In this post, you will see everything you need to know about PayPal Business Loan. Here you will see what PayPal Business Loan is all about, how it works, eligibility, benefits, and steps to apply for the loan.
Let’s get to know what this is all about…
What is PayPal Business Loan?
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PayPal is the most trusted online payment platform for businesses. PayPal business loan provides small business funding from $5,000 to $500,000. Are you a small business owner? If yes, you can check if you are eligible for this business loan.
How PayPal Business Loan Works
PayPal Business Loan is just like every other business loan. The only difference is that it is offered by PayPal, and it comes with a more straightforward requirements.
Once you complete their 5-10 minute questionnaire, you will determine if your business is eligible for the loan. You can also call the PayPal Business Funding Expert at 1-800-941-5614.
Based on the information you provide on the questionnaire, estimated loan terms will be customized for you by adjusting the loan amount and duration as compared with the the costs of financing.
If your loan is approved, you will told to sign a contract electronically. The signed online cpontracts and the repayment plan will be mailed to you.
After sometimes (possibly next business day), the money is transferred by the lender directly into your PayPal Business account.
PayPal Business Loan Requirements and Eligibility
See the minimum criteria to win the PayPal business loan below;
- A PayPal Business account is required to fund your loan (processing payments with PayPal is optional)
- Your business must have at least 9 months in business.
- $42,000 or more in annual total revenue.
- Not have any active bankruptcies.
- be located within the 50 United States.
- have an active business record with your Secretary of State.
Benefits of PayPal Business Loan
1. Fast access to cash
Check eligibility in minutes online or over the phone. Complete an application, and if approved, funds are transferred as fast as the next business day.
2. Clear, competitive pricing
Pay one, competitively-priced, fixed fee that you know in advance. No late fees, no early repayment fees, and no processing fees.
3. Tailored terms
Choose the loan amount and term (13 to 52 weeks based on loan amount) that fit your business needs.
4. Hassle-free repayment
Predictable weekly payments will be made automatically from your bank account so there are no monthly bills to remember.
How to Apply
Step 1: Click here to check your eligibility
Step 2: Customize your loan: choose your loan amount and terms within your business’s estimated eligibility range.
Step 3: Upload documents needed for review and monitor the loan progress on the portal.
Step 4: Sign the loan agreement and get your funds within the next business day.
PayPal business loan interest rate
Unlike in PayPal Working Capital, PayPal Business Loan offer a fixed fee (Total Interest Charge) for the loan, the only other cost is a $20 Returned Item Fee that is only assessed if a payment is returned.
You can find out more about PayPal business loan on your FAQs page.
I hope this helps!