SERVICES OFFERED BY LOANBUILDER
Fast, Easy, and Flexible Financing Solutions for Your Business
LoanBuilder, a leading provider of short-term business loans, offers a range of services that set it apart from other business financiers. With affordable loan options, no origination or upfront fees, and lenient borrower requirements, LoanBuilder stands as a reliable choice for businesses in need of quick and convenient financing.
How LoanBuilder Differs from PayPal Loan
LoanBuilder and PayPal Business Loans are essentially the same service. While you may notice the application questionnaire referring to it as PayPal Business Loan instead of LoanBuilder, both services are synonymous. Although there were initial plans to phase out the LoanBuilder brand name, it has remained unchanged.
LoanBuilder vs. PayPal Working Capital
LoanBuilder's parent company also offers PayPal Working Capital, another business loan service. While PayPal Working Capital is exclusively available to PayPal sellers, LoanBuilder extends its services to a broader range of businesses, regardless of their association with PayPal. Moreover, LoanBuilder offers higher borrowing amounts based on the business's entire revenue, not just its PayPal sales.
LoanBuilder Borrower Requirements
LoanBuilder maintains relatively relaxed borrower qualifications. However, it's important to note that certain industries, including attorneys, nonprofits, and financial services, are ineligible for loans. To have a good chance of qualifying for a LoanBuilder loan, your business should meet the following minimum requirements:
- Time In Business: At least 9 months
- Business Revenue: Minimum of $42,000 per year
- Personal Credit Score: 620 or above
- Location: Business must be based in the United States
- Bankruptcy: No active bankruptcies
LoanBuilder Interest Rates & Fees
LoanBuilder provides borrowers with loan amounts ranging from $5,000 to $500,000. The repayment term length spans from 13 to 52 weeks. The borrowing fee charged by LoanBuilder is a one-time fee, ranging from 2.9% to 18.72% of the borrowing amount. Notably, LoanBuilder does not charge an origination fee or any other upfront fees. The borrowing fees are expressed as a Total Interest Percentage, which is multiplied by the borrowing amount to determine the borrowing fee. While collateral is not required, LoanBuilder places a UCC blanket lien as a condition of receiving the loan.
Application Process
LoanBuilder offers a quick and straightforward application process. To begin, you fill out an online prequalification form, which typically takes around five to ten minutes to complete. The form consists of five steps, including Contact Info, Personal Info, Business Location, Business Details, and Verify Identity. The information required varies based on your business type, covering aspects such as contact details, business location, revenue, industry, and identification information.
What Happens After Applying Online
Once you submit your application, LoanBuilder promptly informs you if you've been approved to continue the process. Eligibility is determined by evaluating your business's financials, overall health, and personal credit history. If preapproved, you receive estimated rates and fees and can customize your borrowing amount and term length. Upon finalizing your terms, you complete a full application and provide any necessary documentation. LoanBuilder conducts a hard credit check during this stage. If approved, you electronically sign a contract before receiving the funds.
Loan Repayment and Support
Upon loan approval, WebBank, the originating bank for LoanBuilder loans, deposits the funds directly into your bank account. LoanBuilder automatically deducts payments from your business bank account every week, allowing you to choose the day for withdrawal. The repayment process is hassle-free, and early repayment is penalty-free, although there is no monetary benefit for doing so. LoanBuilder provides customer service support via phone,
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