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 customizable aspects. However the weekly repayments and personal guarantee might make LoanBuilder a costly choice for your business.
|Product Name||LoanBuilder, A PayPal Service Business Loans|
|Minimum Loan Term||0.25 years|
|Maximum Loan Term||1 year|
|Requirements||Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.|
- Annual revenue of at least $42,000
- At least 9 months in business
- Personal credit score of 550 or higher
First, do I qualify?
You mist meet the following requirements to be eligible for a loan with LoanBuilder, A PayPal Service:
- Credit score of 550 or higher
- Annual revenue of at least $42,000
- Business at least 9 months old
- Eligible industry
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, and it’s fast: You can apply online and may be able to get your loan as soon as the next business day.
LoanBuilder business loans are financed by WebBank, Member FDIC.
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.
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. However, 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
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: a personal credit score of 550+, an annual business revenue of at least $42,000 and at least 9 months in business.
Complete your application through the following five steps:
- Click the Go to site button to be directed straight to LoanBuilder’s website.
- Click the Check Eligibility button to start your application.
- Fill out the required personal and business information.
- Review the loan terms your business is eligible for, adjusting them to meet your needs.
- Upload any required documents.
If approved, you may be able to receive your loan within 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 at 1-800-347-5626. It may be able to work with you to make your loan more affordable.
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 isn’t as forgiving as others.
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.