Promoted
Our Partner
Applying won’t affect credit score
- Loan Amounts: $5,000 to $250,000
- Average Yearly Revenue requirements: $100,000
- Minimum Credit Score: 625 FICO
- Minimum Time in Business to apply: 1 year
LoanBuilder Review
ConsumersAdvocate.org
9 Customer Comments & Reviews - see all comments
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LoanBuilder, A PayPal Service is a small business loan serviced by Swift Financial, which was acquired by PayPal in 2017.
The goal of LoanBuilder is to provide a customizable business loan to small and mid-sized businesses. LoanBuilder offers eligible businesses $5,000 to $500,000 and can fund borrowers in as fast as the next business day.
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9 Customer Comments & Reviews
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Loanbuilder used to be term loans for small business owners, now they are solely MERCHANT ADVANCE scammers!!!!! Stay Away!!!!
This is typical financial company focused on positive reviews ( 'influencers' write a tons of lies about them, making dozens of fake reviews on website like this one ) . The fact is this is rather scam than financial institution. Their sales guys are similar to used car dealership staff , who want you sell a lemon. NOTHING what they say is the truth. You may expect APR at $25-30% ( yes ! despite what they promise ) , you cannot pay off the loan earlier. The person who leaded you to sing the contract immediately is unavailable. Do yourself a favor : STAY AWAY ! Despite what you can read on PAID website, tis is the most untrusted service I gave experienced while I'm 40 years in business.
Do yourself a favor and avoid this loan seller. Yes, they hire a sellers as used cars business, annoying and promising you anything, just for signing the paperwork. After that, you realize you are in quite different word than you were told. Keep in mind two things : 1 . They do a lot to hide a real APR - which is 18-24% . After full finance checking procedure ( same as bank required ) , you'll get overpriced product. 2. You cannot pay off earlier your loan. I'm sorry...you can, but you must pay them full 'fee amount' - so , you'll be charged interests for ENTIRE loan. " The loan can be paid off at any time, but the full fee based on the original term of the loan is applied and is... Read More
Thief... Very deceptive on their loans. Paperwork states that they charge "interest" NOT A FEE on the service. SO if you you pay it off early they charge you ALL the "interest" in the payoff and you NEVER get refunded any "interest" over paid. SCAM DO NOT EVER USE THIS COMPANY
So far my experience with Loan Builder is a disappointment. I can't seem to get in touch with anyone and no one is getting in touch with me. My loan has been sitting in "underwriting" for more than a week with no communication on what comes next. This is very frustrating and disheartening. I had a lot of blind faith in this company and in PayPal. No sure where to go from here.
I am completely baffled by this company's business practices. I started a loan application with Nick Harkins to renew our current loan because we needed a gap loan to cover some expenses. Everything seemed to be going well, then all of a sudden Nick went radio silent. I tried calling and was either hung up on or sent straight to VM. My emails went unanswered. I then called the customer service line after a few days of no communication and was told that Nick was busy but they'd have him get back to me. No one ever called me back. I ended up going back to a previous lender to get funding and have now paid off your loan in full. They lost this sale, and I'm very disappointed with the... Read More
I have tried to get a loan through here and they tell me that I am pre-approved for up to 65,000,. I send them all the information that they requested and proof of the income they want with proof of money coming in, and they give no reason why they turned me down. I didn't even ask for half of what I was approved for and they still denied me for stupid reason that their customer service reps never even heard of. The bad thing is that I had a loan with them and made every payment on time and even paid them off, but I guess that doesn't matter to them. I would never recommend this company to anyone who would want a loan.
650 credit score, $40k per month in revenue, been in business 2 years. trying to consolidate a higher interest loan, denied..(don't mind being denied) but was given no reason why, no denial letter etc..Go to Street Shares..much better company with much better rates and terms.. got the consolidation loan quickly with no problem..beware of a company that really doesn't know what it's doing..
The only downside is the 52 week limit. It would be nice if they offered longer terms of 2-3 years.
Top Rated
Our Partner
Applying won’t affect credit score
- Loan Amounts: $5,000 to $250,000
- Average Yearly Revenue requirements: $100,000
- Minimum Credit Score: 625 FICO
- Minimum Time in Business to apply: 1 year