Just finished a 1yr loan with loanbuilder. $30k loan + $5800 "fee."
They asked for 3 months bank statements and a HP. If the loan is for more than $50k I believe they ask for more information(That's what I was told).
The weekly payments can be a little rough. Not a fan. Also wish the fees were smaller. Comes out to a high interest rate.
They also file a UCC1 lien.
Keep getting calls from them to take out another loan. Don't think I will.
First time posting here, but I have two loanbuilder loans, both for 50k each (second one was done about 2.5 months after the first). The fees were about 6k each for both loans with a 12 month repayment term (weekly payment). I used an apr calculator and it seems that the first loan is at about 24% and the second at 22%. The first loan was really quick as I didn't even have to go through underwriting so the money was put into my paypal account that same day. I use paypal pretty heavily and had applied a few months prior but was declined. I went on and played with the "check my rate" thingy and the next day I got a call from the rep telling me that I scored really high this time and though I was "preapproved for 180k, he could get me 50k right away without anyone looking at it, so I jumped on it (didn't even need to send updated bank statements or anything).
The second one took a little more work, had to send in new bank statements, zero balance letters from other loans and also details about my business (store url, what we sell, etc), but no other paperwork. They approved it after about 3 or 4 days, but they made me pay off the last 14k of one of those crazy high interest MCA loans I had outstanding.
Overall they are a good company and very easy to work with. Much better than the companies that do factoring loans and much worse than going straight to the bank.
Forgot to mention, I think they only do a hard pull if you take the loan, maybe someone else on here can confirm as I'm not 100% sure if it's when you sign the application or the loan agreement (I know it's one of them). I am sure though that checking your rate is always a soft pull.
Yes, they only do a HP once you agree to the loan terms and/or sign the docs.
I have used them 3 times and can definitely concur that the weekly payments can be rough. It is good for someone who isn't quite up to par to go for SBA. Next tax return my business will qualify and I can't wait for that, as like others have stated, it does come out to be pretty high interest. Just remember they automatically debit your business checking EVERY week and you need to make sure you can afford those payments. Good luck!