PayPal Loan Builder puts most of its cards on the table. This service allows business owners with good score credits after approval gets a loan from the Loan Builder service. Using this service provides users access to a whole lot of amazing loan features with no charge deductions.
One of the main advantages of this Loan Builder is that you can check your eligibility, and terms of your prospective loan, and customize your offer after filling out a short questionnaire. So, if you ever want a loan from a good service loan company, then you should consider using the PayPal Loan Builder. You can as well read more on this article to get the full details on this loan service.
PayPal Loan Builder
The Loan Builder service is a direct service offered by PayPal. It is a quick, easy, and transparent way for businesses to borrow money for their firm. The PayPal Loan Builder is based out of Wilmington, DE, with Utah-based WebBank providing the loans.
It offers a short-term business loan, a type of interest-free loan in which borrowers repay a predetermined fixed fee along with the borrowed sum of money.
Many other business financiers are offering similar funding, but Loan Builder stands out from the pack based on its best services offered; its loans are relatively not expensive. Borrowers don’t have to pay an origination fee or any other upfront fees, and borrower requirements are low.
Services Offered
PayPal Loan Builder offers short-term business loans in which you repay a predetermined fee instead of interest. Loans from Loan Builders are fast and easy. To check their eligibility, business owners simply need to fill out a short questionnaire online. If prequalified borrowers can check their estimated terms and fees ad adjust the loan amount and term length to their liking.
PayPal Loan Borrower Qualifications
This service has pretty relaxed borrower qualifications, but its list of ineligible industries is rather lengthy and includes attorneys, and non-profits your business must meet to have a good chance of qualifying for a PayPal Loan Builder loan.
- Time in Business: 9 months.
- Business Revenue: $42,000 per year.
- Personal Credit Score: 620.
PayPal Loan Ineligible Industries
Your business must be based in the United States, and you must not have active bankruptcies. Here are the based ineligible industries that cannot access the Loan Builder service:
- Agents and managers of public figures.
- Attorney.
- Public administration.
- Collection agencies.
- Business and professional associations.
- Civic and social organization.
- Credit bureaus.
- Financial service.
- Environmental organization.
- Elementary, secondary schools, and junior colleges.
- Gun stores.
- Grant-making foundations.
- Gambling and related businesses.
- Non-profit organizations.
- Religious organizations.
- Voluntary health organization.
- Holding companies.
- Human rights organizations.
- Independent artists.
- Labour and political organizations.
- Manufactured home dealers.
- New and used automobiles, ATVs, RV, personal watercraft, boats, and motorcycle dealers.
PayPal Loan Builder Terms & Fees
Below are the current rates and fees for PayPal Loan Builder loans:
- Borrowing amount: $5,000 – $500,000.
- Term length: 13 – 52 weeks.
- Borrowing fee: One-time fee of 2.9% – 18.72% of the borrowing amount.
- Origination fee: None.
- Collateral: UCC blanket lien.
Loan Builder borrowing fees are not relatively high. And the loans have short repayment terms, making for large weekly payments. The rates and terms are refreshingly transparent with no hidden fees.
PayPal Loan Builder Application Process
It has a quick and easy process of applying. Firstly, you are to fill out an outline prequalification form. You can choose to sign in using your PayPal account in which case Loan Builder will already have some of your information or you as a guest.
Now, you just have to visit the URL https://my.loanbuilder.com/us/login to apply online for a PayPal Loan Builder.
The application has five filling steps: contact details, personal info, business location, business details, and verification identity. Below are the types of information and details required from you in each step:
- Contact Information: Details such as name, email address, phone number, and intended use of the loan proceeds.
- Personal Information: Required details include home address and personal phone number.
- Business Location: Entity type, trade name or DBA, state of incorporation, annual business revenue, business start date, number of full-time employees, and business industry and sub-industry.
- Fina section: Here, you are to verify identity by providing your date of birth, SSN, what percentage of the business you own, and your federal tax ID.
PayPal Loan Builder will use this information to process and perform a soft pull decision on your credit, which will give the lender a sense of your credit history.
After Approval
Once your loan request has been approved, WebBank will deposit the required loan amount into your bank account. If your loan is approved before 5 pm EDT on Monday through Friday, the funds will be transferred the next business day, while if approved later than 5 PM/during the weekend; the transfer might take a little longer.
On repaying terms, Loan Builder will automatically deduct payments every week for your account, and you are to choose the day of the week on which payments are withdrawn.
You will be notified if your loan gets declined by your email including the reason. If you don’t qualify, then you can retry after 30 days have passed.
Final Verdict
Its loans are fast, easy, and a little more flexible than your average business loans. With the current FICO score requirement of 620, Loan Builder is starting to edge into premium loan territory which terms and rates turn more competitive.
While borrowers might want to look for a loan with longer repayment term lengths, Loan Builder has a lot to offer the right type of loan business.
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