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LoanBuilder is a great choice for fast and easy online loans, but it isn't the right choice for every business. See how these LoanBuilder alternatives stack up against the PayPal service.
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Editor & Senior Staff Writer
Last updated onUpdated
REVIEWED BY
Expert Contributor
PayPal’s LoanBuilder offers fast and easy small business loans. In the past, we’ve praised LoanBuilder for its transparency, but unfortunately, basic information like rates and terms are no longer disclosed before applying for a loan.
Short repayment terms, weekly payments, and limitations for new borrowers may also prove to be troublesome for small business owners.
While we still recommend LoanBuilder as an online alternative lender for small businesses, there are other options worth exploring. Whether you’ve been denied a LoanBuilder loan, want more transparent terms upfront, or are just comparing options, we’ve compiled a list of the best LoanBuilder alternatives that may be a better fit for your business.
Learn More About Our Top Picks
| Company | Best For | Next StepsBest For |
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OnDeck
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Square Capital
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Fundbox
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BusinessLoans.com
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Credibly
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| Show Fewer Options |
Read more below to learn why we chose these options.
Table of Contents
The best LoanBuilder alternatives have fast and easy applications, fast funding, relaxed borrowing requirements, and competitive rates and fees. These are our top picks for the best LoanBuilder alternatives.
| Funding Type | Max. Borrowing Amount | APR | Term Lengths | FICO | |
|---|---|---|---|---|---|
| OnDeck | Term loans & lines of credit | $250,000 | 29.9%+ | Up to 24 months | 625 |
| Square Capital | Short-term loans | $350,000 | Factor rates of 1.10+ | Up to 18 months | N/A |
| Fundbox | Lines of credit | $150,000 | Fees of 4.66%+ | 12 or 24 weeks | 600 |
| BusinessLoans.com | Term loans, STLs, MCAs, LOCs | $3 million | Undisclosed | 3 months - 5 years | N/A |
| Credibly | Term loans, STLs, MCAs, SBA loans, LOCs, equipment financing | $600,000 | Varies by product | 3 - 24 months | 500 |
Pros
Cons
While LoanBuilder's application and funding process is pretty fast -- typically completed within a few days -- we like that OnDeck offers same-day funding. Although not available in all states, some borrowers who need fast capital will appreciate the speed at which OnDeck disburses funds.
We also like that OnDeck offers term loans as well as lines of credit if you need a more flexible financing option. And while OnDeck isn't available in some states and to businesses in certain industries, its relaxed borrowing requirements make it easy for more businesses to qualify for funding when they've been denied elsewhere.
Pros
Cons
If you use Square for payments, you don't have to look far to find business funding. Square Capital offers short-term loans exclusively to Square users. While you will have to wait for an offer from Square to qualify, borrower requirements are fairly easy to meet -- typical credit, revenue, and time in business requirements that you'll find with lenders like LoanBuilder do not apply.
Instead of a typical interest rate, you'll pay a one-time fee over the life of the loan. Payments are based on sales and are deducted automatically, so you don't have to worry about missing a payment or being late. Once you receive your invitation, the funding process is quick and easy.
Get Started With Square Capital
Pros
Cons
LoanBuilder is a good choice if you need a lump sum of cash for a larger purchase, but Fundbox offers more flexibility with its revolving lines of credit. You can receive up to $150,000 as a line of credit that you can draw from as needed. This makes it a great option for purposes such as working capital, emergency expenses, or purchasing supplies and inventory.
We also like that Fundbox has relaxed borrowing requirements. We appreciate that Fundbox's application process is fast and easy -- you can even apply or make draws from your phone using the Fundbox mobile app. Credit decisions are available in just minutes. Once approved, funds are available for immediate withdrawal and can be in your bank account as soon as the next business day.
Pros
Cons
If you don't want to submit multiple applications or want to make sure you get the best rates and terms for your situation, consider using a marketplace lender like BusinessLoans.com. Unlike LoanBuilder, BusinessLoans.com isn't a direct lender but is a loan aggregator that works with multiple lending partners to help you find the best funding product with a single application.
Borrowers who don't meet LoanBuilder's credit requirements may find another loan option using BusinessLoans.com, as there are no minimum credit score requirements. We also like that BusinessLoans.com offers large borrowing amounts up to $3 million, which far exceeds the maximum amount offered through LoanBuilder.
Get Started With BusinessLoans.com
Pros
Cons
If LoanBuilder's maximum borrowing limits don't work for you, consider applying for funding through Credibly. With Credibly, you can receive a working capital loan up to $600,000 for larger purchases. Credibly also offers additional funding -- both in-house and through partner lenders -- including merchant cash advances and SBA loans.
With one application, you can prequalify for funding and work one-on-one with a Credibly Business Consultant to find the option that's best for your business. We like that you can qualify for funding with a credit score as low as 500, although borrowers with lower scores won't qualify for all products and will likely receive a lower loan amount and higher rates.
We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.
When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.
Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.
Read more about how we rate small business lenders.
If you want a quick and easy business loan, LoanBuilder is certainly worth looking into, especially if you don’t meet the requirements of traditional lenders. However, be aware that limitations are put on how much new borrowers can receive, repayment terms are short, and weekly repayments are required. If you’re just shopping around, the lack of transparency surrounding borrowing fees makes it difficult to gauge the true cost of borrowing.
A LoanBuilder alternative may be a better fit if you want better rates, longer repayment terms, monthly payments, or higher borrowing limits. Make sure to carefully weigh out your options and do your research before committing to a loan. While the lenders on this list are great choices, you can further explore your options with our list of the best small business loans. If you prefer a more flexible form of funding, make sure to check out our list of the best small business lines of credit.
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Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.
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