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I suggest NOT wasting your time utilizing Loan Builder (Swift Capital) for Covid-19 PPP Paycheck Protection Program. On the same day, I applied through 2 sources (Square Capital and PayPal Loan Builder) for the Pandemic Federal Assistance Program, PPP for paycheck protection. I have been approved through Square, forwarded to the SBA which is now in the process of finalizing my request.
At the same time, PayPal Loan Builder for PPP Program, sent me an e-mail that they were "unable to verify my identity" yet, further in the e-mail, provided me with my personal credit score in the e-mail as well as notified me which site they utilized to pull my business credit. A direct contradiction, because if you weren't able to verify my identity, then what type of reckless and fraudulent process did you take to move forward with pulling credit? If you can't verify me, then why did you pull both my personal and business credit? And by the way, this is supposed to be a business driven program, and has nothing to do with credit personally. And, businesses that follow the rules will actually have this translated into a grant.
I suspect that PayPal is adding criteria on top of the government's qualifications, and like banks did with round 1 funding a couple weeks ago, they are personally picking who they want to distribute funds to. I've already notified the Consumer Finance Protection Bureau (CFPB), the Better Business Bureau (BBB), Governor Ducey, and Greg Stanton with the House of Representatives. I was also one of the leads in our small business group that managed to get a story published on CNN about the handpicking of clients by banks. I'll be contacting the story editor again and asking him to do an update, with my new information about this. In the end, I'm glad I made the move from PayPal merchant processing to Square last year. And very glad I'm not partnering with LoanBuilder, and would absolutely not recommend LoanBuilder for the PPP program.
Never intended to deal with this outfit but was happy to deal with Paypal and they apparently work with Swift Capital so my last loan apparently was through them. Says something about Paypal. Swift placed a lien that I didn't know about and should have terminated when the obligation was complete more than a year ago. They did not terminate it until I contacted them and now that lien is holding up a bank line of credit until the termination works through the state which ordinarily takes 7 to 10 business days but who knows how long it will take during this shutdown. Had some communication with EG in their LItigation & Recovery dept but now that person has gone silent. They are incompetent is the best thing I can say.
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I am completely baffled by this company's business practices. I started a loan application with our "account manager" to renew our current loan because we needed a gap loan to cover some expenses. Everything seemed to be going well, then all of a sudden Nick went radio silent. I tried calling and was either hung up on or sent straight to VM. My emails went unanswered. I then called the customer service line after a few days of no communication and was told that Nick was busy but they'd have him get back to me. No one ever called me back. I ended up going back to a previous lender to get funding and have now paid off your loan in full. They lost this sale, and I'm very disappointed with the complete lack of customer service. If they couldn't fund us for some reason, that's fine, but I should have at least been informed instead of completely ignored. What a waste of time and energy!!
Ok, I responded to the PayPal loan application and realized they ask many personal detailed information and act like they are really trying to help your business. They have the gift of gab but keep in mind it's all about nailing you later with either high interest rates and short terms on repayment. Not sure why Paypal is associated or would buy these ** out but they are not there for you -- it's all about loan sharking -- and high commissions for the sales guys. Do not give these guys any time -- for you will be screwed later. I will guarantee their loan will be the worst decision you make as a small business owner. There are other avenues to explore. Sometimes the easy way is not the best way! Don't waste your time with these guys or give them any information on why you are asking for the loan. They are scumbags and will probably go to your competitors to bash you -- so stay away from them!!!
Just plain creepy loan sharks. The end of the day, that's who you'll be dealing with if you take a loan like this. They don't care at all about customer service or anything. Once you sign the paperwork, don't expect to ever speak to a human being, or to have your emails answered. If anything goes wrong - like your funding delayed for no apparent reason, or they charge you a hidden fee - there's absolutely nothing you can do, because, after all, you signed the long paperwork which probably saves them anyway, and they know you have no recourse at all, so why should they talk to you now?
