal assets on the line that aren't protected by law from creditors, in order to provide a business loan. A personal guarantee is different from collateral in that collateral is a specific asset or assets that the business owner pledges as security for a loan if the business defaults.

Prepayment Stipulations

A business loan from LoanBuilder can be paid off at any time, but the full fee based on the original term of the loan is applied and is due at the time of the payoff. While this is preferable to also paying a prepayment fee, it functions similarly. There are other lenders out there that do not have such restrictions on prepayment. 

Excluded Industries 

LoanBuilder provides short-term financing to businesses in more than 500 different industries. However, business loans are not available through LoanBuilder to businesses in the following industries:

• Agents and managers for artists, athletes, entertainers, and other public figures
• Any businesses in public administration
• Attorneys
• Business and professional associations
• Civic and social organizations
• Collection agencies
• Credit bureaus
• Elementary and secondary schools and junior colleges
• Environmental, conservation, and wildlife organizations
• Financial services
• Gambling and related businesses
• Grant making foundations
• Gun stores
• Holding companies and management companies (without subsidiaries included)
• Human rights organizationsIndependent artists, writers, and performers
• Labor and political organizations
• Manufactured (mobile) home dealers
• New and used automobile, ATV, RV, personal watercraft, boat, and motorcycle dealers
• Non-profit organizations
• Religious organizations
• Voluntary health organizations

No Online Chat

If potential, current, or past borrowers want to know more or have questions for LoanBuilder, they will need to contact the lender over the phone or through email, as there is no live chat feature on the company's website.