LoanBuilder, A PayPal Service Reviews

It's an automated service with high fees. While we have used their services in the past thinking it was a more personalized approach to quick financing, we recently discovered it's an algorithm making decisions with an interlocutor that sells you on a usurious rate.

The process is terrible and what is worse is their representatives response, meaning no response to emails and they won't answer the phone although they call right away, introduce themselves and send over an email with all their contact info so you can correspond during the process. Problem is they won't respond, they won't answer their phones. I have done many PayPal loans in the past, this time it was a decline,(Had to call the main number) they have developed a bias against certain types of businesses. Wouldn't waste my time, they are looking for people that don't need a loan but offering terrible terms.

This is absolutely outrageous! The worst decision any business owner—or anyone, for that matter—could ever make. They shamelessly sell all your personal information to other lenders, and the flood of relentless calls and messages you’ll receive after simply submitting your details is beyond insane. I have repeatedly contacted them to stop selling my information, yet they continue to ignore my requests. This is blatant negligence, and I’m reaching a point where legal action may be my only option. This level of disregard is completely unacceptable!

Michael Hagan is an awesome representative for Paypal Loan Builder. He is very knowledgeable about the product. I’m glad that he reached out to me to inform me that I could renew the loan for more funding. His phone call helped me realize that I had the option to renew. I then renewed my loan for more funding at a later date. Thank you Michael!

I just signed documents for my second loan with LoanBuilder (PayPal Service). I had the pleasure of working with Kesha Gilbert. Our first point of contact was Kesha reaching out to me to check on my current needs. Normally I do not engage in cold calls but the tone and professional manner intrigued me plus my first experience was great so I forged on. Fast Forward ~ within 48 hours of the phone call I was fully funded. I am a sole proprietor and due to PalPal LoanBuilder I have gained a bit of peace of mind so necessary to my business. I highly recommend this company and if at all possible ask to speak with Kesha, as she is a professional that enjoys the people side of the business which in my opinion is the universal priority.

I’ve borrowed money with LoanBuilder by PayPal three times, and each experience has been excellent! The process is incredibly quick and easy. You provide three months of bank statements, get a pre-approval with only a soft credit pull, agree to the terms, and then a hard pull is done on your personal TransUnion only after acceptance. The loan is reported to Business Experian, which is a plus for building business credit. The interest rates may appear higher in the documents, but they’ve actually been lower in practice for me. On my first loan, the effective rate was 18%, but my next two loans had an effective rate of 12%. The funds are deposited directly into your PayPal account, and payments are automatically deducted weekly from your chosen bank account, making repayment straightforward and stress-free. While the rates might seem a bit high, the hassle-free process and quick funding (less than a week every time) make it well worth it. Highly recommend LoanBuilder for businesses looking for fast, reliable funding!

Just avoid it! I requested information and decided to not use the loan service because the rates are super high, and deceptively so! They say they don't charge interest, only an upfront fee. Well, if you do the calculations, the equivalent yearly rate comes out to about 30%, with the added disadvantage that if you decide to pay the loan off early, you won't get any benefit since the upfront fee will not be partially refunded. Another disadvantage is that they debit your account for weekly payments, rather than monthly. I've emailed them to tell them that I'm not interested and to stop sending DocuSign contracts for me to sign and accept the loan. They neither stop sending, nor reply to my requests or questions. Their rep, Michelle Waller, will just not stop spamming me!

Definitely avoid this! They marketed themselves to me as I have used Paypal for my business for over 15 years and I had done their working capital. This is not a good deal. Aggressive payments - more than a credit card, business loan normally or even a car payment. Terrible staff - no training they seem to be right out of prison! The worst.

