topic Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank in Business Credit

Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

GApeachy — Wed, 22 Jan 2020 14:58:03 GMT

In reading up on these online small business funding sites the good seems to be the quickness and ease of obtaining funds. I understand the interest rates/fees can be quite high depending on creditworthiness as well. So comparing costs and fees from a local banking institution, time to apply and receive the funding vs. the rapid response these online funding sites seem to have some pluses worth checking into. Agreed or no?

Anyone with experience with these companies that would care to share? Like, when would these types of loc's and loans benefit you and your company vs. in branch bank apping?

EDIT TO ADD:

@egold1234 wrote:
BlueVine, they offer a monthly pay LOC product that you can graduate to. Max is $75k without financials.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

pizza1 — Fri, 13 Dec 2019 03:59:56 GMT

Im sure @Creditaddict can chime in here. He's well versed in business loans over the years.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

mikesonthemend — Fri, 13 Dec 2019 04:05:21 GMT

No experience with them. Ignore...

Best lender you can have is your local bank. They are in business with you from day one.The minute you owe them money, they are on your side.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

Creditaddict — Fri, 13 Dec 2019 04:11:47 GMT

Can’t really compare traditional banks to these... PayPal will provide the highest loans at lowest rates by far!
52 weekly payments.
I’ve used twice now... money in 24 hours.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

mikesonthemend — Fri, 13 Dec 2019 05:17:40 GMT

@mikesonthemend wrote:
No experience with them. Ignore...

Best lender you can have is your local bank. They are in business with you from day one.The minute you owe them money, they are on your side.

If you and your banker eat grits, stay local.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

egold1234 — Fri, 13 Dec 2019 16:10:30 GMT

PayPal LoanBuilder is a MCA company formerly known as SwiftCapital. They fund quickly, max of $100k @ 52weeks. Over $100k you need to submit tax returns and financials. I found them to be the cheapest.

FundBox is OK. Smaller lines, weekly payments, but they are expensive.

Not ok your list but I highly recommend them: BlueVine, they offer a monthly pay LOC product that you can graduate to. Max is $75k without financials.

Kabbage
Lowest lines, and highest fees. YMMV, but I'd avoid.

Local bank:
Submitted documents, got hits in all 3 credit reports. Denied. Don't bother unless your FICO is 750+ (Im always 680-720 depending on utilization), have 1 million+ in sales, and tax returns show substantial profit.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

Creditaddict — Fri, 13 Dec 2019 16:26:12 GMT

If you are an online business look into Clearbanc.
No credit checks at all and fees vary depending how you charge to virtual visa.
Keep in mind you can’t get cash or pay debt, it’s to build more business.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

GApeachy — Fri, 13 Dec 2019 17:33:04 GMT

@egold1234 wrote:
PayPal LoanBuilder is a MCA company formerly known as SwiftCapital. They fund quickly, max of $100k @ 52weeks. Over $100k you need to submit tax returns and financials. I found them to be the cheapest.

FundBox is OK. Smaller lines, weekly payments, but they are expensive.

Not ok your list but I highly recommend them: BlueVine, they offer a monthly pay LOC product that you can graduate to. Max is $75k without financials.

Kabbage
Lowest lines, and highest fees. YMMV, but I'd avoid.

Local bank:
Submitted documents, got hits in all 3 credit reports. Denied. Don't bother unless your FICO is 750+ (Im always 680-720 depending on utilization), have 1 million+ in sales, and tax returns show substantial profit.

Fantastic Info! I will do some checking on Bluevine as well. We get a lot of offers/mailers from them as well as the others. Some locals have mentioned how it's very convenient via online app'ing, like a credit card almost, and pdq on funding with that combined it has piqued my interest.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

GApeachy — Fri, 13 Dec 2019 17:40:20 GMT

@mikesonthemend wrote:
@mikesonthemend wrote:
No experience with them. Ignore...

Best lender you can have is your local bank. They are in business with you from day one.The minute you owe them money, they are on your side.
If you and your banker eat grits, stay local.

Lol! We do and have since the 1990's. I am very interested in some info. from some ppl I know that also utilize some choice online biz funding sites that have been a quick and convenient funding tool that does NOT ding your personal. The local banks, like mentioned above, will pull your hair out along with your credit report for e v e r y l i t t l e thing and that's not healthy for businesses, particularly small businesses that need flexibility and have a lot going on. So thanks to all who have shared, I'm sure this will be of interest to others looking to strengthen their biz credit, relationships, and overall health of their company.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

GApeachy — Fri, 13 Dec 2019 17:41:14 GMT

@Creditaddict wrote:
If you are an online business look into Clearbanc.
No credit checks at all and fees vary depending how you charge to virtual visa.
Keep in mind you can’t get cash or pay debt, it’s to build more business.

Glad you mentioned this ^^^^^ for others that do online business.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

Puppetmaster — Mon, 16 Dec 2019 15:37:15 GMT

I've used LoanBuilder once, and have had a good experience. Initially I told them that I wanted to go all the way through the approval process up to but not including signing documents, so I would know their process and be prepared for it in the future if I ever needed a loan from them. We did that, they approved the loan, and as I stated up front, I didn't follow through with signing the documents to get the loan. I didn't need it. However, a few weeks later I was contacted by a different rep with LoanBuilder who offered a much better interest rate; low enough that the loan would make sense for business credit building, and very secondarily as a cash flow cushion. So I went through the quick and easy process again, signed the documents and got the loan. It has been very much worthwhile under the more favorable terms; terms that I don't know whether will be offered again. If I do apply for another loan with them, I think I will try the same tactic; apply but not follow through, and see if they contact me with a better deal.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

GApeachy — Mon, 16 Dec 2019 22:55:13 GMT

@Puppetmaster wrote:
I've used LoanBuilder once, and have had a good experience. Initially I told them that I wanted to go all the way through the approval process up to but not including signing documents, so I would know their process and be prepared for it in the future if I ever needed a loan from them. We did that, they approved the loan, and as I stated up front, I didn't follow through with signing the documents to get the loan. I didn't need it. However, a few weeks later I was contacted by a different rep with LoanBuilder who offered a much better interest rate; low enough that the loan would make sense for business credit building, and very secondarily as a cash flow cushion. So I went through the quick and easy process again, signed the documents and got the loan. It has been very much worthwhile under the more favorable terms; terms that I don't know whether will be offered again. If I do apply for another loan with them, I think I will try the same tactic; apply but not follow through, and see if they contact me with a better deal.

Smart....might try that too. Thanks for sharing

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

GApeachy — Wed, 22 Jan 2020 14:56:48 GMT

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

Rgudino1717 — Sun, 29 Dec 2019 04:21:12 GMT

They'll do a UCC filing and it'll show up on your business credit reports. Had to call in to get it terminated after the loan was paid back because they didn't do it automatically.

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

GApeachy — Wed, 22 Jan 2020 14:59:38 GMT

Thanks for the heads up @Rgudino1717 !

Are UCC filings all that bad or not?

Re: PayPal Loanbuilder vs. Kabbage loc vs. Fundbox vs. Personal Bank

Anonymous — Wed, 29 Apr 2020 05:33:02 GMT

If you default and lender filed UCC lien, then lenders can directly go to your customers and ask them to remit your payments to them. They really don't need to litigate and get a judgement if you default. It affects fast for a B2B servicing company.

Depending on state, UCC lien will stay for five years. Better get it removed as soon as loan is paid off.