Depending on the loan terms you choose, you’ll need to pay at least 5% or 10% of your total loan amount (loan + the fixed fee) every 90 days.
The 5% minimum applies to loans estimated to take 12 months or more to be repaid, based on your business’ past PayPal sales and other factors.
Does PayPal let you borrow money?
PayPal’s latest service, Pay After Delivery, gives people up to 14 days to pay for the stuff they buy. This means you can get a two-week loan from PayPal to make a variety of purchases, at no extra charge from the online payment company (though the fine print notes that third parties might charge you).
How do you qualify for PayPal credit?
How do I apply for PayPal Credit? When you apply for PayPal Credit, you’ll be asked to provide your date of birth, your income after taxes, the last 4 digits of your Social Security number, and agree to the Terms and Conditions. You’ll know within seconds if you are approved.
Is it hard to get approved for PayPal?
PayPal doesn’t make public what score is needed for their Credit program. You should always consider improving your credit score first before applying. If you are denied, you will get hit by a hard inquiry that will lower your score for 12 months.
How do I get a PayPal business loan?
Applying is simple and easy.
- Check your business’s eligibility in minutes. Fill out the short and sweet online questionnaire.
- Customize your loan. Choose your loan amount and term within your business’s estimated eligibility range.
- Underwriting review.
- Get your funds.