Review of LoanBuilder
LoanBuilder is connected to one of the most powerful financial services companies in the world, PayPal, so you know it is a legitimate business lender. LoanBuilder offers your company the short-term capital it needs to bridge the gap between large contracts, to buy equipment or inventory, or any other business need. They are even able to offers these loans with flexible weekly payment terms that allow your business to pay off the balance over time.
So, how does a loan from LoanBuilder work and how can you tell if it’s the right option for your company? We’ll explore these topics and more below.
What does LoanBuilder offer?
LoanBuilder offers businesses short-term loans to help them continue operating while generating stable revenue. It gives businesses up to $500,000 to buy equipment, pay salaries, buy a new building and more while allowing the company to make regular weekly payments.
Because payments are made weekly, businesses can easily budget for them according to their cashflow, and put their funds to work immediately.
LoanBuilder also offers businesses loans as small as $5,000, so these loans can even cover small purchases for your business. What’s more, with weekly payments available, planning and paying off your debt in a shorter period of time is possible.
Who can get a LoanBuilder loan?
LoanBuilder loans are for businesses only. More specifically, they are for established businesses with consistent, documented revenue. To get a LoanBuilder loan, you must have been in business for at least nine months and have at least $42,000 in yearly revenue. You must also have no active bankruptcy filings, and the business must be within the 50 United States. What’s more, your business also must be registered with the Secretary of State.
On top of all those regulations, there are select industries and business types that are not eligible at all.
Keep in mind that there is a personal guarantee attached to these loans, so your personal credit report matters too. This means you would be financially responsible for repaying this loan, should the business default on the debt.
How long does it take to get a LoanBuilder loan?
It only takes about five to ten minutes to get the application process started by filling out the online questionnaire. Once that’s filled out, a loan representative will contact you and go over your options. If you are deemed eligible for a LoanBuilder business loan, you can have your money as early as the next business day.
Keep in mind that weekends, holidays and special circumstances can affect the amount of time it takes to get your loan deposited in your account.
LoanBuilder is a short-term lender that offers small- to medium-size loans to businesses, so the terms vary greatly. You can borrow between $5,000 and $500,000, but only top-tier businesses will get the upper range of loan amounts. You repay the loan weekly, and the terms range from 13 to 52 weeks. Your interest rate will vary greatly depending on your creditworthiness, and a loan consultant will go over this with you if you’re approved.
Should you decide to pay off your LoanBuilder loan early, keep in mind that all the fees are calculated at the time of loan funding, so this is one of those rare instances where there is no real benefit to paying off early.