LoanBuilder, A PayPal Service Reviews 5,348

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.

Customer service is very rude and non empathetic. Also read the fine print!! you will never pay this loan off. They get you on the hook then you sink into financial prison.

This is typical financial company focused on positive reviews ( 'influencers' write a tons of lies about them, making dozens of fake reviews on website like this one ) . The fact is this is rather scam than financial institution. Their sales guys are similar to used car dealership staff , who want you sell a lemon. NOTHING what they say is the truth. You may expect APR at $25-30% ( yes ! despite what they promise ) , you cannot pay off the loan earlier. The person who leaded you to sing the contract immediately is unavailable. Do yourself a favor : STAY AWAY ! Despite what you can read on PAID website, tis is the most untrusted service I gave experienced while I'm 40 years in business.

I have the honor of working with Marayam through Loanbuilder by PayPal. The loan for my business was seamless without the usual headache you'd see from other lenders. Once you have a track record with the company, the process is expedited. And, Marayam delivers world-leading customer service and topnotch expertise. I highly recommend a PayPal business loan.

- Dr. Harvey (Hung) Tran

If you pay off the loan early, they're still charging the full interest on the entire duration of the loan that they call service fee, so they can make as much money as possible on customers. The greed is unreal!

I had to give a star to write this review. I have owned my business for 18 years first time I need to borrow biggest mistake of my life Doing business with PayPal, Loan Builder and Swift financial Is a predator lender they prey on small business owners I was solicited by PayPal calling my office on numerous times High pressure sales tactics I asked the sales representative could I see the documents prior to docusign and they informed me there was no way for me to receive the disclosures prior to signing. Should’ve been a “red flag” so I can review before signing. They reassured me that everything that they’ve told me would be in the loan documents. They left out important information about a term called UCC-1 never heard of it until now and I would be a personal guarantor. I didn’t realize I was signing my life away and my business by agreeing to a UCC-I blanket over all my assets and if that’s not enough being a Personal guarantor as an individual consumer for the loan. I learned the hard way finding out what is a UCC-1? These companies should not be able to do business misleading and deceptive business practices and praying on small business owners. The loan officer never told me nor explained there would be a UCC-1 filing Against me and my business if I would ever default on the loan and I would personally guaranteeing the loan as an individual consumer.
when the pandemic the company defaulted on the loan which payments of $2,176.98 per week. I am writing this review because I do not want to see other small businesses make the same mistake. I agree they are paying people to write reviews are there employees High Pressure sales tactics to get you to sign via docusign. This should be predatory lending unfair lending practices, they disclose unclear terms and conditions and Not providing clear disclosure of the loan details until after you have docusign. Then it’s too late to resend the loan. I became delinquent on the loan in March 20 20 when the pandemic started and the lock down my business suffered greatly with the economy Swift financial has been very difficult to deal with even after I provided business bank statements to show the revenue of the corporation if you want to keep your business stay away from these type of loans do whatever you can to struggle with your business financial because they will definitely put you out of business with this UCC-1 And you personally guaranteeing the loan as an individual consumer they get it in both worlds. I am filing a complaint with the Consumer Financial Protection Bureau the Attorney General in my State and Fair Trade Commission to help stop these lenders from targeting small business owners for their own greed..

I get what I need fast. Can't say enough for how much help LoanBuilder has been and also the customer service from our Account Manager, Nico.

My representative, Nico was great from start to finish. He was very professional and knowledgeable. The loan process was explained in detail and he had an answer for all of my questions. I found the process to be transparent and without hidden fees. I would recommend this service to anyone.

Easy to get money but once you do they ghost you. If you need any kind of customer service for say changing the bank account drafts are coming out of they will never reply. Horrible customer service horrible company.

Nico Gricco was awesome, he was honest and fast to respond, my loan was funded within hours and he made it so easy. This is my second time funding with them and I will do it again when this is done.
Really appreciate the effort he put in!

I honestly am not dealing with PayPal an for partnering with this company. PayPal could have definitely picked a way more reputable lending partner.
There is nothing good about feeling scammed. As soon as my $57,500 loan was funded w/light speed. I finally saw "the origination fee" that was being waved was now called an "original fee amount" for $7,911.54. Nick Riccobene swore...No Origination fees and No Prepayment penalties. So now the jig is up.. I call him back and call him on it and there's this deafening silence, because he knows that he has scammed me. You would expect this from a foreign company, somewhere in India perhaps, but NOPE, these good ole boys are right here in the good ole US of A, scamming business in the middle of a pandemic and PayPal is partially at fault for this.

The weekly payment amount, was $1,250. Yes weekly, not monthly was to be deducted from my business account. So I called back to have the loan rescinded, and I was promptly told that I could not have the loan rescinded, and I could send the money back but it would cost me $7,911.54 to repay a loan that was all of two minutes old. So I called several times and finally got through to Taylor Cave (whose direct number is a prompt starter for a voicemail system), so call the 1800 number, Who then told me that I could rescind the loan and with no other cost (hint...the loan includes the $7,911.54). I promptly asked for it in writing and to my non-surprise he was hesitant. I said, "I need an email stating this in writing because I am not going to let you put me on the hook for that $7911.54." He sent back the most vague wording and said I had 72 hours to wire the funds back. News Flash.....You cannot pay it back through PayPal (their own partner is not good enough to handle a loan repayment....hmmm!) I would have to move the money to my own bank which takes 72 hours, and since my bank has daily wire limits of $25,000, it would take 3 more days to get this money to them at $30 per wire transfer.

