PayPal Personal Loan- Apply Online
Are you thinking about getting a personal loan?
If yes then you can get quick personal loans through PayPal. Yes, the giant money transfer platform now allows its users to get a quick personal or business loan just by fulfilling certain criteria. The loan transfer through this platform is easy, quick, and does not come with much paperwork. In fact, the whole process is online.
People frequently use PayPal for transferring, sending, or receiving money to and from different merchants, restaurants, friends and family, and more. This platform is popular globally and hence there is a huge database of users that trust this platform.
Now, PayPal is expanding its wings and so, with new features, it has also come up with the option of generating loans for its customers. It can be used to get personal loans as well as business loans. After the successful loan application, the amount is credited to the borrower within minutes.
So if you are a small business owner with an active PayPal account, you are eligible to apply for a loan. Using these funds, you can fulfill your immediate needs. May it be inventory additions or meeting unexpected expenses, you can use these funds to do whatever is at hand for you.
The process of repayment is also easy and takes place once a month with a fixed value. So you already know how much money you are required to repay every month. Furthermore, if you feel like you can repay the loan amount earlier than your due date, you can do that too.
Apply For Paypal Loan Online – Get Instant Approval Within 24 Hours
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Basic Requirements Or Eligibility Criteria To Apply For A PayPal Loan
To complete the loan application on PayPal, it is imperative you meet the following points.
- PayPal business account.
- PayPal user for a minimum of 3 months.
- A resident of the US.
- Have transactions of a minimum of $20,000 through PayPal per year.
Application Process For Paypal Personal Loan For Business
The application process for PayPal personal loan for business is very similar to applying for other loan types. There is a form or a questionnaire that asks a few things to check your business eligibility. You must fill that properly and for the same, one can even consult a funding expert. This hardly takes a few minutes. PayPal checks if your business is performing well or at least fine so that you can repay the loan amount.
- Fill out the form.
- Fill out or prompt the amount you need as a loan. Here, a borrower can customize the duration and amount of the loan.
- Once the application is approved, the borrower will be asked to sign a contract with PayPal electronically. When this is done, the borrower will receive instructions from the lending bank about the amount the borrower can take out weekly.
- Finally, the loan is credited or transferred to the borrower’s PayPal account
NOTE: If the borrower is unable to repay the loan on time, PayPal can liquidate a personal asset to cover the loan amount. This is why taking a personal guarantee is required by the borrower at the time of application.
Pros of PayPal Loan
- No collateral is required.
- Instant loan transfers after the successful application.
- Advance repayment of the loan amount.
Cons of PayPal Loan
- Active PayPal business account.
- PayPal can limit your account if you fail to repay on time.
- You must be associated with PayPal for a minimum of 3 months and if you want to get a big loan amount, you must be associated with it for at least a year.
- Some segments like artists, attorneys, human rights organizations, etc. do not qualify for a PayPal loan.
So this was all that was required to know for applying for a personal business loan from PayPal.