Sunday, September 26, 2021

Am I Eligible to Get a Loan Deposited to PayPal?


Every bank or online system has some terms and conditions for the loan process. Similarly, in PayPal, businesses that partner with PayPal can only receive term loans and working capital loans depend on their qualifications and monthly revenue.

So, lets’ take a glimpse on how to get a loan deposited to PayPal?

About PayPal:

Nowadays, there are many methods/applications/software to transfer money online. Among all, PayPal is the most using cross-border payment service provider established in 1988. It also provides domestic services in specific markets. As a popular online or mobile wallet or online payment system, PayPal offers secure and the best online financial service. A user must add his/her bank account, credit card, or debit card details to the PayPal accounts. There are many payment methods, such as instant transfer, check, PayPal balance, credit card, etc. It works in more than 200 countries around the world, supporting 25 currencies.

The above lines are just short info for the new people who come across to PayPal loan. It is paid back as a percentage of your monthly PayPal sales when it comes to PayPal capital loan.   

paypal loan
Image credit: PYMNTS

Can I get a loan deposited to PayPal?

Or, in simple words, are your account or business is eligible for PayPal loan? And, the answer is there are also some essential criteria before applying for a PayPal loan. These are – your PayPal Business account is required to fund your loan, your business must have at least 9 months in business, your annual revenue must be of $42,000 or more than that, and you must have served over 550 different industries. Despite that, PayPal also makes it simple and easier for by offering the best way on its webpage that now you can check your eligibility on your own. Simply go to the loan page, click on “check eligibility,” fill up the blanks as per requirements, and get to know.

Do you need a PayPal Business account to get a loan?

And the answer is yes, a PayPal Business customer can only get the chance to take PayPal Business Loan. In case you are not the user/customer of PayPal, you can make an account easily by signing up for free.

Loan Process:

Like every loan process, PayPal also has its unique process or formalities which you can complete through the online application or with your smart phone. In this procedure, the user must share the basic business information and documents through the form. Once it will complete and you get approval (within minutes), you can get your loan funds or amount, according to your required, or customize information.

How Long Does It Take for A Loan to Get Deposited?

To complete all the formalities and processes, it will take a minimum of 3-5 business days. Once the process is completed or approved for the loan, the funds are deposited by the lender directly into your PayPal Business account within minutes. Once it comes to your account, you can spend it in the way you want, for example - make online purchases, or send money to anyone. 

How Do We Get Money Deposited into My PayPal Account?

Once your process is completed successfully, you can get a loan deposited to PayPal. The funds are transferred to your PayPal business account balance, and you can invest or spend in the way you access your other PayPal funds. Users can also make it easier to access the funds from his/her PayPal business account with the PayPal business debit MasterCard. It takes a few minutes to be completed, but PayPal offers additional advantages, including it.  

Benefits of PayPal Loan- 

  • As mentioned above, it is a fast funding place to get your loan. It takes a few minutes to get a loan, whereas, in business loans, it may take 3-4 business days once your application gets submitted. 
  • Generally, banks and lenders require good credit to qualify for a loan. But, in PayPal, you can qualify in minimum credit as well. Regardless of a business or a personal loan, the credit score will not affect. It requires a minimum Fair Isaac Corporation (FICO) score of 550.
  • In case, you are failed to re-pay the loan, you will not have to pay your assets, or PayPal will seize any assets of yours. It only requires you to sign a personal guarantee.    

How to direct deposit to PayPal?

As we all know, it is an online wallet that we can use across the world, which has some specific rules for specific countries or places. Direct Deposit to PayPal is only available for the users of the US who have a PayPal Cash Plus account or the users who have enrolled for a PayPal Cash Card. If you have any additional uncertainty or want to know any specific information regarding your situation, you can go to your “profile” and easily can get your Direct Deposit information.

To make the process smooth, the technical department of PayPal processed the Direct Deposit in several batches in a day, which usually completed by 8 pm EST. In case you have not obtained your direct deposit by the targeted time on your payday, you should ask the sender. If you are facing further issues, you can contact directly to the customer service with PayPal for the details.

If you have more questions related to your PayPal loan or how to direct deposit to PayPal, go to Paypal Help Centre and ask your question if you are a customer of PayPal, sign-in and check through your profile.

Hey there, I'm Shuvam, a full time blogger who has the passion of sharing knowledge related to tech, design, finance, health, fashion and many more.
Business Module Hub