What is a LoanBuilder?
PayPal’s direct lending service, LoanBuilder, claims to be a fast, easy, and transparent way for businesses to borrow money. Based in Wilmington, DE, LoanBuilder provides loans through Utah-based WebBank.
LoanBuilder provides short-term business loans, which are interest-free loans in which customers repay a specified fee in addition to the borrowed amount. While many other business financiers provide similar funding, LoanBuilder stands out for several reasons:
- The loans are relatively inexpensive
- Borrowers do not have to pay an origination charge (or any other upfront fees)
- Borrower qualifications are minimal.
What Are the Requirements to Apply for LoanBuilder?
You’ll need to provide the following information to apply for PayPal Business Loans:
- Annual revenue totals
- Start-up date of the company
- Number of the owner’s Social Security card
- Tax ID number for a company
- Statements from four months of business banking
Moreover, Bank statements are required if you don’t utilize PayPal to process payments. But if you do, PayPal’s system will already have this information. You may also be required to give other financial information, depending on your company’s financial health and performance history.
How To Apply With LoanBuilder:
Borrowers can personalize their loan amount and terms throughout the application process. In addition, If you’re approved, you might get your money in as little as one business day. Simply follow these steps to get started:
Step 1: Take 5-10 minutes to complete a questionnaire.
An online questionnaire decides your eligibility, which takes 5-10 minutes to complete. You can also check your eligibility. Moreover, you’ll fill out the questionnaire with information about the loan’s purpose, annual income, number of full-time employees, industry, and personal details. This is how you’ll find out if you’re pre-qualified.
Step 2: Determine the loan amount and terms.
You’ll be prompted to enter the amount and terms of the loan you want if you pass the pre-qualification stage. However, your choices will determine your costs and the size of your weekly payment.
Step 3: Sign the Loan Agreement
You will then receive an email from a PayPal representative about five minutes after customizing your loan. This email will either request additional documentation (such as bank statements) or will include your loan contract.
If you sign the contract and submit the relevant documentation by 5 p.m. on a weekday. Money may be available in your PayPal Business account the following business day. Otherwise, It may take a few business days for funds to appear in your account.
5 Plans To Get A Bad Credit Business Loan
Certainly, applying for a business loan is stressful in the best of times. But having bad credit will definitely add to the stress. Here we are giving tips on getting a bad credit business loan and ways to raise your business credit and get the approval you need to grow your business.