The 5 Best Alternatives To LoanBuilder

Total Rating	3.9
Rates & Fees4.6
Services2.9
Eligibility Requirements3.8
Application4.5
Sales & Advertising Transparency3.8
Customer Service4.1
User Reviews4.0

Pros

Multiple types of financing available
Same-day loans available
Borrower qualifications are lower than with banks

Cons

Rates can be expensive
Financing isn’t available in all states
Not available to businesses in some industries

Why We Chose OnDeck For Fast Funding

While LoanBuilder's application and funding process is pretty fast -- typically completed within a few days -- we like that OnDeck offers same-day funding. Although not available in all states, some borrowers who need fast capital will appreciate the speed at which OnDeck disburses funds.

We also like that OnDeck offers term loans as well as lines of credit if you need a more flexible financing option. And while OnDeck isn't available in some states and to businesses in certain industries, its relaxed borrowing requirements make it easy for more businesses to qualify for funding when they've been denied elsewhere.

OnDeck Services

OnDeck offers term loans up to $250,000 with repayment terms up to 24 months.

OnDeck also has lines of credit up to $100,000 with repayment terms of 12, 18, or 24 months.

OnDeck Rates & Fees

OnDeck’s rates for its term loans start at 29.9%. The lender states that the average APR is 55.8%.

APRs for lines of credit also start at 29.9%, with the average customer receiving a rate of 52.6%.

OnDeck Eligibility Requirements

To qualify for an OnDeck loan or line of credit, you need:

Personal credit score of 625+
Annual revenue of $100,000+
At least 1 year in business
Business checking account

OnDeck funding is not available to borrowers in North Dakota. Businesses in certain industries including adult entertainment, MLMs, and gambling are ineligible for funding.

Choose OnDeck If...

You want fast (potentially same-day) funding
You want to choose between a term loan or line of credit

Get Started With OnDeck

Square Capital: Best Loans For Square Users

Square Capital

Get Started With Square Capital

Total Rating	4.3
Rates & Fees3.8
Services3.4
Eligibility Requirements4.9
Application4.8
Sales & Advertising Transparency4.8
Customer Service4.2
User Reviews4.8

Pros

No credit score requirements
No extra fees
Fast & easy application process

Cons

Only available to Square users
Blanket lien required for larger loans
Frequent payments

Why We Chose Square Capital For Square Users

If you use Square for payments, you don't have to look far to find business funding. Square Capital offers short-term loans exclusively to Square users. While you will have to wait for an offer from Square to qualify, borrower requirements are fairly easy to meet -- typical credit, revenue, and time in business requirements that you'll find with lenders like LoanBuilder do not apply.

Instead of a typical interest rate, you'll pay a one-time fee over the life of the loan. Payments are based on sales and are deducted automatically, so you don't have to worry about missing a payment or being late. Once you receive your invitation, the funding process is quick and easy.

Square Capital Services

Square Capital offers short-term loans up to $250,000 to Square users.

Square Capital Rates & Fees

While Square Capital doesn’t disclose its rates, it’s been reported that a one-time fee using a factor rate of 1.10 to 1.16 (or $0.10 to $0.16 per dollar borrowed) is charged.

Payments are based on sales, so there are no set terms. However, loans must be repaid within 18 months, and 1/18 of the loan amount must be repaid every 60 days.

Square Capital Eligibility Requirements

Square Capital will invite eligible Square users to apply for funding. To qualify, you must meet these requirements:

Be an active Square user
Have new and returning customers
Have a history with Square

You may be disqualified if you have:

Chargebacks
Multiple Square accounts
Failed debits
Account reviews
Recently declined loan applications

Choose Square Capital If...

