LoanBuilder Review

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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5 Months of Waiting on PPP Application and Never funded. Waiting without knowing what exactly what was happening has proven costly. Had they informed the customer truthfully and immediately as to the situation on any hold-ups, we could have worked together on getting results. How can we work together on transparency so we can build up the LoanBuilder Brand? What was the hold up? It's alarming that the branded LoanBuilder product gets an immediate response with full transparency. After calls and emails, it's scary not to get a truthful response. Paycheck Protection Program: LoanBuilder Swift Financial 2nd Draw Experience - Lacking Transparency. I've been using PayPal services for nearly 20 years. Over the years they have built a great product while helping small businesses accept online payments and helping small businesses when times are tough with PayPal Working Capital loans. PayPal is a great brand! I love you. In 2020 my business received a Paycheck Protection Loan using PayPal's LoanBuilder Brand. The process was smooth and simple. In January of 2021 my business applied for the 2nd draw PPP loan. Per the Swift API for accountId: "0013b00001rvmUYAAY" applicationReceivedDate: "2021-01-19T22:37:25.000+0000" I understand the PPP process was overwhelming with all the new safeguards in place. But my business was left in the dark wondering if we should apply elsewhere. While waiting on approval, I applied for funding through LoanBuilder's product, only to be denied. In the meantime, my business is running on credit cards, racking up debt, while trying to get some answers. Almost 5 months of waiting (May 21st,) I received an email that the application was not approved because SBA discounted new loans. What happened to my application for 5 months? Hold codes? TID instead of SSN? Was the first draw unresolved? I have no answers. The first PPP loan was forgiven by the SBA. LoanBuilder worked swiftly on the forgiveness process. Here's a documented timeline of the PPP application process. 2nd Draw PPP Timeline – Source code and APIs were used to make this timeline. January 19/2021 – APPLIED FOR 2ND DRAW PPP apiUrl: "api. swiftfinancial" applicationReceivedDate: "2021-01-19T22:37:25.000+0000" loanVersion: "21SDPPP" brand: "LoanBuilder" February 5th Email on Application Status – Received and pending February 16th DocuSign Documents ding@loanbuilder March 8th Call from Rebecca with Swift asked if I accept new ppp calculations. Agreed March 11th Email from Tina – Confirm first lender, SSN, Entity type used. williams@loanbuilder Replied with all supporting documents. March 19th Voided DocuSign ding@loanbuilder March 23rd Call from Evan 610-477-3391 April 13th Sent email regarding status. Followed up with phone call – “We are working on it” April 26th Original DocuSign voided pierce@swiftcapital New DocuSign 3 minutes later pierce@swiftcapital May 7th Email masud@loanbuilder, larson@loanbuilder – Begging for an update. May 21st - CLOSED NEVER FUNDED Learned that application was “closed lost” from viewing api source code. stageName: "Closed Lost" type: "SBA" decisionStatus: "Complete" documentCollectionStatus: "CustomerAction" documentReviewStatus: "InProgress" fulfilledStipulations: [] fundingStatus: "Incomplete" New DocuSign larson@loanbuilder We regret to inform you that after careful consideration, we were unable to approve your request at this time for the following reason(s): The Small Business Administration has discontinued authorizing new loans for the Paycheck Protection Program. May 23rd DocuSign Voided larson@loanbuilder LoanBuilder SBA PPP Application Process No Transparency swift financial, paypal, WebBank

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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

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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

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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.

