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LoanBuilder: A PayPal Service Review

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LoanBuilder: A PayPal Service Review

  • 15 comments
  • Updated on:
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.

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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.



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15 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.

    M J Mastalski

    Organization Name: JustJak’s

    After speaking with the loan representative, providing the lengthy amount of requested documents, screenshots, and all information required for the loan, we were informed we were approved and the underwriting department would be completed at the end of the day (after the week long process). We received ok communication by the end of the day and made a follow up phone call to check with our representative about any other details for clarification. We did not receive a return call or email. We followed up with our representative via email on Monday and no return communication was made. We called and again no return communication occurred.Tuesday (today), we made a follow up call and spoke with our representative who subsequently informed us that the Loan Builder program decided to not move forward with the loan. This is contrary to our told we were approved days earlier. If the company is the inefficient and indecisive, I would be wary of their application process and validity of loans made to applicants. This is a process that was bait and switch. The reasons listed were never discussed as issues or potential preventative reasons during the application process.I would be wary and search for a much more reputable and stable lending organization. Do not just jump at any money offered—be thorough in your search. We are more than happy to not have a loan with such a devious and deceitful company. Our process was not thoroughly ethical and being lied to is not professional or respectful of us as the one looking for lending. We do not recommend this organization—loan seekers beware.

    1
    • Organization Name: JustJak’s
    T.j Eberhart

    Organization Name: PACKMAN LLC

    Its sad that these types of loan sharks are even legal. im definitely not dealing with them. i was kinda excited to try them out…well can anyone help me with a decent loan company for small business?

    1
    • Organization Name: PACKMAN LLC

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

    Emily Hale

    Hi T.J.!

    I’m glad you reached out and asked this! We certainly do have many resources for you to find something you can feel more comfortable with in looking for a small business loan. Check out our post Best Low-Interest Loans For Businesses 2019. This resource will get you started, and will have plenty of other great resources within the post for further investigation. Thanks for reading, and best of luck on your search for an excellent loan company.

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

      Dave

      I would to like inform you guys that loan builder has zero customer service. This company really don’t care to help small business secure funding or make them feel special when inquiring about their product for funding. It’s really sad actually! There underwriting department is pretty bad, and will make up every reason to not approval you.

      1

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

        We've done in-depth research on each and confidently recommend them.

        Louie Fernandez

        Organization Name: Totally Awesome Printing

        Horrible experience with LoanBuilder, stay away from them. They lied to us at the beginning of the transaction and when we requested communication via email or written letter instead of the verbal phone conversations, they would tell us that they can’t utilize email, because they are only allowed to respond to customers with canned replies….This was a lie, because going through the application process, their sales people did everything via email.Nothing but lies, dishonest, and horrible customer service, they don’t follow through with what they say they are going to do.

        1
        • Organization Name: Totally Awesome Printing

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

        Mark Olson

        Organization Name: SWI, LLC

        These guys absolutely SUCK! Horrible customer service, predatory lending at it’s worst.

        1
        • Organization Name: SWI, LLC

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

        Terry Harris

        Organization Name: Dalplex Direct Distributing, Inc

        The LoanBuilder program offered by PayPal is fair when you objectively consider the cost of short-term capital. Secondly, you have to consider the cost-benefit as it relates to cost of loan to return on business activity. I took a loan for 26 weeks to buy some new vans for my ground logistics company and the increase business I was able to obtain immediately with having these extra vans on the road far excessed the cost of capital from PayPal. The loan process was not difficult and I was funded within three days.If I need another injection of working capital; I assure you PayPal LoanBuilder is the first place I will go. Thanks.

        5
        • Organization Name: Dalplex Direct Distributing, Inc

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

        Rose

        Organization Name: Forey Real Estate LLC

        Agree! Quick, Easy! Professional direct service and communications!

        • Organization Name: Forey Real Estate LLC
        John

        After reading these testimonials, I will stay away. Tkx

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

          Roy Lange

          Organization Name: Gadget Galaxy

          STAY AWAY FROM THE PAYPAL FIXED FEE LOAN BUILDER PROGRAM! THE REAL INTEREST RATE YOU PAY IS ABOUT 50%APR OR MORE!!! BUT THEY STRUCTURE IT SO IT LOOKS LIKE ABOUT 20%…WHAT THEY DO IS THIS…I WILL USE THE LOAN I GOT AS AN EXAMPLE.THEY LENT ME $18,000 AND HAVE A $3500 FEE. SO I PAY THEM BACK $21,500 DIVIDED BY 52 WEEKLY DRAWS FROM MY BANK ACCOUNT OF $413. DO YOU SEE THE PROBLEM?AFTER ONLY 4 WEEKS, THEY GOT $1600 OF MY $18000, AND AT A PRORATED COST OF 228%APR FOR THAT MONTH! THEN MONTH #2 ITS 114% AND IT GOES DOWN SLOWLY TO 18 PERCENT FOR THE LAST MONTH’S $1600 PORTION OF MY LOAN…. NOW YOU AVERAGE THOSE INTEREST RATES OUT, AND……UGGGHHHHHH SCARY!!!!! I AM STILL WORKING ON IT, BUT IT LOOKS LIKE 50% OR EVEN MORE!!! RUN FROM THIS!!!!!!!!!!!!!!

          1
          • Organization Name: Gadget Galaxy

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

          Amy N

          I don’t think you are calculating what you think you are calculating. APR is simply Annualized Percentage Rate. You are paying $413/week and after 52 weeks, you are paying back $21500. that is 19.44% APR. If you were paying 50% APR you would take your loan amount of $18,000 * .5=$9000 and that $9000 would be the “fee” you would be charged or the interest rate for that year.

          Unless you are just a troll….and in that case, kudos on the distraction pattern.

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

            Jonathan H

            I submitted a post that explained percentage vs APR but apparently the moderator deleted it. Maybe because I put a link to an external website that has an interest calculator.
            Yes, $3500 is 19.44% of $18000. But percentage is not the same as APR since it does not take into account that the loan is being paid off over the course of the year.

            For example, suppose you have a credit card with 19.44% interest rate and a balance of $18000. If you make equal payments (and don’t make any new purchases) such that it is paid off after one year you will find that the total amount of interest charged is a lot less than $3500. The reason is that as you pay it down the interest charged on each monthly statement will be less (i.e by the time you get to month 12 your balance will be about $1600 and interest will be about $26.
            With the Loanbuilder loan you are paying $292 in interest EVERY month ($3500/12).

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

              Candace Blackbird

              Organization Name: Blackbird Mills INC

              Very informative and I appreciate the review as I was leaning toward this for various reasons and your review brought to my attention an aspect I had overlooked! Thank You!

              • Organization Name: Blackbird Mills INC

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

              L G

              Awful Customer Service
              Unprofesional
              Stay Away!

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

                We've done in-depth testing of each and confidently recommend them.

                Alexander Pape

                Organization Name: Finbro Construction, LLC

                Very well-written helpful review.

                5
                • Organization Name: Finbro Construction, LLC

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

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