Many online loan services like PayPal Loan is currently providing eligible members with loan services. PayPal is listed among the best platform to offer businesses capital needed for their businesses. There are currently two types of loan from PayPal which is the PayPal working capital and the PayPal business loan.
PayPal does not offer a personal loan for individual use, but only for business. And before you can apply for this loan, there are requirement and criteria to have met to be considered eligible. Read through this article to learn about this loan service.
At this time, there are lot of small businesses that have been financed by PayPal. If your business meets with the requirement, then you can get a loan to further up your business right away. The introduction of this new PayPal Business Loan has been of great advantage to many businesses especially small business.
One can get loan from a lot of service e provider both online and on physical location. But PayPal is one of the popular known services and it offers loan to business who are eligible. Get on with this article to check if you are eligible and apply now.
How Does PayPal Loan Works?
Unlike other loan acquiring platforms, PayPal offers an easy interface where you can acquire loans without stress. It takes about 5-10 minutes to acquire the loan after you have met with the requirements. After being eligible for the loan, you can fill the application form which will be processed by PayPal. And the platform offers lots of benefits like Pay one, competitively priced, fixed fee, and more.
You can choose the loan amount after you have filled out the application. And the loan will be transferred to your account once approved by the platform. Keep in mind that the approval is determined by your transaction history.
Is my Business Qualify for PayPal Loan
There are some criteria you need to meet before you can apply for the business loan. The platform provides you with a loan eligibility portal where you can check if your business or account is eligible to get a loan on PayPal.
- PayPal Business Account: You will need a business account before you can apply for the loan.
- Time in Business: The moment which includes the period you have spent on PayPal determines if your business is eligible for the loan. Your business needs to be more than 9 months to be eligible.
- Annual Revenue: To get the loan, your business account must have generated a total revenue of $42,000 or more.
- Industry: You will need over 550 different industries served to be accountable for the loan.
PayPal small business online provide a boost for small businesses by financing their business to a greater level. If you want to check your eligibility, you can directly visit the link www.paypal.com/us/webapps/mpp/paypal-business-loan/check-eligibility.
How to Apply for PayPal Business Loans Online
Applications for this loan is simple to carry out, all you need is visit the application portal on your web browser and get it done. Then simply click on the link about to check your business eligibility:
- You can request for the amount of the loan you want to collect using the estimated eligibility range
- Then upload the required documents needed to be provided on the page
- And finally, you can get your loan deposited to your account when approved
PayPal lending or lender for business includes the WebBank and the Member FDIC. After following the requirement to get eligible, you can sign the loan agreement.
PayPal Working Capital | How can get PayPal Working Capital Loans
PayPal Working Capital is a type of PayPal Loan that offers capital or funding needed for business. The capital loan offers you a flexible payment, no credit check, and affordable fixed fee, and more. Your percentage on transactions made on PayPal is the method of repayment.
Requirement for PayPal Working Capital
To be considered a chance of being approved on the PayPal Loan, here are the requirement needed to be meant:
- You will need to provide a PayPal Premier or Business account of up to 3 months or more.
- Transactions on PayPal should be about $20,000 or more based on your annual sales.
- If you have borrowed loans, you will need to pay off your previous loan
And then, you are set to apply.
How to Apply for Working Capital Loan
Follow the steps below to apply for Working Capital Loan:
- Launch your web browser
- Enter the link paypal.com/workingcapital
- Click on Apply Now
- Then sign in to your PayPal Business account
- Fill out the required details to complete the requirement for a working capital loan
During completing the online application, you will have to select your loan account. Then select your preferred choice of percentage, and more details. And when you are approved for the loan, the funds will be transferred to your account with some free minutes.