Our horror story: On our second loan, we signed Thursday morning, we were supposed to receive the funds 4pm to our PayPal account. Never happened. Rep emails responds to our email just after 4pm that the funds will be in our account that evening (puh leeze - who transfers at night?) or the next morning. Friday morning comes, no money. I see that the application is dated now for Friday. Great. Probably means will be here 4pm, too late to start getting the money out of PayPal and into a real bank account and send out the wires quickly before the 5pm.
Now it means Monday for us. Besides the fact that I'm paying good money every day for this cash - I'm not sure I'll still be able to use it Monday if my vendor cancels the order. Meanwhile, rep is AWOL now since he doesn't need anything further from us. So I call the main Loan Builder number, they refuse to do anything but transfer me to him, and I've been on hold now for 30 minutes. Stay far away. Close your business down before ruining it with people of this caliber.
I agree with much that has been written and only wish I had read them before I got the loan with Swift. They sure do talk a good game and make it all very easy... then you realize that it's insanely high interest, fees upfront, and there is no flexibility. They pull you in after your first loan, and when it's half paid they start calling with better offers and then do what some people are mentioning and tie in double fees. I have 6 more months to pay down this loan and will NEVER USE SWIFT AGAIN.
Am a small business owner in CT. I pulled the trigger on a loan with Swift about 2 years ago. Now mind you I never missed a single payment or was a single day late. Well my 1st loan is getting to the end and they sell me on another loan. To be fair Kurt ** who sold me the loan is an nice and honest dude I feel who is with the wrong bunch of people... during my initial loan with Swift I must have received, No lie like 25 offers for cash advance in that 10 month period... But I actually liked Kurt and trusted him so I got a 2nd loan and paid it off like clockwork for the 2nd time. Not a day late or a dollar short. I'm thinking I'm building a nice relationship with this company. Yes rates are through the nose but it's helping me.
So to cut to the chase I get a 3rd loan and 6 weeks into the loan I see a bump in the road coming. So what do I do? I am proactive and call them letting them know my situation in advance. Telling them the people who purchased the flooring that I sold were not sending me my bank wire right away...but would anytime. I spoke with Chris initially around the 5th of July. He said he had my account and seemed fine with everything. The end of that week my account was given to Omar. I spoke with Omar several times.
On or around July 12th I spoke with Omar and showed him an email from the hotel ownership that I should be paid in full by August 1st. I then told him that Swift would be caught up 100% by then. His response was "Great, just keep me posted". Well that Sunday July 15th I get an email from Square my credit card processing company saying that a UCC-1 lien was placed on their account and all money owed needs to go to Swift right away. I'm Livid.
So on Monday the 16th I call Swift to speak with Omar. He's not answering so I leave him a message. I then call another Swift number, a female named Kara answered the phone and tells me she can help me (Extremely rude and condescending BTW). She tells me she has the account now and that liens not only have been placed with Square but with all my accounts. Some customers I have had for 20 years. I asked her several questions, 1 big question was why was this trigger pulled on me so quickly when last Thursday I spoke with Omar and he sounded fine with everything.
I then asked her a question on the legality of what they did. She said she needed to ask her supervisor in the legal department and put me on hold. This was approx 11am on Monday morning the 16th of July, 2018. 30 seconds later after listening to hold music the phone was ringing in my ear. The call went to Kara's Voicemail where I left a message asking her to call me back. I waited a half hour later and called again, no answer, an hour and called back no answer or return calls. Did this 6-7 times all day and nothing. By 6 pm I was fuming!! 1st thing Tuesday Morning I called and Kara rudely answered and said she could not talk and that the account was turned over to a lawyer. Unreal!!! Folks I'm a customer who paid off 2 loans and was never late. They must of made 30-50k minimum in interest alone off me.
My honest opinion of this is that Swift inadvertently threw my account in with a bunch of bad apples and once the bell was rung they just went with it. Knowing what they did was unethical and illegal. The Fair Debt Collection Practice Act has clear guidelines regarding both in notification and contact with business owners before the placement of a lien. I went from July 12th speaking great with Omar to July 15th liens being placed to Tuesday July 17th to my account being with a lawyer. Zero heads up of any kind!!! These people have embarrassed me in front of my customers and have obviously have no regard for my business or statutes in place...no wonder these loans are unregulated!! Please do yourself a favor and run the other direction!!!
