Congratulations on your approval!
I'm 7 months through a Loan Builder loan. The approval process was rather easy, I was pre-approved for $48k, they came back after underwriting went through my business bank statements with a $36k approval. I opted for a $20k loan because I wanted to keep the payments under $500 per week.
You can get them to lower the cost if you show them any loan or credit card interest rate with your business name on it that adds up to something lower, which I did and they cut the fee about 40%. Keep in mind they will use interest rate for pricing, but will charge you a flat fee, so if you pay off early, there is no advantage because you still have to pay the full fee.
Beware of their misleading promise to waive the rest of your fees after 6 months if you get a new loan. In December they offered me a new loan and when I looked at the fees they were waiving I said this does not make sense because you're waiving only 20% of the fee. They said "well the fees are frontloaded in a similar way to interest is on a loan". So they want it both ways, they want to charge you as a flat rate so you can't save by paying off early, but they apply the fees the same interest is so they make you think you're getting a deal if you reup on the loan at 6 months.
Regarding credit pulls, they did a soft transunion pull on my personal credit to pre-approve me, after you sign the loan and get funded, they do a hard-pull on your transunion. They do not report to your personal credit, which is the one good thing. They do report to Experian business which is also good thing as it helped really increase my business score.
Sorry but that is not true, I think you're mixing up the Synchrony bank credit card with the business loan. PayPal acquired Swift Financial a couple of years ago, they do not require a PayPal account and that is listed right on the FAQ on the site. The entire loan is 100% based on your previous 4 months of business reveune verified with bank statements, it's personally guaranteed and you need a FICO of 550. However, it only reports business credit unless your default. They do a soft pull on TU to approve you and if you accept the loan they do a hard pull.
I know because I'm more than half way through my first loan with LoanBuilder. After you complete the first 6 months with no late payments and nothing negative has changed on your personal credit, you can be automatically approved for the same amount without any new bank statements, but if you want more you have to submit them to underwriting.
How much was the fee on $20k loan?
I just looked at the online account, I guess I took out $22,500, I thought it was $20k. The fee was $2017 for 52 weeks. Here is a link to a screenshot I just took. The black marks are just where I redacted my business name and account number.