PayPal Personal Loan and PayPal Student Loan:
Currently, there are no offers from PayPal Personal Loan or Student Loan. For businesses, they have two loan options:
PayPal Personal Loan and PayPal Student Loans And PayPal Business Loan
Business loan
Working capital loan
Let's take a closer look at these PayPal loan requirements.
Illustrated icon representing the dollar bill
PayPal business loan
If you need capital to grow your business and you have a PayPal account then PayPal business loan is right for you. You can get a PayPal loan from $ 5,000 to $ 500,000 for your business. The company will not charge you a late fee, early repayment fee or processing fee. And you can't get your capital up as fast as the next business day.
Their payment terms range from 13 to 52 weeks.
PayPal charges a fixed fee based on your loan amount, your PayPal sales history and the percentage of payments you choose. There are no additional fees or periodic interest. The higher the repayment percentage, the lower the overall cost of your loan.
An example illustrating PayPal business loan terms
How do you qualify for a PayPal business loan?
PayPal will investigate your business thoroughly to make sure you are the right candidate for one of its loans. Your business must be active for at least nine months and generate 42,000 in total annual revenue. Also, there should be no active bankruptcy in your business.
They also run credit checks to make sure your business is in good shape.
However PayPal's operations are in many countries, which have their U.S. Applying through a PayPal account their business must be located in the United States and the Secretary of State must have an active record.
PayPal needs to make sure that these requirements are in order before you can be considered as a candidate for a loan.
Get approved for a loan today
How to Apply for a PayPal Business Loan
Getting a Business PayPal loan may be an unfamiliar territory, but the process of applying for this loan is not much different from other types of loans.
First, you will need to fill out a questionnaire regarding the suitability of your business. You can also call a PayPal Business Funding Expert so that you can proceed with this step with a representative. This will take you five to ten minutes. The reason PayPal does this is to make sure your business is in good shape.
Once you've completed this section, the next step is to tell PayPal how much you need. Here, you will be able to customize your loan amount and loan term.
Once the specific loan amount and loan terms have been approved, you will be able to electronically sign the agreement and then receive bank instructions to withdraw your payments weekly from your account.
Finally, the loan amount you requested will be credited to your PayPal account. Here, you can withdraw the loan amount in your business bank account or it can remain in the PayPal business account.
Things to keep in mind:
You need to provide a personal guarantee for the PayPal loan application process. This means that if you can't pay, the lender may liquidate some personal assets to pay off the loan.
A picture of a hand holding a cellphone
PayPal Working Capital Loan
PayPal Working Capital Loan is a different way that PayPal can help you and your business get instant funding. Working capital loans are used to cover expenses such as payroll or cash flow problems. PayPal's working capital loans range from $ 1,000 to $ 125,000.The loan fee is based on your business's PayPal account history, payment terms, and loan amount.
They do not charge extra. This loan is a quick and easy transaction. In minutes, you can get your loan so you and your business can get back to work right away.
It is important to know what you are paying for each time, especially for positive cash-flow businesses like yours. PayPal working capital loans have fixed payments. You can expect to pay the same amount each time.
Requirements for PayPal Working Capital Loan
PayPal Working Capital Requirements
No credit check is required for loan application process. Unlike other loans, you will not have to worry about getting a loan that will affect your credit score. They don't even want any documents.
PayPal relies solely on the eligibility of your loan on your PayPal sales, and they charge a percentage of it. When applying, you may also need the following information for all primary business owners and business management:
Contact details
Dates of birth
Social security numbers
How to apply for PayPal Working Capital Loan
To get this PayPal business loan, you have to select the loan amount and then select PayPal sales percentage to get to your loan. In a few minutes, you will be notified if your business has been approved. It's easy and fast.
Here are some benefits and how you can get a working capital loan from PayPal.
Things to keep in mind:
Because PayPal does not check your credit score, you may have a perfect credit score, but if you do not have a good sale, you may not get the desired loan amount (or maybe nothing).
Payments will be automatically deducted from your PayPal account. The more profitable your business, the fasterYou can repay the loan. If you can't sell, your business won't need to pay for that day. However, your business should be able to pay at least 5% or 10% every 90 days.
Is PayPal Loan Good? Pros and cons
Like everything else in life, this type of PayPal business loan has its pros and cons, so you need to make sure it is the right option for you.
Pros
You can receive your PayPal loan instantly one day after you have been approved (for a business loan) or as quickly as a minute (for a working capital loan).
You don't have to put collateral on them.
You can repay the loan in advance without any repayment fee.
Cons
You must have an active business PayPal account. If you do not, you can not apply.
If you fall behind in your payments, PayPal may place limits on your account. This hinders your business and can cause trouble for you in the short and long term.
If you do not have a long history with PayPal, you may not be able to get the total amount required for your business.
Some businesses are unsuitable for loans, for example, lawyers, artists, human rights organizations and more.
You cannot ask for a PayPal personal loan.