Paypal small business loan has long been known as a quick and effective solution to shortage in cash for anyone and any business in need. It isn’t identical with big loan but it is rather a small amount of loan yet necessarily important. Yesterday, only financing companies were the ones offering the loan for small business but now Paypal has joined the market as well. This loan apparently is unique as it has different way of work to other small business loan. If you think this loan is what you need, read on the following information and apply for it.
Features of Paypal Small Business Loan
Let’s start with the application process. It is no different to other small business loan application. The applicant should apply for the loan and waits for around 90 days to know whether his application is approved or rejected. Within these 90 days, the applicant is not encouraged to do anything rather than just waiting. To increase the opportunity of having the application approved, the applicant should show his capability of paying off the debt without any issues. The minimum amount of small business loan offered by Paypal is $15.000 within 12 months so it’s certainly pretty big. Once the loan is approved, the money will be directly delivered to the applicant’s Paypal account.
Similar to other small business loan, loan from Paypal doesn’t require credit check. Therefore, regardless of your bad credit score, your chance to get the loan is still wide open. It is definitely is one of the reasons the loan become more and more popular despite of slightly higher interest rate than good score business loan. Once the money is delivered, it is your turn to use the money to grow and develop your small business into a success.
Another thing that makes the small business loan from Paypal more appealing is the fact that the loan can be paid with the share of your sales. So, in case you get your incoming sales into your Paypal account, you can get the payment automatically withdrawn from your account. This is one way to make your cash flow easier because you don’t need to handle the payment manually.
Despite of the appealing features, this loan also has some cons. For instance, it comes with higher fee if you pay lower repayment percentage. And, you should have significant sales to make yourself qualified for the Paypal small business loan.