Advertiser Disclosure

LoanBuilder

Visit Site

LoanBuilder, A PayPal Service Review: Should You Apply?

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Date Established
2006
Location
Wilmington, DE
Erica Seppala

Erica Seppala

Erica is a writer based in Greenville, South Carolina. She is a graduate of Limestone College. Initially determined to be an accountant, she put away the calculator and picked up a laptop to pursue her dream of being a writer. Erica has spent the past 10 years writing blogs and articles for hundreds of private clients, and she loves sharing her love of research and the written word with everyone around her.



To learn more about how we score our reviews, see our Business Loan Rating Criteria.
Leave a comment

27 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    sam

    Organization Name: kaumlaidee inc

    DO NOT WASTE YOUR TIME with these people. I repeat DO NOT apply for loan with loanbuilder. They are a complete waste of time. i didn’t believe the reviews i have read and push forward only to see whats written about them is true, that they will gather all your personal/business info, hassle you to get them documents for months, and when they get it all, they will say your credit is the reason for the denial, eventhough, they knew going in what my score was. Still they had me submit more docs and even relentlessly pursued us with countless phone calls to submit this or that. they call loanbuilders, supposedly suppose to help people with less than perfect credit obtain credit, and they denied me, the people they advertised to help, what a complete phony! if you are reading this, do not take this comment lightly, i speak from experience, Dont apply with them. They will let you down and waste your time. Stay away!!!

    1
    • Organization Name: kaumlaidee inc
    Du Alent

    DO NOT APPLY FOR PPPL with them – paypal should be ashamed the loanbuilder loan wastes your time and is obviously NOT interested in providing PPPL to small businesses.They have you provide them private personal business and tax records only to tell you that you only qualify for loans that are x% or that your credit score is not good enough.PPPL rules do NOT allow determination of loan based on credit.PPPL is a 1% loan that may be forgiven not 3-5% loan.We’ve seen several clients WASTE their time with this PAYPAL advertised PPPL lender WHEN they are obviously NOT interested in following the rules and providing PPPL based loans.At the worse possible time – PAYPAL and loanbuidler FAIL the small business community that they should be supporting. In my opinion it couldn’t be worse. I will NOT be using PAYPAL in future if I can at all avoid it and we should ALL seek accountability for their failure during this crisis.THANK GOOD I know other financial institutions that will complete this type of loan as required by PPPL.I will also have to monitor the Merchant Maverick (small business made easy) BECAUSE what I’ve seen is NOT making small businesses easy at all!Du Alentdualent@gmail.com

    1

      This comment refers to an earlier version of this review and may be outdated.

      Jessica Dinsmore

      Hi Du,

      No specific credit threshold has been stipulated, however, there’s nothing in the rules that forbids lenders from checking credit and it makes sense that they would. Payment history and derogatory remarks, delinquencies, judgments, etc., will be considered. So it’s possible that if a client of yours had an unsatisfactory payment history, the lender may not be willing to offer a PPP loan, and thus offered an alternative at a higher interest rate. Approval is not guaranteed, unfortunately. We do work tirelessly to provide accurate and unbiased information to the small business community at no charge, in an effort to provide information to business owners so they can make smarter business decisions. I’m sorry you had a negative experience with Paypal – you aren’t alone! There are many options out there, and what works wonders for some, will fail miserably for others, unfortunately. If your clients are still looking for funding, we have a great resource on PPP /EIDL alternatives that may be helpful.

      We’re on your side and wish you the best!

        This comment refers to an earlier version of this review and may be outdated.

        Boris

        Terrible Company. my business suffered from covid-19 and i applied with paypal loanbuilder . they approved me and i signed the documents after a week the emailed me saying they don’t cover this industry. unbelievable wasted my time. beware of this company. they just want your information and then decline you. my score is 735 so its not that. go with your local bank and don’t use them.

        1

          This comment refers to an earlier version of this review and may be outdated.

          Kristine C

          Organization Name: Exodus Design

          I do business with PayPal all the time. They have been my “goto” for years. However, I applied for the PPP loan through their recommendation and partnering with web bank/loanbuilder. I filled out all the info, uploaded all my documents. Waited. Was denied based on my credit score of 661. They also noted I “Did not supply information requested”. I was NOT notified or contacted to supply them with additional info.My credit records has my STUDENT LOAN which paid off in full, but had 3 late payments back in 2014 and a LEGALLY PAID IN FULL account, which I paid off in 2019, $5000 on $5500. That is why I was denied. THIS PPP supposed to be guaranteed by the government. WHY so harshly denied???? I am VERY upset at this.

          1
          • Organization Name: Exodus Design

          This comment refers to an earlier version of this review and may be outdated.