oh Geez where do i start??? First off I have been a Loanbuilder customer since 2013, my very first loan. Everything went great, it was there when i needed it everything worked like a clock. Even through Covid, this company helped and I never missed a payment, EVER. Fast forward 12 Successful loans later almost 10 years. I re apply for my 6 month re up...i get a RED light denial. I ask why, they cant tell me, they give me some BS reason that my financials are in the worst shape they've ever been in? The response was not something a computer would generate this was a human entry. I go check my scores 720,719, 706 100 % on time payments, 3% credit ulitization score, Low credit to debt ratios across the board, I own all of my inventory, i dont owe anyone. I ask them about it, and they tell me Experian Business Credit says im a bad risk. I call my accountant, we go online and check with Experian Business Credit, both of us GET TWO SEPARATE REPORTS at different times. Both reports read LOW RISK score of 79 on a scale of 1-100. the financial Stability Risk rating on a scale of 1-5 1 being perfect 5 being poor, I get a 1, with a .55% chance that I'm going to have severe financial Risk over the next 12 months. We call Experian Business Credit and mind you getting this report is not free it cost both of us $189 each... The person we get on the phone on a conference call, verifies all of my information, and even is surprised when I tell him that I was declined and that the company I've had 12 successful loans with has declined my app. He says there's no reason why you would be declined that he can see on my end. Have them call us and we will verify this. I not only heard this from Experian Biz Credit, I also heard the same thing from Equifax and Transunion both of them offering to call and verify my good standing. These were not cold calls to a representative they were to supervisors at a third level call. Scale back to Loanbuilder, my rep Seth Miller, advances the call to an Allyson Nieme, his boss. I explain the whole situation to her who initially says, sorry nothing we can do until I say, I'm not stopping here I need to speak to your boss. She contacts him, and the very next day, I'm given a new link to apply to. I go and apply and low and behold all of a sudden I get to the next step. It asks me for additional information, which are the last 4 months of bank statements which I know are good my biz was 28% over last years in sales. I get Seth on the phone he tells me I am PRE APPROVED for $100,000 loan and that he can probably get me MORE than that based on my previous loan excellent history. He even gives me my weekly payment and the weeks I'd be paying and asks me verify questions on a recorded line. He tells me I am all set and it goes to underwriting and that it should take about a day. I go on the Loan builder portal, and mind you I've got Progress pictures of everything as we proceed. The loan is already loaded into my profile with a lower amount of $77,000 with another new payment amount and a starting date. I call Allyson to ask why and she says to wait for Seth to review it and hell get back to me, He does and asks for additonal info on clearing another old loan from someone else and I did and it was paid off 7 months prior to ZERO balance he says were all good. Weekend go by, no contact I call on Monday and he says he has no news to try tomorrow he'll call me. No call, I don't bother him, thinking they have a back load. Tuesday i call and he says he's heard nothing and that the Underwriting Dept is in India and they have limited resources and the time difference. I'm sorry, India? what happened to hiring staff in the United States and giving people jobs here in such an important decision relating to someone else's business, I think that's important to the US dont you? So instead of really digging into this and doing due diligence and looking at customer's prior excellent payment history, you're giving that decision to a person in India 8000 miles away to decide if a small business gets to continue his dream? Still no answer from Seth or Allyson and I have to do all the leg work here. I get an email from Loanbuilder with an entirely diff excuse as to why I was declined. Knowing that this was going to happen the night before I go online and search about Loanbuilder, and my specific scenario, guess what I'm not the only one with the same exact situation. I do a little more digging and I find an applicant with a very similar situation to me and I send a message.The person gets back to me but they also say that None of the scoring values that loanbuilder had for them, matched what the actual ones were. That person did all the back checking and calling the bureaus as well. My attorney is moving forward with this and will lead to discovery of more of the same and a class action lawsuit. Unlawful credit practices is the deal and we are filing. Approve the loan

Used Loanbuilder for multiple loans totaling $250k. Never had an issue paying back, never had an issue borrowing. Now all of a sudden they're loan service is based strictly on receipts. My business isn't some storefront, its a construction consulting business that receives milestone payments. Their "relationship" manager Fredie Jara is a jerkoff who doesn't care one way or another about your past history with loanbuilder.

Nice and good company

The process was great, and they worked with us while we were struggling. However, we couldn't make payments for a while and we called to turn on payments several weeks before the loan would charge off. The agent said it was done, however it wasn't done. Now it charged off and we will be penalized even more. When I called for help I got no where and no explanation why it wasn't turned on

Best app withdraw

Best app for withdraw money and very easy this app.

I was told by the loan rep that no UCC filing was done below $100K. We borrowed $70K and a blanket UCC filing was recorded. We paid off the loan on time, never late. 2.5 months after the loan was paid, the UCC filing was still in place. Loanbuilder is quick to record the UCC blanket filing but slow to take it off. Still waiting for this filing to be removed from our record. Would not recommend Loanbuilder

Consulenza commerciale finanziaria

False advertising stating No Credit checks. I have good employment and still denied so a credit check is the only reason. I could be denied.

I wl never forget what they did to me this are biggest scam took all my Salary in my account and left me with no money for my kids, I hope God will do justice they use your account to send money and block u after rubbish scam.

Horrible Company. They first off state no credit checks. Then I get a denied email telling me to check my credit report. So not only a false advertising comment. But also a non authorized invasion into your credit history. I needed the help to get home to a funeral. But after 3 days of revue and phone call after phone call to check the status. This happens. I'm quite disgusted and upset how they can just dismiss a customer for no apparent reason but check your credit??

My husband and I applied for this loan and got DENIED. No explanation as to why we we denied. For a company that doe not do credit checks I don't see how we were denied. You need to explain to your customers why they got denied and not a firm email saying denied. So are you lying about no credit checks. What are you lying about??? This is not okay and not right.