Can you get a Paypal cash advance?
Although they're in the money business, PayPal doesn't offer cash advances on your paycheck. At least not yet.
The company hasn't announced any official plans about offering a cash advance service in the future so don't get scammed by anyone telling you otherwise.
PayPal loans definitely are a thing though
Even if you can't get a cash advance, there are three ways to borrow money from PayPal:
- PayPal business loans
- PayPal working capital
- PayPal credit
We’re gonna take you through what you can expect with each of these services, and how to apply for them. However, one thing to note first off is that none of these are personal loans.
PayPal credit can be used by individuals, but it’s like a buy now pay later option, which could be helpful, but it’s not the same as getting cash sent to your bank account.
How to borrow money from PayPal with a Business Loan
Out of the options PayPal offers, PayPal business loans are better for larger businesses.
With a business loan, you can borrow up anywhere from $5,000 to $150,000.
Here’s what you need to qualify:
- A FICO score of at least 580
- To have been in business for at least 9 months
- An annual revenue of at least $33,300
- A personal guarantee (collateral) so that in case of non-payment, the debt can be settled
Wondering about fees? With a PayPal Business loan, there’s no interest. Instead you’ll pay a single fixed fee over the life of the loan.
The terms of a PayPal business loan are between 13 and 52 weeks, and weekly repayments are automatically withdrawn from your bank account.
Here’s how you apply for a PayPal loan, according to PayPal’s website:
Step 1: Confirm your business and contact information. Seeing if your business is eligible will not affect your consumer credit score.
Step 2: You might be asked to upload additional information to complete your application. Most PayPal Business Loan applications do not require any financial documentation.
Step 3: Agree to the loan terms and the funds will be transferred to your PayPal Business account as fast as the next business day.
Find out if you’re eligible on PayPal’s website.
How to borrow money with Paypal Working Capital
PayPal Working Capital is a better option for smaller businesses, or businesses that have just started out. You can receive payment within minutes of applying.
(Own a small business? Check out our list of grants available to small businesses.)
With Working Capital, you can get a loan from $1,000 to $200,000.
Here’s what you need to qualify:
- A 90 day account history of a PayPal Premier or Business account.
- PayPal sales of at least $15,000 in the last year if you have a Premier account
- $15,000 in PayPal sales if you have a Business account.
In terms of fees, there’s no interest. Instead you pay a fixed fee across the lifetime of the loan. The higher your repayment, the lower this fee is.
The terms on a Working Capital loan are slightly more flexible than a Business loan. Depending upon your sales.
If your loan is estimated to last more than 12 months, you’ll need to pay 5% every 90 days. If you’re expecting to pay it off faster, it’ll be 10% every 90 days.
Instead of being withdrawn from your bank account, PayPal deducts repayment from your sales, until it is repaid.
Can you get a PayPal credit cash advance?
You can use PayPal credit to buy goods from stores that accept PayPal, like eBay, Target and BestBuy and pay it back later. But this is different from a cash advance You don't receive any money, it's like using Klarna or another BNPL service.
PayPal Credit Requirements
It's basically a line of credit that PayPal gives to you, which means the requirements are going to be
- Having a PayPal account
- Having a decent credit score (although we're not sure what the specific number is since it's a bit of a black box)
But we don't think the score requirements are that high. According to their site they say "If approved, we start you off with a minimum credit line of at least $250" which would suggest that it's easier to get approved for then most credit cards.
Using PayPal credit is fairly straight forward. On purchases over $99, there’s no interest if paid back in full within 6 months.
On purchases under $99, if you pay your balance in full each month by the payment due date that is on your statement, you can still avoid paying interest.
If you miss a payment your late fee could be up to $41, even less if it’s your first time.
Apply for PayPal credit
To find out if you’re eligible, PayPal makes a credit decision by asking you a few questions. You can apply on PayPal’s website.
Can you use PayPal on Amazon?
Sadly, the answer is no, Amazon does not accept PayPal.
You can however check out using Venmo which is owned by PayPal. Go figure.
Is Paypal safe?
Generally, PayPal is safe to use as an online payment system.
They use end-to-end encryption, and two-factor authentication for payments.
The main thing users need to be careful of is scammers. Ensure that you know the person that you’re sending money to, or that the PayPal address is connected to a verified business.
The free $200 PayPal thing is a scam though
That also goes for the get $20 paypal thing as well. If you get an email from PayPal saying "Here's $20 for being a long-time user" then please smash the delete button. It's a known phsiing attack.
How to get a Cleo Cash Advance
None of the above options sound right for you? If you need a cash advance of up to $250* paid straight into your account, Cleo’s got you.
And with Cleo, there are no credit checks and no interest. (Eligibiliy requirements* apply though)
We have a whole article where we walk you through the process, but it's as simple as this:
- Download the app for free
- Connect your main bank account to see how much you’re eligible for
- Decide if signing up for Cleo plus* is right for you
- Confirm your details so we know you’re not a robot
- Choose when you want the money, and your repayment terms
While you’re here…
Big love. Cleo💙
*Cleo Plus is our subscription service, which offers eligible users cashback on your money, information on your credit score, and access to cash advances (“Cash Advance”). Advance amounts will vary based on eligibility. If you don’t want to subscribe, you can also apply for cash advance by contacting our customer service at firstname.lastname@example.org. To learn more about eligibility, repayment, and overall terms, please visit: meetcleo.com/terms.
**Eligibility requirements apply. Not all users will qualify. Advance amounts range from $20 to $250. Same day transfers subject to express fees. Visit meetcleo.com/terms for more information.