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Summary: Strapped for cash? LoanBuilder is an excellent financing option for businesses that need immediate access to funding. Here's SoloSuit's guide on how to use My.Loanbuilder and everything you should know.
LoanBuilder is a PayPal direct lending service that offers short-term business loans. It has become a favorite of small businesses for its simple and quick loan application process, with no hidden fees. LoanBuilder provides small businesses with a type of interest-free loan in which the borrower pays back a pre-calculated fixed fee plus the borrowed amount.
Formerly known as PayPal Business Loans, LoanBuilder allows borrowers to make automatic weekly payments instead of monthly payments. LoanBuilder stands out from other financiers offering similar funding in the following ways:
- Their loans are generally inexpensive
- Borrowers do not pay an upfront fee or original fee
- Requirements to qualify for a loan are few
- The online application process is simple
LoanBuilder's overall goal is to offer a custom-tailored business loan to small and medium-sized businesses. They offer $5,000 to $500,000 to eligible companies. The borrower can have the funds as fast as the following day. What are the requirements to use LoanBuilder? And how do you go about applying for a loan? Let us guide you.
Requirements to use My.loanbuilder
LoanBuilder is an excellent financing option for businesses that need immediate access to funding. It is more flexible than other loan providers and makes it easy to access its services. The following are the main requirements to open an account:
My.Loanbuilder Eligibility Requirements
Business start date
At least 9 months in operation
Total annual revenue
Personal credit score
Other basic requirements include your business tax ID number and your social security number. Your business should also be based in the United States and not have an active bankruptcy record.
My.loanbuilder application process for new users
Applying for a loan as a new user involves completing a prequalification form by login in to a PayPal account or by signing in as a guest. LoanBuilder requires you to fill in the following information:
- Contact information: Fill in your name, date of birth, email address, and phone number.
- Personal information: Provide your personal phone number and home address.
- Business location: Indicate your business phone number and address.
- Business details: State your business entity type, trade name, annual business revenue, business start date, state of incorporation, number of full-time employees, and business industry.
- Verify identity: Include your SSN, federal tax ID, percentage of business you own, and date of birth.
This form takes you five to ten minutes to complete. LoanBuilder uses this information to check your credit score and history to gauge how likely you will repay the loan.
How to use My.loanbuilder for loan application
LoanBuilder allows borrowers to customize their loans and set their terms. You do not need collateral to qualify for their loan. You only pay a blanket lien as a condition for getting a business loan from them. The loan application process is easy and straightforward, as outlined below.
- Fill out a questionnaire: This form helps LoanBuilder determine if you are eligible for a loan. Depending on your industry, you will provide information such as the loan's purpose, annual revenue, and any other necessary business information.
- Choose the amount you intend to borrow and the terms: Once you succeed in step one, you will be asked to fill in the amount you want to borrow and the terms of repayment. You can preview your selection to determine the fees and the weekly amount you ought to pay.
- Sign the loan contract: Five to ten minutes after selecting your loan, a PayPal representative will contact you via email. They may request more documents such as bank statements or attach the contract for signing.
If you sign before 5 pm on a weekday, you may receive your funds in your PayPal Business account the following day. It may also take a few days for the funds to reflect in your account.
Depending on the terms, LoanBuilder will automatically deduct payments each week. They will deduct on the day you had indicated in the contract.
The loan repayment amount on your contract includes LoanBuilder's interest and a one-time fee of the borrowing amount. LoanBuilders' loans have relatively short repayment terms. Your weekly deduction will be significantly high to clear the loan within the specified time.
If you fail to pay the loan, you may receive calls from debt collectors asking you to pay LoanBuilder's money. SoloSuit is here to help when collection agencies start calling. If you've been sued for a debt with LoanBuilder, SoloSuit can help you respond in court. You can draft a legal Answer to the lawsuit online in less than 15 minutes—for free!
What is SoloSuit?
SoloSuit makes it easy to respond to a debt collection lawsuit.
How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.
Respond with SoloSuit
"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James
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