My account went into collection, after the account was closed they continued taking my monthly payment. When I contacted Swift they claim that they have not pulled any payments since it was closed. Too bad my account transactions say different. Now trying to get my money back and blocked them from making any further withdrawal. Horrible! Horrible! Horrible!!!
LoanBuilder a PayPal Company - In the beginning the process of applying for capital seemed quite effortless; however, this would soon not be true as there were many more, unforeseen hoops to jump through. All of our troubles started with the assisting agent making a single, solitary mistake: he failed to send the contract to the correct email. As a result of this, our loan process began to unravel at a comedic rate.
First they wanted me to sign a new contract (as the other one, was now voided); however, to add insult to the growing injuries, they now wanted to verify my identity because it was now in question (as if any email address can verify an identity), so I had to send them a copy of my driver's license, a voided check for our business, from the correct email. Done. However, my signature did not match the one on my driver's license (yes, it was not exactly the same and so another red flag was created), so now, they wanted me to redo the contract signature with what they call a "wet" signature to prove my handwriting, and get verification of my identity from my bank (at my cost for a notary public). The irony of all of this: if the email had been correct, they would have assumed that I was in fact who I said I was without any further issues and there would have been no complications.
In spite of my driver's license, my bank statements, my business phone number (which they called repeatedly), my voided business check; they still wanted further proof of my identity. The level of professionalism is appalling, as well as the audacious procedures that they say were for my own protection (remember, if the email had been correct we would have avoided all these issues without any further ado), and the fact that no supervisor called to speak with me once I told our representative John ** (who was too new for this level of finance), that we have decided it isn't worth the agony or my time. Keep in mind, I was approved for a $25,000.00 loan to be paid weekly over 52 weeks...with a finance charge of $6,800.00. I believed initially that while this was very expensive, it would be worth it for our business and our business credit.
I am completely unimpressed with PayPal's new loan company (it is as disastrous as PayPal was in the beginning...and arguably somewhat still is). If you can avoid the use of PayPal's new company, for a business loan, definitely do your best to avoid it! I understand that times can be hard and you just need to get non-traditional financing, but head to a credit union and speak with them directly.
Do not do business with this company. If you need working capital, they charge you 100% of the interest up front. Don't be fooled by their ** terminology "Discount Fee" etc. or "Fixed Cost of Capital". Regardless of whether or not pay the loan off in a week or in a year, you're stuck with an INSANELY high interest. Then, if you decide to renew the loan, they charge you a new "Fee" based on the loan you took out, which means you're paying interest on interest. My cost of capital came to 50%. If you need a loan, go elsewhere, these ** SUCK.
Swift Capital author review by Barbara Friedberg
Swift Capital believes that worthy businesses are often denied funding based on personal credit scores. Swift funds business needs based on the strength of the firm, not on personal credit scores. The firm uses data and technology to streamline the lending experience and connect business owners with funding sources.
Products: Swift offers a variety of types business loans from their lender network.
Interest rates: Special best price guarantee. Swift promises that if borrower receives a better offer elsewhere, they will beat it or pay the borrower $500. As of April, 2016, interest rates are available as low as 9.9 percent.
Service: Funding experts are accessible from 8am to 8pm daily. Qualified borrowers may have access to $10,000 within one hour.
Borrower qualifications: Swift considers borrower cash flow and health of business, not personal credit score or additional collateral. To apply, the borrower provides average monthly sales figures and identifying business and personal tax ID numbers. The borrower may need to offer bank statements as well.
Fast approval process: The qualification decision is granted immediately, and funding may occur as quickly as within one day.
Loan limits: Loans available from $5,000 to $500,000.
Repayment options: Repayment is set up via automatic checking account deductions. Payments are deducted either daily or weekly.
Swift Capital Company Information
- Company Name:
- Swift Capital
- 3505 Silverside Rd
- Postal Code:
- United States
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