You’re a Square user and receive an invitation to Square Capital
You want a loan that is repaid based on your Square sales

Fundbox: Best For Flexible Lines Of Credit

Fundbox

Total Rating	3.8
Rates & Fees3.1
Services3.6
Eligibility Requirements4.5
Application4.8
Sales & Advertising Transparency3.8
Customer Service3.0
User Reviews4.4

Pros

Funds can be disbursed as quickly as the next business day
Instant credit decisions
No draw fees

Cons

Repayments are required frequently
Rates may be expensive

Why We Chose Fundbox For Best Lines Of Credit

LoanBuilder is a good choice if you need a lump sum of cash for a larger purchase, but Fundbox offers more flexibility with its revolving lines of credit. You can receive up to $150,000 as a line of credit that you can draw from as needed. This makes it a great option for purposes such as working capital, emergency expenses, or purchasing supplies and inventory.

We also like that Fundbox has relaxed borrowing requirements, including just six months in business and a minimum credit score of 600. We appreciate that Fundbox's application process is fast and easy -- you can even apply or make draws from your phone using the Fundbox mobile app. Credit decisions are available in just minutes. Once approved, funds are available for immediate withdrawal and can be in your bank account as soon as the next business day.

Fundbox Services

Fundbox specializes in small business lines of credit up to $150,000.

Fundbox Rates & Fees

Fundbox charges fees starting at 4.66% of the borrowing amount for loans with 12-week terms. Fees start at 8.99% for loans with 24-week terms. Fundbox does not charge draw fees.

Fundbox Eligibility Requirements

Fundbox has relaxed borrower requirements, which include:

Owning a U.S.-based business
Personal credit score of 600+
Annual revenue of $100,000+
6+ months in business
Having a business checking account

Choose Fundbox If...

You want a flexible line of credit
You have a business that has been in business for at least six months
You have a credit score of at least 600 and can’t qualify for funding elsewhere

Get Started With Fundbox

BusinessLoans.com: Best Loan Marketplace For Comparing Offers

BusinessLoans.com

Get Started With BusinessLoans.com

Total Rating	4.0
Rates & Fees4.6
Services4.0
Eligibility Requirements4.1
Application3.0
Sales & Advertising Transparency3.6
Customer Service4.1
User Reviews4.4

Pros

No minimum credit score requirements
Multiple types of funding available
Large borrowing amounts

Cons

Nontransparent rates & fees
Funding may take a while to disburse

Why We Chose BusinessLoans.com As Best Marketplace Lender

If you don't want to submit multiple applications or want to make sure you get the best rates and terms for your situation, consider using a marketplace lender like BusinessLoans.com. Unlike LoanBuilder, BusinessLoans.com isn't a direct lender but is a loan aggregator that works with multiple lending partners to help you find the best funding product with a single application.

Borrowers who don't meet LoanBuilder's credit requirements may find another loan option using BusinessLoans.com, as there are no minimum credit score requirements. We also like that BusinessLoans.com offers large borrowing amounts up to $3 million, which far exceeds the maximum amount offered through LoanBuilder.

BusinessLoans.com Services

BusinessLoans.com is a loan marketplace that connects lenders to funding options including:

Term loans
Short-term loans
Merchant cash advances
Business lines of credit

BusinessLoans.com Rates & Fees

Rates, fees, and repayment terms vary by product and lender. Unfortunately, BusinessLoans.com is not forthcoming about the rates and fees of its partner lenders. An application will need to be submitted to see the rates and terms you qualify to receive.

BusinessLoans.com Eligibility Requirements

As previously mentioned, BusinessLoans.com has no minimum credit score requirements. While it is recommended to have at least $100,000 in annual revenue and a time in business of at least six months, some lenders may be able to work with you even if you don’t meet these requirements.

Choose BusinessLoans.com If...

