How do I qualify for the PayPal business loan? Is PayPal business loans good for acquiring loans? On the contrary, there are various financial and insurance services that offer you different types of mortgage loans and business loans with a range of interest rates. However, the introduction of the new PayPal business loan has helped see millions of small businesses acquire loans ranging from $5000 to $500, 0000 to help boost and provide growth for their business. However, the PayPal business loan, mainly introduced for small businesses. To have the opportunity and funds to compete with other related business terms. That more of the reason why it’s called PayPal small business loan.
In general, there are various types of PayPal Business loans which include the PayPal Business Loan and the PayPal working Capital. However, the business loan provides you loans ranging from $5000 to $500,000 and it’s best for businesses that have spent 9 months in business and also make annual revenue of more than $42, 000. While PayPal Working Capital offers loans from $1000 to $300,000. It’s good for existing PayPal customers that have made more than 90 days and have made more than 15,000 transactions with PayPal within the last 1 year.
How is my Business Eligible for PayPal Business Loans?
On the contrary, the PayPal small business loan isn’t eligible for all users. There are some minimum criteria you need to possess in other to be eligible for the PayPal loan. Here some of the criteria you have to possess or your business account must possess to request for a loan.
- PayPal Business Account: The first thing required includes a business account for you to able to required and fund your loan.
- Time in business: the amount of time, day and month you have stayed in business is also required. The actual required data of your activities on your business account should be at least 9 months.
- Annual revenue: likewise, the total annual revenue generated from your business account must indicate more than $42,000 or more.
- Industry: one of the important requirements that stand out among the following is that. You must have over 550 different industries served in other to acquire loans.
These are the requirement and also the first stage before, you can be qualified for the PayPal business loan. Keep in mind, that the processing of payments with the service is not compulsory.
How does a PayPal Business Loan Work?
In the meantime, the way platform work is simple and straight ward, within just 5.-10-minute online questionnaire. You might eventually opt-in for the business loan. Moreover, the online questionnaire actually determines your business’s eligibility or qualification of acquiring a loan. Once, you have successfully completed the questionnaire provided. You can then customize the estimated loan terms to select the amount of loans you want to acquire. Also, the duration in other to compare the cost of financing.
In addition, after you have selected your choice of terms and also completed the application, you can then wait for the approval. If your request eventually got approved. Then you will be asked to sign an agreement on contract electronically which will be sent to your email.
Simple and Easy Step to Apply for Loans
Keep in mind, before applying for PayPal business loans, you need to, first of all, check your eligibility again. Simply, go to the www.paypal.com/us/webapps/mpp/paypal-business-loan and click Check Eligibility at the top right corner.
- Afterward, you can click “Continue with PayPal account” and sign in your business account.
- Then, customize your loan by selecting the amount of loan and term.
- In case any documents are needed, you will be notified and then you can get your funds.
That’s the requirement and the step you need to get the PayPal business loan. Keep in mind, that you mustn’t make an error in filling the online questionnaire. After applying, wait for the approval and if eventually, it happens you will receive a contract document to sign.
What is PayPal Working Capital
Another aspect of the PayPal loan or PayPal business loan is the PayPal working capital. However, the Working Capital on PayPal is considered as a business loan which appears as one of the affordable loan services. The feature is only accessible to a selected area of business that have already process payment through the payment services. When you qualified for the Working Capital, the person that will lend you money will review your qualification through your PayPal sales history in other to customize a special offer.
Eligibility to Apply for PayPal Working Capital:
- You need a PayPal Premier or Business account of more than 3 months before you can apply for PayPal Working Capital.
- Your annual PayPal sales must be at least $20,000 and your Premier account should be at least $15,000.
- If you’re require a PayPal Working Capital loan, you need to pay that off before you can acquire another one.
How to Apply for PayPal Working Capital:
First of all, the account of money or loan you receive is actually based on your transaction history, so as to calculate the amount that fits your business. Visit the link www.paypal.com/workingcapital/ and you can understand more about the Working Capital on PayPal, and click Apply Now.