          TERRI ONEAL

          Organization Name: River Arc Ltd Co

          I applied for the PPP through Loan Builder. I received an email from Loan Builder on Documents they needed. Drivers License, certificate of Business Certificate and payroll calculator and verification documents and copy of bank statement. I uploaded all the documents.A couple days later I go to check on status and Loan builder says I have no open loan applications.Since I have sent several emails asking about what has happened with no reply.Unbelievable and so disappointing. Small businesses are starving, unable to pay their bills and this is the treatment we get. I have wasted 2 weeks depending on LoanBuilder. Go somewhere else if you are in need of funding. I give them an F

          1
          • Organization Name: River Arc Ltd Co

          This comment refers to an earlier version of this review and may be outdated.

          Todd Ingram

          Organization Name: 3solutions llc

          Nothing but a loan process, using the wording of sba ppp application, BS..

          • Organization Name: 3solutions llc

          This comment refers to an earlier version of this review and may be outdated.

          Debra

          I suggest NOT wasting your time utilizing Loan Builder for Covid-19 PPP Paycheck Protection Program.On the same day, I applied through 2 sources (Square Capital and PayPal Loan Builder) for the Pandemic Federal Assistance Program, PPP for paycheck protection.I have been approved through Square, forwarded to the SBA which is now in the process of finalizing my request.At the same time, PayPal Loan Builder for PPP Program, sent me an e-mail that they were “unable to verify my identity” yet, further in the e-mail, provided me with my personal credit score in the e-mail as well as notified me which site they utilized to pull my business credit. A direct contradiction, because if you weren’t able to verify my identity, then what type of reckless and fraudulent process did you take to move forward with pulling credit? If you can’t verify me, then why did you pull both personal and business? And by the way, this is supposed to be a business driven program, and has nothing to do with credit personally. And, businesses that follow the rules will actually have this translated into a grant.I suspect that PayPal is adding criteria on top of the government’s qualifications, and like banks did with round 1 funding a couple weeks ago, they are personally picking who they want to distribute funds to. I’ve already notified the Consumer Finance Protection Bureau (CFPB), the Better Business Bureau (BBB), Governor Ducey, and Greg Stanton with the House of Representatives. I was also one of the leads in our small business group that managed to get a story published on CNN about the handpicking of clients by banks. I’ll be contacting the story editor again and asking him to do an update, with my new information about this.In the end, I’m glad I made the move from PayPal merchant processing to Square last year. And very glad I’m not partnering with Loa nBuilder, and would absolutely not recommend Loan Builder for the PPP program.

          1

            This comment refers to an earlier version of this review and may be outdated.

            Ruth

            I need to reset my password on loanbuilder. It gives me the option for New password, then confirm new password, then a box that say “ANSWER” What goes in that box?

              This comment refers to an earlier version of this review and may be outdated.

              Jessica Dinsmore

              Hi Ruth,

              Unfortunately, we don’t have the answer either. You’ll probably want to reach out to LoanBuilder directly to get some assistance with your password reset. Sorry we can’t help!

                This comment refers to an earlier version of this review and may be outdated.

                John deppen

                Organization Name: City Buzz, inc

                I began w a wonderful experience w my first loan. Very quick and efficient.The additional funds request is/was a complete nightmare It was like they never dealt w my business before. Asking for extreme amount of information- even w my perfect payment historyAfter 3 weeks I gave up and cancelled the application. I’ll never due this route again

                1
                • Organization Name: City Buzz, inc

                This comment refers to an earlier version of this review and may be outdated.

              More Comments

              Leave a Reply

              Your email address will not be published. Required fields are marked *

              Your Review

              Comment moderation is enabled. Your comment may take some time to appear.
              Please read the "User Review and Comment Policy" before posting.

              Share

              Get Started With Featured Pick! 🏆

              LoanBuilder is our current featured vendor in this category.




              Get Started

              Learn more today with no commitment.

              Get Started With A Top Pick! 🏆

              LoanBuilder gets our expert seal of approval.

              Our team of experts spends hours on every review so that we can find the best companies to recommend to our readers. LoanBuilder made the cut!

              Learn More About LoanBuilder

              Get started with no commitment today.

              Featured Offer: We Recommend QuickBooks 🎉

              Take it for a spin with a free trial.

              Try QuickBooks Today

              We Recommend Fattmerchant 🏆

              Fattmerchant is one of our top picks for Credit Card Processing!

               

               

              We love Fattmerchant as a credit card processor for its predictable pricing, excellent service, and integrated billing features. Get started today and get your first month for $5 with an exclusive Merchant Maverick promo.

              Get Started

              Get started with no commitment today.

              We Recommend Divvy Card 🏆

              Divvy Card is one of our top picks for Corporate Charge Cards!

               

               

              Divvy offers a free corporate card for virtually any business. Start earning rewards with your corporate spending today.

              Get Started

              Get started with no commitment today.

              We Recommend PaymentCloud 🏆

              PaymentCloud is one of our top picks for credit card processing!

               

               

              We love PaymentCloud's predictable pricing and excellent service.

              Get Started

              Get started with no commitment today.

