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$5,000
Min. Amount
$500,000
Max. Amount
Product Name | LoanBuilder business loans |
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Min. Amount | $5,000 |
Max. Amount | $500,000 |
Loan Term | 3.25 to 12 months |
Min. Credit Score | 550 |
APR | 6.49% to 19.31% |
Requirements | Annual business revenue of $42,000+, 9+ months in business, 620+ personal credit score |
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
LoanBuilder, A PayPal Service earns high praise from borrowers who rate it as an efficient way to get quick funding for their business. Unlike banks or other online lenders, you and your business won’t need to meet strict eligibility criteria to qualify. You’ll only pay one fee for borrowing, and your business may be eligible for up to $500,000. And you may even be able to receive your funds on the same day you apply — provided all your documents are in order.
But some borrowers have complained the one-time fee results in a high APR. Weekly repayments could also throw a wrench in your business’s budget, especially if you hit a period with limited cash flow. If you decide to borrow, be sure your business can handle the quick repayment schedule LoanBuilder demands.
LoanBuilder may be a top option, but you should also compare your other business loan options to ensure you find the right funding that suits your business.
LoanBuilder offers business loans between $5,000 to $500,000 and terms up to one year. Instead of interest, your business will pay a fixed fee of 6.49% to 19.31%. This translates to an APR of 44.57% to 131.75% for a $100,000 loan with LoanBuilder’s minimum term of 13 weeks.
There are no origination, application or prepayment fees. However, the full borrowing fee will be due when you repay — no matter if you pay your loan off on schedule or months ahead of schedule.
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Your business’s overall financial situation will be evaluated when you submit an application. The exact amount your business qualifies for — if it qualifies at all — will depend on how you plan on using your loan funds and your revenue. The better you are able to afford weekly repayments, the more likely it is that your business will be approved. Your personal credit and previous borrowing history with LoanBuilder may also help improve your chances.
The LoanBuilder Configurator allows you to have more control when seeking the funding you need without affecting your credit score. If your business prequalifies, you can use this tool to adjust your loan offer to find terms that might better fit your business’s financial situation.
You and your business must meet the following requirements to be eligible for a loan with LoanBuilder:
To complete the LoanBuilder application, you will need to provide the following information:
You may also be required to submit four months of your recent bank statements or additional documents if you are conditionally approved for a loan.
Your business won’t qualify if it falls into one of these industries:
Yes, LoanBuilder is a legit lender backed by PayPal, financed by WebBank and serviced by Swift Financial. It has clear privacy policy that includes information on how your personal information is collected and how you can opt out. Its website is secure, and while LoanBuilder doesn’t state the exact method it uses to keep your information safe, it does state that it takes reasonable measures — which includes SSL encryption.
BBB accredited | No |
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BBB rating | A+ |
BBB customer reviews | 2.33 out of 5 stars, based on 3 customer reviews |
BBB customer complaints | 17 customer complaints |
Trustpilot Score | 4.9 out of 5 stars, based on 5,317 customer reviews |
Customer reviews verified as of | 13 October 2020 |
LoanBuilder — still using the name Swift Financial on its BBB and Trustpilot pages — is rated well. While it doesn’t have any recent reviews listed on its BBB page, customers on Trustpilot are pleased with the speed of the application process and customer service.
However, reviews on its response to the coronavirus are mixed. Some business owners state that their payments were automatically paused, while others had trouble finding relief. Others were upset with LoanBuilder's PPP loan process, which delayed their ability to get funding during the pandemic.
The preapproval process doesn’t require you to upload documents, but you will need to follow these steps to get started:
It may take up to five minutes for your application to process. A representative will then be in contact with you to go over what documents you need to submit.
If approved, you may be able to receive your funds the next business day — provided your application and supporting documentation are submitted before 5 p.m. ET on a weekday. Otherwise, it could take a few days to receive your funds.
If you aren’t approved for a business loan, LoanBuilder will send you an email within two days with details on why it wasn’t able to fund your loan. From there, you can apply again after a 30-day waiting period or consider applying with a different lender.
LoanBuilder automatically deducts repayments from your business checking account every week, so avoid moving around money in a way that might leave your account short. And while you can’t change the weekly repayment schedule, you can change the day of the week LoanBuilder deducts your funds. So when cash flow fluctuates, you still have control over when you repay — helping you avoid its $20 NSF fee.
If you notice any inconsistencies or have trouble repaying your loan, reach out to LoanBuilder’s customer service team. It may be able to work with you to make your loan more affordable.
See how LoanBuilder stacks up to the competition with our guide to business loans.
All LoanBuilder Loans are serviced by Swift Financial, LLC and issued by WebBank, Member FDIC.