Quick term loans with a high potential APR.

  • Best for newer businesses that need a small to midsize loan.
  • Pick something else if you can qualify for lower rates and longer loan terms.

    $5,000

    Min. Amount

    $500,000

    Max. Amount

    Details

    Product Name LoanBuilder business loans
    Min. Amount $5,000
    Max. Amount $500,000
    Loan Term 3.25 months to 1 year
    Min. Credit Score 550
    APR 6.49% to 19.31%
    Requirements Annual business revenue of $42,000+, 9+ months in business, 620+ personal credit score

    How much will this loan cost me?

    LoanBuilder offers business loans between $5,000 to $500,000 and terms up to one year. Instead of interest, your business will pay a fixed fee of 6.49% to 19.31%. This translates to an APR of 44.57% to 131.75% for a $100,000 loan with LoanBuilder’s minimum term of 13 weeks.

    There are no origination, application or prepayment fees. However, the full borrowing fee will be due when you repay — no matter if you pay your loan off on schedule or months ahead of schedule.

    Business loan calculator

    See how much you’ll pay

    Your loan
    Loan amount
    $
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    Interest rate
    $%

    Fill out the form and click on “Calculate” to see your estimated monthly payment.

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    How it works

    Your business’s overall financial situation will be evaluated when you submit an application. The exact amount your business qualifies for — if it qualifies at all — will depend on how you plan on using your loan funds and your revenue. The better you are able to afford weekly repayments, the more likely it is that your business will be approved. Your personal credit and previous borrowing history with LoanBuilder may also help improve your chances.

    The LoanBuilder Configurator allows you to have more control when seeking the funding you need without affecting your credit score. If your business prequalifies, you can use this tool to adjust your loan offer to find terms that might better fit your business’s financial situation.

    What do I need to qualify?

    You and your business must meet the following requirements to be eligible for a loan with LoanBuilder:

    • Personal FICO score of at least 620
    • At least $42,000 in annual revenue
    • In business for at least nine months

    What information do I need to apply?

    To complete the LoanBuilder application, you will need to provide the following information:

    • Total annual revenue
    • Business start date
    • Owner’s Social Security number
    • Business Tax ID number

    You may also be required to submit four months of your recent bank statements or additional documents if you are conditionally approved for a loan.

    What industries does LoanBuilder work with?

    Your business won’t qualify if it falls into one of these industries:

    • Agencies for artists, athletes, entertainers and other public figures
    • Public administration
    • Attorneys
    • Business and professional associations
    • Civic and social organizations
    • Collection agencies
    • Credit bureaus
    • Elementary schools, secondary schools and junior colleges
    • Environmental, conservation and wildlife organizations
    • Financial services
    • Gambling and related businesses
    • Grant-making foundations
    • Gun stores
    • Holding companies
    • Management companies
    • Human rights organizations
    • Independent writers, artists and performers
    • Labor and political organizations
    • Manufactured home dealers
    • New and used car, ATV, RV, watercraft, boat and motorcycle dealerships
    • Nonprofits
    • Religious organizations
    • Voluntary health organizations

    Pros

    • No interest, origination fees or prepayment penalties
    • Next-day turnaround available
    • Available in all 50 states and Washington, DC

    Cons

    • Requires weekly repayments
    • High fees ranging from 6.49%
    • Extremely short loan term

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