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Doug Diamond (if that's his real name)-of Swift Financial called me to claim that my Gold's Gym membership was in default since it was never canceled when it actually was canceled over 14 months ago. After reading my contract, I found that I followed all the correct protocol to cancel my membership. After Mr. Diamond's threats to destroy my credit rating, I paid over $200.00 (which I plan on disputing with Gold's Gym corporate offices and my bank) to make the matter go away and not have my credit dinged by this individual/company. I asked that all the documentation they had be sent to me and I will see if Swift Financial complies with this request. I tried to call back Mr. Diamond several times at the number he gave me and the call never goes through. Mr. Diamond assured me I could reach him anytime.In other words, IS THIS A SCAM COMPANY?? Swift Financial should be looked at very carefully as to how they handle matters, their facts, their tactics and their attitude when speaking to consumers via phone. NEVER USE THIS BUSINESS - BE VERY WARY OF THIS COMPANY AND THOSE THAT WORK FOR SWIFT FINANCIAL.

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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.

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i applied for ppp loan second draw in the beginning of feb. signed documents in the beginning of feb . i was told i was denied a week later and asked if i wanted loanbuilder to continue. Since i recieved my first ppp loan thru loanbuilder i was confident that that would come thru! So i withdrew my application from other lenders and kept loanbuilder. It has been a month plus days and nothing! they have put me in a really bad bind by trusting them! And they refuse to give me any updates other than we are working as fast as we can. But i have seen people apply as recently as weeks ago this month who have been processed and finished. Yet i'm still waiting for answers!

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Absolutely terrible PPP processing. Applied in mid January right after they started taking applications. Took until last week (3/3) to get SBA approval. It's now been 7 days and my money still hasn't been deposited. I've never had a loan take so long between approval and funding. I get the same congratulations email that I was approved every morning for the past 7 days. Hopefully will see this money before the 10 days the sba allows for disbursement. If I wait this long just to get canceled by the sba I doubt I'll have time to apply elsewhere and get help for our business -James Shoop, Screaming Oaks Farm

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my company Crusader Paint, LLC obtained a working capital loan through PayPal. The entire process was conducted in a professional and extremely user friendly manner. The loan representative from PayPal was friendly, very knowledgeable about the various product offerings and most important really gave me confidence that my company's financial welfare was his most important consideration. The process from start to funding was a little over 24 hours. This is my company's third loan from PayPal. So, if a returning client is a sign that repeat business is customer satisfaction; consider Crusader Paint, LLC a very happy client of PayPal.

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Applied here for my second draw PPP. Allegedly my application was sent to the SBA on 2/15. It does not take 20 days to hear back from the SBA. It must have never been sent. Now I can’t get an email response or a phone call answered! Total bull!

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They're an absolute nightmare. I applied for my PPP loan over a month ago. I've been prompted to resubmit the same documents half a dozen times. Nobody answers the phone or responds to emails. They sent me documents to sign two weeks ago, and just today they sent me an automated email asking to resubmit my bank statement, the same statement I've submitted four times already. Avoid them at any cost. It's disgusting to see such a large company have such utter disdain for the little guy.

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I will tell you that I have done business prior with loanbuilder. I would say it worked out how it should have, but it did have a cost. Having multiple lender options, I did allow their rep, Nico, opportunity to earn back my business. After brief talk, I felt that it was not going to be my best option and kindly refused. Nico was helpful and made sure to let me know he will make sure to do best for me now, but also future. I appreciate his attitude and when sharing more about my options, Nico really did take care of me. In all reality, Nico saved it. My mind was made up and I was going another route, but I am grateful that it was Nico whom I was talking with. He really allowed me to see how this product would make that difference I needed it to be.

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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.

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Lies lies lies...THEY ARE A F******* FRAUD!!!!! AN THE GOOD COMMENTS ARE COMPLETE BS!!! PROBABLY MEMBERS OF THEIR TEAM!!! I DEALT WITH AN ABSOLUTE WASTE OF A HUMAN!!!! THESE PEOPLE SHOULD BE CLOSED DOWN!!! I'LL CONTINUE TO PUSH TILL PEOPLE KNOW WAT DIRT YOU ARE! THEY USE UR ACCOUNT DETAILS TO SEND MONEY!!!! PEOPLE GIVEN GOOD REVIEWS! U OBVIOUSLY WORK FOR THESE USELESS HUMANS!

