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There are two business loan options with PayPal. There is PayPal Business Loan and there is PayPal Working Capital loan. If you have a website PayPal Has a program for you called PayPal working Capital. If you are generating sales on your website and you use PayPal to receive the payment may be able to get a PayPal Working Capital Loan. Thes Loans are simple and do not require a credit check. You can have them take back their money in percentages. You get to choose how much you want them to take out of your PayPal sales 10% 15% 20% 25% and 30%.
The PayPal Business Loan has more requirements but you are able to get more money for your business. I have never tried the PayPal business Loan but it looks like it may be worth looking into. You can also check to see if you qualify without affecting your credit. Well, at least that's what it says next to the button continue.
PayPal working capital is great for online businesses. You can use the loan to buy more equipment or for your marketing budget. There are actually several different reasons they give you to choose from. They ask how do you plan on spending the money. I would definitely recommend using it to make your business better. If that means getting better equipment or more inventory etc. Use it for moving to a bigger building etc. The requirements for a Working Capital Loan is easy. They take back their money in one fixed fee. They take a percentage of your sales for repayment. You will need at least $15,000 processed within the last year to be eligible for a PayPal Working Capital Loan. You may be eligible for $1000 up to $125,000. You must also have had a PayPal business account for at least 90 days.
U an not sure how long this has been around. So it may be fairly new. PayPal Business loan is easy to sign up for. There are more requirements for this loan. They say its best suitable for people that have been in business for at least 9 months. You will also want to have at least $42,000 in annual sales to qualify. They do require you to have a PayPal business account but payments being processed through it does not seem to be required. PayPal business loans have it so that you can get anywhere from $5,000 to $500,000. The loan terms are 13 to 52 weeks so you can expect to pay back this loan fairly quickly.
I am not sure if you can have both a PayPal Working Capital Loan and a PayPal Business Loan at the same time. It is something to look into. I think both are coming from a company called web bank so I doubt they will allow you to have 2. Sounds like a nightmare waiting to happen.
If you have any questions or information we may be missing let us know in the comments below.
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