How can I apply for a business loan and what’s are the application that qualified me for a PayPal loan? In case you want to acquire a loan form from PayPal, these are the things you need to consider first. Especially whether your business is eligible for the PayPal Business Loan. On the contrary, PayPal Loan allows you to acquire a sum of an amount that you can use to boost your business. currently, it’s one of the fast funding in which you can get funds, and this allows give small businesses the privilege to enjoy the service.
The introduction of the new PayPal Business Loan has served many businesses with funding in other to help upgrade their business standard to a maximum level. Initially, the only people that are eligible for a loan are business accounts and not personal use. However, PayPal will not offer personal loans due to one reason or the other. But for businesses with own, a PayPal business account can enjoy the loan privilege whether small or big.
Is my Business Eligible for the PayPal Business Loan?
Before saying, you want to acquire a loan even out PayPal, you need to be accountable for the loan. Meaning that you can’t just go and fill the loan form, there are certain requirements you need to possess before you can get a PayPal load. That includes the following:
- PayPal Business account: first you need to sign up for a business account that enables you to acquire a loan.
- Time in business: the timing in your business matter lots and that requirement is that you need to have at limit 6 months in business while using the PayPal business account.
- Annual revenue: your yearly revenue must be more than $42,000 in total.
- Industry: if you run a servicing you must have more than 550 different industries in which your service is acquired.
Keep in mind, these are just some of the minimum requirements needed to acquire the PayPal business loan. In addition, some of the requirement includes that you don’t have any active bankruptcies’ and outside the 50 united states + DC can’t access the PayPal loan.
How to Apply for PayPal Business Fund
Another requirement is that the business owner that wants to apply for the business loan must acquire a FICO score of at least 550. However, the range of application for a business loan is from $5000 to $500,000, but this depends on your business eligibility.
To apply for a loan:
- Go to www.paypal.com/us/webapps/mpp/paypal-business-loan
- Then click Check Eligibility and then click Continue with PayPal.
- Sign in your business account and check if you’re accountable for the loan.
- If you’re accountable for a loan, you can fill out the online questionnaire form.
- Next, customize your loan by selecting the amount of funds you want to acquire.
- Afterward, you need to upload a document required.
- Then Get you can access the funds if your account meets the requirement and if it’s approved.
However, when you’re approved for Loan, you then need to sign a loan agreement. Then the fund will be transferred from the lender to your very own PayPal business account. Moreover, you can also contact the business funding experts using the number 1-800-941-5614 for more information.