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Worst company ever takes money out of your account when you tell them not to

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Loanbuilder by Paypal was a fairly easy program once we ironed out the APR, Loan builder came through with the cash and I came through with the payments THEN COVID hit!!! It was horrible and I was very worried about paying my debts BUT Loanbuilder jumped in an automatically suspended the weekly payments and I didn't even ask or have to reach out. VERY progressive for an institution to step up like that, I was very, very impressed! Beyond satisfied very happy with the end result.

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Thanks Swift Financial for helping us build our business. Even when hard times hit, you were understanding and very easy to work with! I appreciate the professionalism of each rep I spoke with! Glad to have paid it off with you.

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Same day funding, you just can’t beat that!

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I had excellent experience with LoanBuilder (Swift Capital) until the COVID-19 pandemic. I was able to get relief for a short period given the pandemic, but without giving any notice, LoanBuilder (swift) started to draw down my account again. I've reached out every day for the past week via email, the online form and via phone and the I haven't gotten a single response either way on whether they are offering extended relief. It seems that they are avoiding their customers.

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Good service, would have liked the amount I requested however way things are right now around the world, guess be happy with what we can get , very good company,

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My ppp loan was stagnant for 2 weeks. After trying to contact them numerous times via email and telephone with no success I requested to cancel the loan. It has been a month and the loan still shows up on my sba portal as active MAKING IT IMPOSSIBLE TO GET ANOTHER PPP SBA LOAN. This is unexceptable.

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Applied several times for PPP and keep getting a decline of unable to verify information, although I have submitted all of my information accurately. I am unsure of what is missing or who to contact.

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I've been surprised to treatment I received from them as a costumer specially during the pandemic of covid-19 in my opinion Swift Financial is the best A+++++.

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Thief... Very deceptive on their loans. Paperwork states that they charge "interest" NOT A FEE on the service. SO if you you pay it off early they charge you ALL the "interest" in the payoff and you NEVER get refunded any "interest" over paid. SCAM DO NOT EVER USE THIS COMPANY

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Complete Fraud. Abandoned my PPP application. Refused to respond to calls and correspondence for two months. After much research, discovered that they have screwed many small companies. Now have to deal with quagmire of dealing with the SBA on being allowed find another PPP lender. I have to begin the whole process again. They should be ashamed of themselves. Yet they still actively pursue more profitable lending opportunities. To make false representations and mislead small borrowers during this crisis is unforgivable.

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It was a very good experience for me . Tanner was very professional and helpful. I was very how fast and quick the service was . 5 star experience definitely. Thanks

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We have 1.7 million in sales and a monthly payroll of $25135 and have been trying to get a PPP loan from the SBA. PayPal/Loan builder are just as bad as Bluevine they take your paperwork and than abandon you. Our loan has just been sitting there for a month with no update. They don't return your emails or return any of your phone calls. The SBA program is a great idea in theory, but for small rural businesses it's so hard to get your application fairly and promptly processed.

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So I don't know where to start. I applied for a PPP loan four weeks ago. ABSOLUTELY zero response. I send a request twice a week for someone to contact me. Again ZERO response to my request. Today I check the status and my application has disappeared. I tried to call several times and each time after waiting a very long time I got hung up while trying to connect to a representative. I tried to resend the application and it says I am no longer eligible. I understand the circumstances in the world, but there has to be a better way.

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Wouldn't even give them one star. First, went great..easy to set up 'account' submit everything they needed AND received an e-mail confirming. Heard nothing for a few days so went to my account summary..4/24. Saw that application is under review we will contact you...... Then, heard nothing, figured things were moving along and then, to see if there was any 'update' to the summary' logged in again on 4/28 and told there is currently NO LOAN APPLICATION FOR ... never received an e-mail from them asking for more info. if they needed it, nor ever told 'rejected'...NOTHING. The only way to contact them is while logged in via message so did that with exactly the info. noted above twice. It's now 4/29..have still nothing in summary other than they have no application currently and they have not responded to my info. requests sent through their 'Contact Us' app. Total waste of time..it's not like they never received the info. or how was the account set up and FIRST summary stating review was in progress!!!