I went back to see the details in the DocuSign, and my agreement was voided and I do not have access to it. So just to be on the safe side, I have opened a case with my state attorney general. There is no reputable financial institution on earth that would charge you that much interest for 2 minutes, unless they were a scam. PayPal...how could you?

Danielle was very friendly and easy to work with. They processed all of my info quickly and even helped me through some technical issues. It only took 1 day for me to get the money once I was approved. Thanks Danielle!

I applied for ppp loan forgiveness through them and was denied with no reason. After email after email, I finally got through to someone via the telephone and they said it was denied due to the documents submitted. The gag is that no documents were requested. She stated that they used the documents that I applied with, but how if the money is used after you apply. I have a balance due to them and I’m currently in the appeal process of which they still didn’t tell me what was submitted with the appeal. I don’t think that they are properly applying for forgiveness just to get a higher interest from customers. Most company’s allow you to apply for forgiveness on your own. Their portal isn’t open for that. So basically they could be applying with bad info or not even applying at all. This company is very shady, I’ve been emailing since the denial with no answers.

Awesome, painless and quick service from Nico! He was very professional and walked me thru every step of the process. Highly recommend!!

We just recently re-upped another short term loan with Loanbuilder. Once again they provided me with an EXCELLENT APR and weekly payments. Niles E. made the entire transaction as easy as possible and with us a returning customers we received our funds deposit the very next day. Loanbuilder is the BEST in the industry! I have had other potential lenders tell me that they CANNOT touch Loanbuilder's terms. We highly recommend them.

This review is a copy and paste (from a post that I completed on a forum), but figured I'd share it here. Do NOT do business with Swift Capital/LoanBuilder. The way they handle things is absolutely SHADY and I'm definitely taking it as far as I can, not due to a denial but on the way they handled this case for me, as a consumer. And please, Swift, do NOT respond and say that you "dont have anyone with a loan under this name" b/c this is OBVIOUSLY a user name.

Unfortunately, it won't allow to copy and paste on this site. So I'll give a timeline instead.

• 7/21 (wee hours of the morning) applied for a loan with LoanBuilder/Swift Financial. I received an email a few hours later asking me to upload copies of my bank statements (from August 2020 to June 2021), landlord reference, vendor reference, and an IRS 8821 form. I sent all that they requested.

• 7/22 a rep by the name of Gregory Fedak emailed me and asked me to complete the copy of the 8821 that he sent, stating that it would be "easier" to ensure that I don't have to jump through hoops by using theirs. Immediately completed it and sent it back. A few hours after sending the copy, I sent another email to Mr. Fedak asking that he confirm receipt of my 8821 form.

• 7/26 I received another email from Gregory Fedak stating that after going through my bank statements, they realized I had a loan with Shopify and with Square and they wanted to see the balances for both. Even though the Square loan was for a business completely unrelated to the one that I was applying for, I went ahead and sent the information as requested.

• a few hours after sending that off, I logged into the portal and realized that nothing showed in the "summary" portion of the site. It was almost as though I had never applied at all. I figured that it was some sort of glitch and decided to wait a few hours. I checked again on 7/27 and it was completely gone.

• I sent an email, only assuming I had been denied (and was fine with that). My issue was that they weren't more professional in providing me with a formal letter (be it in the portal or otherwise) advising of this. I was told by Gregory Fedak that they would get back to me via email within 24-48 hours of receiving my balances from the other capital loans. In that email to Gregory Fedak, I cc'ed a few of the higher ups from Swift/LoanBuilder.

• a couple hours later, I receive an email stating that they "tried" to send me the denial on 7/21 but "here is a copy."

How is it that you sent me a letter on 7/21 but still asked for information from me on 7/26? I truly believe that they stated that they sent this to cover themselves for simply removing things from the portal and not giving me a denial as they normally would via email as well as a physical letter. I even sent them attachments showing that Gregory Fedak was still asking for information for underwriting, but if I was denied on the day that I applied, what are you still asking for information for?

Again, I can deal with a denial. I know factually that it wasn't because of my score; I barely have any credit (and the response indicated that it was because of the capital loans I have with other companies). I'm confirming several other reviews posted here that state that they got absolutely NOTHING from them stating that there was a denial or even a reason for the denial, and as consumers, we have a RIGHT to that.

I also found it to be a bit weird that they asked me for documentation that they didn't ask others for. I feel that they could've possibly gone to my site, saw the TYPE of people that I service, and offered a denial because of that. There was NO other reason for denial because those balances on my capital loans are low and wouldn't even add up to the amount that I was requesting (which by the way....I requested $10,000. Out of nowhere, they switched the amount to $7,500. They did not offer me an explanation for this either).

Again, BEWARE!
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I don't know where to start. Whatever Loanbuilder did to me, my own father wouldn't. I appreciate with all my heart about what you guys did in covid time. Without asking, They stopped payments for 3 month. After that they offered, lower interest rate with long term payment. I was like speechless. Thank you guys, I really mean it THANK YOU

Horrible company to work with they threaten you and you cannot send them an email because I sent them over 50 and they have not yet responded to any of them worst company ever do not borrow any money from you

OMG !!
It’s really easy process to get funding and Nick was so helpful with process got funded less then one week.
I used company from New York for 6 year to get business funding and I am so happy to switch with PayPal business loan builder and it’s way less charge then all competitors.

Thank you so much Nick for helping me.

I am actually a fan of paypal, but this sub-company of theirs has bad service: I started filling out the PPP application, and at the end of the process received the message "We're sorry [name], we're not presently able to offer you a Paycheck Protection Plan Loan ... an email will be sent you at [email] containing additional details and reasons." It has been over a month and they didn't bother to send anything. This is disrespectful and unprofessional.