LoanBuilder, A PayPal Service business loans review June 2018

LoanBuilder, A PayPal Service business loans review

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Customizable loans with no origination fee for business owners in a hurry.

Does your business need funding fast for an emergency expense? If so, you’re in the right place.

With LoanBuilder, A PayPal Service, you can get financing in as fast as a day — and you won’t have to cram your business into a loan that doesn’t quite fit, thanks to its customization.

Read on to see if LoanBuilder, A PayPal Service could be right for your business needs.

Product NameLoanBuilder, A PayPal Service Business Loans
Min Amount$5,000
Max Amount$500,000
RequirementsAnnual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.

First, do I qualify?

To be eligible for a loan with LoanBuilder, A PayPal Service:

  • You must have a credit score of 550 or higher.
  • Your business must have annual revenue of at least $42,000
  • Your business must be at least 9 months old.

What is LoanBuilder?

A PayPal service as of November 2017, LoanBuilder specializes in short-term lending to midsize businesses. Business owners can apply for its term loans to cover almost any legitimate business purpose.

It’s also fast: Apply online for funding as soon as the next business day.

What makes LoanBuilder business loans unique?

Aside from speed, the main feature that sets LoanBuilder apart is its costs that come in the form a one-time fixed fee over the life of the loan. And other than a non-sufficient funds fee for any returned payments, you won’t pay other fees, so it’s easy to calculate your total loan cost.

The LoanBuilder Configurator allows businesses to have more control when seeking the funding they need for a range of different purposes. Exploring potential loan options through the LoanBuilder Configurator will not affect the applicant’s 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.

WebBank, Member FDIC is the lender of LoanBuilder loans.

What are the benefits?

  • No origination, application or stacking fees. You’ll pay no origination, application or stacking fees with LoanBuilder, and you can pay off your loan early without any prepayment fees.
  • Fast funding. Turnaround is as fast as one business day.
  • Acclaimed customer service. Its support line is recognized by the J.D. Power Certified Contact Center Program, and it’s backed by the online powerhouse PayPal.
  • Customizable terms. Borrowers may decrease weekly payments and lengthen repayment period based on needs.
  • Dedicated representative. Each business owner is a assigned a “go to” contact once they get a loan through LoanBuilder.

What to watch out for

  • You might not get your estimated cost. The fee you see with LoanBuilder’s Configurator isn’t guaranteed. You’ll see your actual fee only after a hard credit check.
  • Requires weekly repayments. Like most short-term business loan products, LoanBuilder requires weekly payments. To avoid fees on insufficient payments, you’ll want to be sure your cash flow can support them.
  • Personal guarantee required. You’re personally responsible for repaying the loan if your business can’t. Though a personal guarantee or lien on your business assets is standard for business financing — and can result in a more affordable loan.

Compare LoanBuilder to more business loan providers

Rates last updated June 22nd, 2018
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Kabbage Small Business Line of Credit
A simple, convenient online application could securely get the funds you need to grow your business.
$2,000
$250,000
Must have been in business for at least 1 year. Revenue minimum is $50,000 annually or $4,200 per month over the last 3 months.
Lending Express Business Loan Marketplace
$5,000
$500,000
At least 3 months in business and $10,000+ in monthly revenue. Your business might also qualify if it has at least 6 months in business and $3,000+ in monthly revenue.
National Business Capital Business Loans
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000.
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
Excel Capital Management Small Business Loans
Get personalized financing options that suit your unique business needs in just a few simple steps.
Varies by loan type
Varies by loan type
Your business must operate in the US, be at least 1 year old and have monthly revenue of $15,000+.
Balboa Capital Small Business Loan
Short-term business financing with no minimum credit score or physical paperwork required.
$2,500
$500,000
Must make $100,000 in annual revenue and be established for at least one year prior.
LendingTree Business Loans
Compare multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

What does the Internet say about LoanBuilder?

LoanBuilder, a PayPal service is a newer product so it hasn’t yet built an online reputation. The servicer for LoanBuilder is Swift Financial, which previously did business as Swift Capital. It was accredited with the Better Business Bureau (BBB), meaning it met basic transparency standards. The BBB also gave it an A+ rating based on 54 customer reviews. As of June 2018, it’s done similarly well on Trustpilot, earning a 9.6 out of 10 based on nearly 1,500 customer reviews, 85% of which rated it “Excellent.”

The main draw: Customer service. The majority of reviewers agree that customer service was professional, helpful and efficient. Many customers also praised its fast and easy process.

Some customers had complained online of Swift Capital’s high interest rates. But because LoanBuilder comes with a one-time fee over the life of the loan — new borrowers may not experience this grievance.

How do I apply?

First make sure you meet the minimum eligibility requirements, which include: personal credit score of 550+, annual business revenue of at least $42,000 and at least 9 months in business.

If you meet these eligibility requirements, you’re ready to apply.

Complete your application through the following five steps:

  1. Click the Go to site button to be directed straight to LoanBuilder’s website.
  2. Click the Check Eligibility button to start your application.
  3. Fill out the required personal and business information.
  4. Review the loan terms your business is eligible for, adjusting them to meet your needs.
  5. Upload any required documents.

If approved, you might get your funds in as fast as one business day.

I got the business loan. Now what?

Keep track of your account. LoanBuilder, A PayPal Service deducts repayments from your business checking account every week, so avoid moving around money in a way that might leave your account short. If you notice any inconsistencies or have trouble repaying your loan, contact LoanBuilder’s customer support as soon as possible. It may be able to work with you to make your loan more affordable.

Bottom line

LoanBuilder, A PayPal Service could be a solid option for businesses that need fast financing but pull in enough revenue to afford weekly repayments. Businesses with unpredictable sales might want to look elsewhere, because the repayment schedule is less forgiving than most.

Even if it does sound like a match, it’s a good idea to compare multiple options before deciding on a lender. That way, you can find one you’re eligible for that best fits your business’s needs.

Frequently asked questions

All LoanBuilder Loans are serviced by Swift Financial, LLC and issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC.

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