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Horrible communication.

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Amazing group of people~

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This was a fast and easy application to fill out. But the best part was that someone actually called and I was able to speak with them about concerns with the offer, options and the process. This was my first time going out to raise capital for our business and it was the best offer of the 3 or 4 we received.

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Great job!!! Thanks

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Ryan reach out to me about a great loan opportunity through the SBA PPP. The process was fast, easy and stress free. He was polite and helpful and helped the process move quickly. He even checked in with me the next day.

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A+ Service and transparent pricing

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Great Help ! Thank you !

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Gr8 communications & service

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Very easy process, quick funding and easy to understand! Thank you!

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Very fast and very efficient.

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Excellent service super easy process!

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The people I dealt with were knowledgeable, professional, and curious about my business. It was a distinct pleasure working with them

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thank you so much

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Starter one week after funding. Rather than a percentage of PayPal sales this hits you on Friday night, rain or shine. Since the intended use of this was to buy inventory that would not sell for several months (with COVID-19 maybe a looong time) half this had to be reserved for weekly payments. Presently in limbo, only the future will tell.

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Best experience I've ever had so helpful!!

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Matthew Volpe was extremely helpful @ patient with me through the process.

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Staff is helpful

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It was a pretty good experience overall. There were a couple of communication issues but it might have been more because of the email server on our side encrypting documents that could not be read by Loanbuilder which resulted in multiple solicitations for the same documents. Other than that, the process was great.

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Painless process.

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Very easy process and I will use it again Thank you.

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I just secured a loan from Loan Builder today and can't believe how easy it was! Less than 3 days beginning to end with funds in the bank (and in the middle of this crisis, wow). My business needed a little help and with a minimum of effort on my part, they were more than willing to help. Very nice to deal with and professional all the way. I would recommend them to all small businesses.

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Efficient, quick and personal service!

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John was great to deal with and the process was easy. I just didn't get the amount of funds I would have liked. Otherwise, I love this program.

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PayPal Loan Builder service is a complete waste of time. They promise big loans and fast service and provide neither! I've run a successful small company for 17 years, with well over a million in sales annually for many years running ($1.4 million in 2019). Originally, PPLB said I qualified for up to $290,000 based on my sales (proven with bank statements). I applied for $50K, and was told I'd have an answer in just a couple days. I waited and waited and then, over a week later (allegedly waiting for underwriters!), they offered a loan of just $5K, less than 2% of the original $290,000! That's not even worth the ding on my credit report. It's nothing, peanuts! $5000 won't cover even one week's worth of expenses. What a waste of time! Half of America is shut down due to Covid19, and PayPal doesn't care a whit. If you need a loan for your small business, look anywhere but there. PayPal Loan Builder is a crap. They may be able to help you, but they won't. Instead, they'll just insult you after wasting your precious time!

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I cannot say enough about Paypal Loanbuilder! I called the number that kept popping up on my Facebook page because I needed funding for my Short Term Rental business to pay bills during my slow season & I can't thank your company enough for an amazing over-the-top experience! When I called I didn't know what to expect because I had tried 2 or 3 other places & was either turned down or they would only offer me $3000.00, far from the amount that I needed to cover my expenses. The entire process was SUPER FAST! I was in my car when I talked to the representative & it's only about a 10 min drive to get from my daily ride from work to the after school program to pick up my niece & the wonderfully kind gentleman that I talked to asked me a few questions & THAT WAS ALL!! The forms were online for me to sign & the funds were in my bank acct THE NEXT DAY! I am still amazed & in awe at what happened & considering that I called the week before the announcement of the virus outbreak & the closings nationwide that will affect my business for God only knows how long, because of your awesome company I will be able to cover my business expenses! I thank God for Paypal & I truly appreciate what they've done for my business!! :)

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With trustpilot you can reliad on all delivery with trus

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Daniel was great and the process was smooth.

