LoanBuilder Review

LoanBuilder is a business financing offering by PayPal Inc, based in San Jose, CA. Founded in 1999, PayPal Inc offers access to small business loans in 50 states (and Washington, DC).

What are LoanBuilder’s rates?

LoanBuilder offers a fixed APR business financing product that ranges from 6.49% APR up to 99% APR.

Does LoanBuilder charge an origination fee?

No, LoanBuilder does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a business loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

What limitations does LoanBuilder set on the purpose of the business loan?

LoanBuilder considers business loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of small business loans does LoanBuilder offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. LoanBuilder provides access to the following business loan types:

• Secured Term Business Loans

Does LoanBuilder charge prepayment fees?

No, LoanBuilder does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.

How much can you borrow from LoanBuilder?

Business loan amounts start at $5,000 and go up to $50,000.

What is the maximum business loan term you can get with LoanBuilder?

LoanBuilder offers small business loans with terms ranging from 3 to 12 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for LoanBuilder?

LoanBuilder requires companies to be in business for at least 9 months. Businesses must have a minimum annual revenue of $3,500 to be considered.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via LoanBuilder. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LoanBuilder.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of identity

What is the estimated funding time for a business loan via LoanBuilder?

LoanBuilder can provide a credit approval decision in less than an hour and fund the business loan within 1 business day.