You want to compare loan offers to get the best rates and terms
You want to connect with several lenders with a single application
You need to borrow more what you can receive through LoanBuilder

Credibly: Best Loans With Higher Borrowing Limits

Credibly

Get Started With Credibly

Total Rating	3.6
Rates & Fees3.1
Services3.7
Eligibility Requirements3.3
Application4.0
Sales & Advertising Transparency3.6
Customer Service4.3
User Reviews4.0

Pros

Multiple financing options available
Low credit score requirements
Fast & easy application process

Cons

Rates can be expensive
Some additional fees

Why We Chose Credibly For Best Loans With High Borrowing Limits

If LoanBuilder's $150,000 maximum borrowing limits ($100,000 for first-time borrowers) doesn't work for you, consider applying for funding through Credibly. With Credibly, you can receive a working capital loan of up to $400,000 for larger purchases. Credibly also offers additional funding -- both in-house and through partner lenders -- including merchant cash advances and SBA loans.

With one application, you can prequalify for funding and work one-on-one with a Credibly Business Consultant to find the option that's best for your business. We like that you can qualify for funding with a credit score as low as 500, although borrowers with lower scores won't qualify for all products and will likely receive a lower loan amount and higher rates.

Credibly Services

Credibly and its network of lenders offer a variety of financial products including:

Long-term loans
Short-term loans
Equipment financing
Small Business Administration loans
Lines of credit
Merchant cash advances

Credibly Rates & Fees

Credibly’s rates and fees vary based on the product you select. For example, working capital loans have factor rates starting at 1.11 with repayment terms up to 18 months. MCAs also have factor rates starting at 1.11 with repayment terms between 3 to 15 months. Long-term loans, SBA loans, and other products may have better rates, fees, and terms.

Credibly Eligibility Requirements

Credibly’s eligibility requirements vary based on the funding product you select. At a minimum, you will need:

Personal credit score of 500+
At least 6 months in business
An average of $15,000+ in monthly bank deposits

Borrowers that only meet the minimum requirements will not qualify for all funding options.

Choose Credibly If...

You have a low credit score and are having trouble qualifying elsewhere
You want to receive a loan up to $400K
You want to explore different funding options, including SBA loans and lines of credit

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

Weighted Rating Breakdown

Rates & Fees 20%

Services 20%

Eligibility Requirements 20%

Application 15%

Sales & Advertising Transparency 10%

Customer Service 10%

User Reviews 5%

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

Rates & Fees: 20% of the total star rating
Services: 20% of the total star rating
Eligibility Requirements: 20% of the total star rating
Application: 15% of the total star rating
Sales & Advertising Transparency: 10% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

The Bottom Line On LoanBuilder Alternatives

If you want a quick and easy business loan, LoanBuilder is certainly worth looking into, especially if you don’t meet the requirements of traditional lenders. However, be aware that new borrowers can only borrow up to $100,000, terms are only available up to 52 weeks, and weekly repayments are required. If you’re just shopping around, the lack of transparency surrounding borrowing fees makes it difficult to gauge the true cost of borrowing.

A LoanBuilder alternative may be a better fit if you want better rates, longer repayment terms, monthly payments, or higher borrowing limits. Make sure to carefully weigh out your options and do your research before committing to a loan. While the lenders on this list are great choices, you can further explore your options with our list of the best small business loans. If you prefer a more flexible form of funding, make sure to check out our list of the best small business lines of credit.

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Erica Seppala

Editor & Senior Staff Writer at Merchant Maverick

Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.

View Erica Seppala's professional experience on LinkedIn.

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1. OnDeck

❮ ❯

Term loans & lines of credit
APR: Starts at 29.9%
FICO: 625

2. Square Capital

❮ ❯

Short-term loans
Fees: x1.10+
FICO: N/A

3. Fundbox

❮ ❯

Lines of credit
Fees: 4.66%+ of borrowing amount
FICO: 600+

4. BusinessLoans.com

❮ ❯

Term loans, STLs, LOCs, MCAs
APR: Varies
FICO: N/A

5. Credibly

❮ ❯

Term loans, STLs, MCAs, LOCs, SBA loans
APR: Varies
FICO: 500+