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Very easy to work with and thankful for the great offer.

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Great service special thanks to Jessica very professional

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Excellent people to work with. They did a fantastic job on follow up with me and processing the loan. much easier than other local commercial banks. GOOD JOB - PAYPAL TEAM!!!!!!

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A+++++ no words for the way they do business!

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Awesome!! Had my in 3 hours.

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simple . its good to know that this company is here to help us when in need.

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Excellent, fast and very resonable!

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Thank you ! Very good service

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Would have liked to have a lower interest rate - otherwise the process was great

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So fast! And Gregory was beyond awesome!

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Great service!

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Great and quick service

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Great fast friendly

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Shane was great ver acomadating

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Friendly, easy and safe.

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Extremely fast turn around, and communicative. Thank you!

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The process to secure the financing proved to be tedious for my small business, but it was worth the effort. There were a few times during this process that I doubted whether it was worth it, but I kept with it due to the diligence of the representative that I worked with, Mr. Charles Lake. Thank you for your persistence Charles!

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It was quick and easy

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easiest process ever!

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Simply excellent.

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They were very prompt to get our loan completed, fast, prompt service.

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Excellent service, very professional, a real help!

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Great customer service Useful information. Great terms of repayment.

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In my 10 years in business this is the most predatory lender I have ever worked with. They sent me a settlement offer which I paid in full. Weeks later I got a call where I was told they received the payment but applied it to the wrong account. They continued to request payment again for their administrative error. I filed a complaint with the Connecticut Securities and Business Investment Division. Will wait for their follow up.

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Quick and painless.

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Greg was great to work with and made the process effortless and really easy!

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The process was easy. This loan was very timely and helpful. Thank you!

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Excellent professional BRENT FIORITO and RYAN.

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This is the real deal. Highly recommended. Tim and his team are efficient professionals. They got us almost what they initially offered, which was plenty good. We'll do business with them again.

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It was so quick and efficient, I almost thought I got scammed lol. Seemed to easy!

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Very pleased with the process , Had some skepticism however it was all for nothing. Everything they said they would do , they did. I applied and literally 24 hrs later was funded. In fact, I didn’t take the first phone call back because I thought there’s no way something could happen this fast and I was going to get a sales pitch of something different than I applied for. Scott recalled (great follow through) and we set everything up he walked me through the docusign. In fact my parting joke was this was was easier than ordering food from Grub Hub. I also like how everything is spelled out, no surprises. This loan may not be for everyone however it is perfect for me and my small business to help infuse cash while I await some past due receivables. I would highly recommend checking into it if you have a need.

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The representative was very helpful. It's fast and easy. thanks

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From the 1st call Adam was very knowledgeable and took the lead he did a great job with the interview no down time this was smooth as it could be thank you Adam and to who ever is Adam's boss give this man a raise.

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Fast and efficient

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Excellent service period.

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This is the third time using your company and we have been very happy with the process. David Reineke was very helpful with working with us. will use again.

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I dealt with Tanner, he was great from the start. Hard to feel like your needs and processing information in an honest way over the phone but he got right to the meat and didn't try a sales approach. He also knew the competition and how they were set up. He spoke truth to me about my loan and why I was getting it. He made sense! So far so good with the loan but Tanner is awesome. One last thing, instead of blowing up my phone Tanner would call, leave a message. I communicated back to him through email and he responded with all the paperwork. Signed and finished before the call we had scheduled for later in the day. Pretty awesome!

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Thank you for working with me and getting the funds!

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A VERY PROFESSIONAL COMPANY AS WELL AS ITS ASSOCIATES EXELLENT SERVICE AND SPECIALLY THE SPEED IN ITS DECISIONS, TANKS

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very easy and smooth to use.

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great. very helpful and attantive

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Great to work with and very fast! Thanks Eric?

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