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LoanBuilder, A PayPal Service business loans review

Quick term loans with a high potential APR.

  • Best for newer businesses that need a small to midsize loan.
  • Pick something else if you can qualify for lower rates and longer loan terms.
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Min. Amount$5,000
Max. Amount$500,000
Loan Term3.25 to 12 months
Min. Credit Score550
APR6.49% to 19.31%
RequirementsAnnual business revenue of $42,000+, 9+ months in business, 620+ personal credit score

WATCH: Our 1-minute take

How much will this loan cost me?

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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How it works

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.

What do I need to qualify?

You and your business must meet the following requirements to be eligible for a loan with LoanBuilder:

  • Personal FICO score of at least 620
  • At least $42,000 in annual revenue
  • In business for at least nine months

What information do I need to apply?

To complete the LoanBuilder application, you will need to provide the following information:

  • Total annual revenue
  • Business start date
  • Owner’s Social Security number
  • Business Tax ID number

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.

What industries does LoanBuilder work with?

Your business won’t qualify if it falls into one of these industries:

  • Agencies for artists, athletes, entertainers and other public figures
  • Public administration
  • Attorneys
  • Business and professional associations
  • Civic and social organizations
  • Collection agencies
  • Grant-making foundations
  • Credit bureaus
  • Elementary schools, secondary schools and junior colleges
  • Environmental, conservation and wildlife organizations
  • Financial services
  • Gambling and related businesses
  • Gun stores
  • Holding companies
  • Management companies
  • Human rights organizations
  • Independent writers, artists and performers
  • Labor and political organizations
  • Manufactured home dealers
  • New and used car, ATV, RV, watercraft, boat and motorcycle dealerships
  • Nonprofits
  • Religious organizations
  • Voluntary health organizations


  • No interest, origination fees or prepayment penalties
  • Next-day turnaround available
  • Available in all 50 states and Washington, DC


  • Requires weekly repayments
  • High fees ranging from 6.49%
  • Extremely short loan term

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Fora Financial business loans
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ROK Financial business loans
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$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
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Is LoanBuilder legit?

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.

LoanBuilder reviews and complaints

BBB accredited No
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.

How do I apply?

The preapproval process doesn’t require you to upload documents, but you will need to follow these steps to get started:

  1. Visit LoanBuilder’s website and click Check eligibility.
  2. Enter your business’s name, your full name and your contact information, then select your loan’s purpose.
  3. Review LoanBuilder’s terms of service and privacy policy. Click Continue.
  4. Enter your home address and business address, phone number and website URL, if applicable.
  5. Select your business’s structure, then enter your annual revenue, start date, number of full-time employees.
  6. Select your industry, then click Continue.
  7. Verify your identity by entering your date of birth, Social Security number and Federal Tax ID number.

What happens after I apply?

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.

What should I do if my business is declined?

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.

How do repayments work with LoanBuilder?

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.

Frequently asked questions

All LoanBuilder Loans are serviced by Swift Financial, LLC and issued by WebBank, Member FDIC.

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.

Expert review

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.

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