PayPal is a means where individuals can send and receive money around the globe but it is not yet approved in some countries like Nigeria, and a lot of businesses are short of funds due to various reasons.
Most of these businesses are looking for a source to get a loan to further their businesses, while some are looking forward to applying for a PayPal business loan but don’t meet the PayPal business loan requirements.
It is now too difficult for these businesses to get a PayPal business loan to push their businesses forward if you find yourself in this category. Cheers! Worry no more.
This article entails everything you need to know about PayPal business loans, PayPal business loan requirements, and a lot more about getting a PayPal business loan.
Kindly take a glass of wine and a seat while you read along comfortably.
What is PayPal Business Loans?Â
You might be wondering what PayPal business loan means because you don’t know what it is, you might think it a jargon that you can’t understand but it self explanatory – you know what PayPal is, or if you don’t, PayPal is a company that allows individual to transfer money from one place to another through the Internet.
While it has existed for years, a lot of people trust this company with their money as it solves their problems. A PayPal business account is different from an individual account, as it makes business transactions flexible.
PayPal business loan is a means where PayPal gives loans to standard businesses who can repay in due time, PayPal doesn’t just give out loans to businesses – they give loans to eligible businesses who are capable of paying back their loans.
How do PayPal Business Loans Work
Applying for a PayPal business loan required some questions about your business, Paypal wants to know about your business, where it is located, business revenue, and other forms of questions that might take up to 5-10mins. These questions determine how eligible your business is to be granted a loan.
PayPal doesn’t ask for personal credit score as other lending platforms do, this also makes it easier for businesses to apply for a loan, it is quite good when applying for a PayPal business loan, make sure your business is capable of paying back as taking a loan is very risky for business owners.
It is very easy for PayPal to grant loans to businesses if they provide enough documents, PayPal can approve loans to businesses in minutes based on their eligibility of paying back it loan.
Loans PayPal might grant businesses is based on their PayPal business accounts history, the more transaction or large transaction a business has done determined the amount of eligibility
Paypal Business Loan Requirements
There are some requirements a business needs to meet before being granted a loan which includes – business document, business locations, and some other questions. though applying for a PayPal loan isn’t stressful as other traditional lending platforms do.
To qualify for a PayPal business loan, a business must have $20,000 annually for Premier accounts; $15,000 annually for Business accounts and must be up to 90days old, this is some of the PayPal business loan requirements.
PayPal business loans are available in 50 states and other countries including the united kingdom, Australia, Germany e.t.c, the loan are approved in mins, and funds are transferred within 3 days but for some businesses, it may take a longer time for businesses that have to provide more documents.
PayPal business loan isn’t for businesses that don’t make sales or businesses that make fewer sales in 6 months and above, if you know your business revenue is unstable – it is better to stay off from applying for a PayPal business loan
Paypal Business Loan ReviewÂ
Paypal business loan has their pros and cons, though it’s has a lot of advantages for small and big companies, they offer business loan to those qualified businesses using PayPal business account and a lot of traditional lending or borrowing platform require a fixed interest payment every month. PayPal only calculates the monthly interest rate base on sales of a company.
Minimum payments are required every 90days and PayPal charge one fixed fee when you apply, unlike other traditional lending platforms that charge interest rates and other fees.
Pros of PayPal Business Loans
- Flexible repayment terms
- May receive loan funds within minutes
Cons of PayPal business loans
- Repayment begins 72 hours after you receive the loan
- Can only qualify for one PayPal Business loan at a time
- PayPal Business loan doesn’t disclose its fees online
To qualify for a PayPal Business loan, you need to have at least $15,000 in sales with a PayPal Business account or $20,000 in annual sales with a PayPal Premier account. If your business is mostly done off PayPal, you won’t qualify for this service.
Are Paypal Business Loans Good
Of course, yes, it is good, PayPal business loans are very good, especially the stress-free PayPal business loans requirement. Every business that has enough documents, transaction history, and stable revenue can get approval within minutes when applied.
If you need urgent money to fund your business and you don’t have a good credit check but have other PayPal business loan requirements, then you can still get approved and get funded within 3 working days after approval.
But it is very vital to read and understand its teams and conditions before applying for a loan as this will guide you to understand some important information.
Can I Open a Paypal business account without a Business?Â
Yes, opening a PayPal business account without actually having a business is quite possible but when applying for a PayPal business loan, you must have a business that you operate because having a business will make you eligible as a business document, location, and other things will be required for loan approval.
Most people who don’t have a running business, have a business PayPal account, most of them get a business PayPal account because of more features than an individual account.
It has a lot of benefits more than an individual account as you might be granted two(2) PayPal debit cards unlike an individual account that only allows one(1) debit card.
How to Get Paypal Business Loan
Getting a PayPal business loan is as easy as ABC if you know the steps on how to get a PayPal business loan. though there might be terms and conditions, if there are, kindly follow the terms and conditions to avoid issues.
You can apply for a PayPal business loan through its website once you’re logged into your account. If you’re the primary business owner, you’ll have to submit basic information about yourself. If there are other business owners, you’ll need to provide their contact information, birth dates, and Social Security numbers (SSNs).
PayPal will review your account information, including how long your account has been open and your total sales figures. They will use those details to confirm if you’re eligible.
Paypal business Loan Interest Rate
The interest rate of a PayPal business loan is based on how healthy A business is, though PayPal deducts some percentage every month from a business sales, and this deduction is based on the sales of the business. For any sales the business makes, PayPal collects some percentage.
Most times businesses pay interest daily or weekly based on their business sales, though interest might varies from 5% – 10% based on the sales of the business.
PayPal’s business loan interest rate is good unlike other traditional lending platforms that have fixed rates and some other extra fees attached to loans, it is advisable to take a loan that can be repaid so there won’t be an issue when paying back loans with interests.
