Don't waste your time with the Paypal loan sharks. I have received a loan from them in the past - I was offered $10k but only took $5k for my business, and I was told that if I needed the other $5k I would be able to receive it any time in the future. Well, 6 months later, I called my "sales rep" who proceeded to ghost me, so I called customer service. They told me that whoever told me I could access the remaining $5k was wrong and that I needed to re-apply. I decided against it, as I didn't want to be hit with another credit inquiry.
Fast forward 1.5 years and here we are in a COVID world. I constantly get calls and emails from these people, wanting me to apply for a new loan since my original loan was paid off. After the way I was treated last time, I was hesitant. Well, I am planning on growing and need to hire some people and get them trained before the busy season starts again, so I respond to one of these sharks and go through the application process. I was approved for up to $17,500 this time. I submitted all of my documents and my rep, Tim Keyser, says it all looks great and he would get the contract out that same day. Then...crickets. I call. I email. No response. Then I get a random auto-generated email from Loanbuilder saying they can't approve my application because my revenue was insufficient. Oh, so $13k average monthly sales isn't enough for you now, but a couple years ago $5k was? You could have just told me that when you looked at the documents I provided you. Thanks for wasting my time! I will find another lender to fund my business at lower rates than what you can offer.
Stay away from Loan Builder and their deceptive practices. They are not supporters of small business, in a time with small businesses are struggling to stay afloat. Their goal is to churn & burn applicants and dupe people into high loan fees.
