Formerly known as Swift Capital, LoanBuilder was established in 2006 and acquired by PayPal in 2017. The lender provides much larger funding sizes compared with other small business lenders, with amounts ranging from $5,000-$500,000 depending on eligibility.
The company stands out from other lenders thanks to flexible loan terms. You can get a LoanBuilder business loan that is customized to your unique needs. The application process is quick: Filling out the questionnaire takes 5-10 minutes to complete.
Consider LoanBuilder if you:
- Need cash fast
- Have fair credit
- Are looking for short-term financing
LoanBuilder Lender Review
LoanBuilder provides short-term small business loans customized according to unique needs.
This means you can adjust the weekly payment amount and repayment duration based on what works for you. If you need lower payments, you can select a longer repayment period. Similarly, a shorter repayment period will help you get lower rates.
This makes LoanBuilder terms among the most flexible on the market.
A LoanBuilder business loan requires a personal guarantee and will affect your personal credit score. In addition, the company considers various factors such as your FICO business score, your company’s financial performance and personal credit history.
LoanBuilder Business Loan Review
LoanBuilder offers some of the most flexible lending terms and affordable borrowing fees compared with other small business lenders.
- Repayment terms range from 13-52 weeks, depending on the loan amount.
- LoanBuilder charges a single fixed fee representing the total interest charge of the loan.
- There are no origination or early repayment fees for LoanBuilder business loans.
- Weekly loan payments are automatically withdrawn from your business bank account.
LoanBuilder and the Better Business Bureau
With the PayPal acquisition being a couple of years old, LoanBuilder is in the process of building its user profile. On customer review sites such as Trustpilot, the company listing still is under the Swift brand name. Even the Better Business Bureau’s listing for LoanBuilder is still under Swift Capital.
LoanBuilder has an A+ rating from the BBB. The company also has a 4-star average rating out of 50 customer reviews.
LoanBuilder by PayPal Reviews
Other than a few complaints, most LoanBuilder reviews are on the positive side.
Here’s a breakdown of the top customer complaints against LoanBuilder via the BBB and Trustpilot:
- Unforeseen roadblocks resulting from miscommunication or misunderstanding. Some customers end up going through a much more complex funding process than they had anticipated.
- Confusing loan terminology.
- The repayment terms may be flexible, but they can’t extend beyond 12 months. This may be too short for some business owners. You might want to look for other funding options if you want a longer repayment period.
Most of the recent LoanBuilder reviews are on the positive side. Here’s a summary:
- Customers get to work with friendly and professional staff who will guide them through the application and funding process.
- Once you have all your paperwork in place, the approval and funding process is fast and straightforward.
- The LoanBuilder interest rates are more reasonable than most short-term funding options.
LoanBuilder Interest Rates
LoanBuilder charges a single fixed fee representing the total interest charge. These fees will have varying rates based on your company’s health and eligibility as well as your repayment period. A better credit score and annual revenue are likely to get you better rates.
What’s great about these fixed fees? You have a clear idea of exactly how much you need to pay back even before you sign the contract. LoanBuilder’s terms are transparent and leave little room for unexpected charges.
- Annual Revenue $42,000+
- Time in Business 9+ months
- Personal Credit Score 550+
* No active bankruptcies
How Does the Application Process Work?
- The process starts with an online questionnaire, which takes 5-10 minutes to complete.
- Provide your basic personal and business info and verify your identity.
- After completing the form, the company lets you know whether you’ve been approved.
- If approved, LoanBuilder will provide you with estimated rates and fees. This is the point where you can customize the term length and amount per your needs.
- After selecting your desired loan terms and completing the rest of the application, you will receive the contract and bank instructions.
- You get your funding after you submit the electronically-signed contract.
Final Say on LoanBuilder
Overall, a business loan from LoanBuilder is an excellent option if you want flexible lending terms and larger amounts. The fixed fee also makes it an ideal choice if transparency is a big concern.
However, LoanBuilder may not be an option if you can’t provide a personal guarantee, don’t want the loan to affect your personal credit score or need a longer repayment term.