              We Recommend PaymentCloud 🏆

              PaymentCloud is one of our top picks for credit card processing!

               

               

              We love PaymentCloud's predictable pricing and excellent service.

              Get Started

              Get started with no commitment today.

              We Recommend Donorbox 🏆

              Donorbox is one of our top picks for Donation Systems!

               

               

              Donorbox is a versatile, feature-rich, and easy-to-use donation management system that can help you attract more recurring donors. Get started today for free.

              Get Started

              Get started with no commitment today.

              We Recommend BigCommerce 🏆

              BigCommerce is one of our top picks for eCommerce Platforms!

               

               

              Bigcommerce offers exceptional tools for all eCommerce businesses from startups looking to build a site to enterprise-level systems. Now get a 15-day free trial + one month free when you upgrade!

              Get Started

              Get started with no commitment today.

              We Recommend Fattmerchant 🏆

              Fattmerchant is one of our top picks for Credit Card Processing!

               

               

              We love Fattmerchant as a credit card processor for its predictable pricing, excellent service, and integrated billing features. Get started today and get your first month for $5 with an exclusive Merchant Maverick promo.

              Get Started

              Get started with no commitment today.

              We Recommend Helcim 🏆

              Helcim is one of our top picks for payment processing!

               

               

              Helcim has exceptional service and an advanced platform that we highly recommend for businesses in Canada and the US. Get three months free when you sign up with Helcim through our links!

              Get Started

              Get started with no commitment today.

              We Recommend PaymentCloud 🏆

              PaymentCloud is one of our top picks for credit card processing!

               

               

              We love PaymentCloud's predictable pricing and excellent service.

              Get Started

              Get started with no commitment today.

              We Recommend OnDeck 🏆

              OnDeck is one of our top picks for Business Loans!

               

               

              OnDeck is our featured vendor for business loans and lines of credit. If you have at least one year in business, a personal credit score of 600 or higher, and $100K in annual revenue, OnDeck is ready to help your business get funded.

              Get Started

              Get started with no commitment today.

              We Recommend Lendio 🏆

              Lendio is one of our top picks for PPP/Business Financing!

               

               

              Lendio is a free-to-use marketplace that allows you to compare lenders side-by-side. Easily find PPP/SBA loans alongside other financing options.

              Get Started

              Get started with no commitment today.

              We Recommend PaymentCloud 🏆

              PaymentCloud is one of our top picks for credit card processing!

               

               

              We love PaymentCloud's predictable pricing and excellent service.

              Get Started

              Get started with no commitment today.

              We Recommend ADP Payroll 🏆

              ADP Payroll is one of our top picks for Payroll Software!

               

               

              Our reviewers like ADP Payroll for its advanced employee management, strong payroll features, and great customer support.👍

              For a limited time, get three months free when you sign up via our links!

              Get Started

              Get started with no commitment today.

              We Recommend Revel POS 🏆

              Revel POS is one of our top picks for Point of Sale!

               

               

              We love Revel POS for its advanced features and exceptional versatiliy in both the retail and restaurant industries. Get a demo today to find out everything Revel has to offer!

              Get Started

              Get started with no commitment today.

              We Recommend TouchBistro 🏆

              TouchBistro is one of our top picks for Restaurant POS!

               

               

              Our reviewers praised TouchBistro for a well-designed UI, easy to use format, competitive monthly cost, and numerous integrations. Sign up today to see it in action.

              Get Started

              Get started with no commitment today.

              PPP & EIDL Are Not Your Only Options

              The SBA has expanded their loan portfolio and we have the list that no one else is talking about (yet) — Sign up for our newsletter to get your free copy!

              • This field is for validation purposes and should be left unchanged.

              We Recommend Fundera 🏆

              Fundera is one of our top picks for SBA loans!

               

               

              Fundera is a free-to-use marketplace that allows you to compare lenders side-by-side. Easily find SBA 7(a)loans alongside other financing options.

              Get Started

              Get started with no commitment today.

              We Recommend ShippingEasy 🏆

              ShippingEasy is one of our top picks for shipping software!

               

               

              ShippingEasy got a 5-star review from our team. Get a 30-day free trial to access discounted USPS and UPS shipping rates and print labels in no time. No credit card required.

              Get Started

              Get started with no commitment today.

              We Recommend Square POS 🏆

              Square POS is one of our top picks for Point of Sale!

               

               

              Square is free to use and currently includes a free card reader at sign-up!

              No credit card is required to create your account.

              Get Started

              Get started with no commitment today.


               

              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.

              We Highly Recommend LoanBuilder 🏆

              LoanBuilder is one of our top picks for credit card processing!

              We love LoanBuilder's predictable pricing and excellent service.

              Their standard offer has no early termination fee and no junk fees. 👍

              Learn More At LoanBuilder

              Sign up for the Maverick Newsletter

              • Please select topics of interest

              • We occasionally send out emails with special offers.