PayPal is one of the companies that make every user benefit from their company in one way or the other. From sending and receiving funds from family and friends and also using the platform as a means of purchasing online. Loan builder is a small business loan service offered by PayPal which is originally a product of swift capital. Loan builder is also being marketed as PayPal Business loans, which offers short term business loans.
This platform gives a type of interest-free loan in which borrowers repay a pre-determined fixed fee along with the borrowed amount. PayPal loan builder stands out from other loan companies for a few reasons. However, their loans are relatively inexpensive which borrowers don’t have to pay an origination fee. (or any other up-front fees), and borrower requirements are low.
The requirement for a PayPal loan Builder
Some small businesses and entrepreneurs need fast cash, where some don’t qualify for a bank loan or need funding for expansion. PayPal loan builder varies in range from $5000 – $500000 which depends on the amount you are qualified to get from the company. Depending on the amount you get from PayPal loan Builder a particular fixed fee and weekly repayment will be required. PayPal withdraws repayments from your business account instead of a PayPal account. Here are a few steps on requirements for a PayPal loan builder;
- Have a PayPal business account, which the processing is optional.
- You must have the minimum FICO credit score of 550
- Also, a minimum of nine months in business.
- Minimum annual revenue of $42,000
- No personal bankruptcies.
Note: you can check your eligibility from the loan builder’s official website.
How to Apply for a loan with the Platform?
This platform has a quick and easy application which you need to check your eligibility first then carry on to fill out and online pre-qualification form. Also, You can choose to sign in using your PayPal account (in which platform will already have some of your information) or as a guest. Here are a few steps on how to apply for a PayPal loan builder;
- Launch any web browser on your PC or mobile phone
- Go to www.loanbuilder.com official website
- Click on check eligibility on the homepage, you will need to produce a few personal information (contact info, home address, personal phone number. A business location, business details, your Identity (SSN and Tax ID).
- After submitting the correct information, the company will let you know if you have a loan application is available. So to continue the process for funds into your bank account.
This platform is available so you could get a two-week loan from loan builder to make a variety of business capitals and merchant wants. However, there is no extra charge fee from the online payment company (loan builder). Which makes PayPal one of the best platforms endeavoring small business owners and the merchant gets a loan and benefits from the platform.