I don't see many thread topics about PayPal working capital loans (its like a bloc) and nothing related to the topic in over a year, so maybe this thread could help someone in present time.
I have been receiving invites/pre-approval emails for several months for my LLC that has a business account with them and have passed on offers every time.
I decided to read more into it and found that there is no credit check, as they base the loan off your accounts incoming cash flow history and its consistency.
The downside is that also means PayPal working capital loans do not report to either personal or business credit. So no help with building credit.
However, I found it handy for non-reporting capital when fast cash on hand is needed.
.Took 4 minutes to app online
.Approved for up to $5k instantly
.I only needed $3k, so that's what I Approved
.20% of each pp sale goes towards wcloan
.Capital was in PayPal within seconds from WeBank
.Payoff early with no penalties option (I'll be doing this)
.Transfer to bank from PayPal was within 24 hours
.Available wcLoan amount max goes up when you pay a previous one off
Very easy and fast process. I may use them again and again. Very handy option to have in ones smaller business arsenal, in my opinion.
For reference on PayPal working capital: https://www.paypal.com/workingcapital/
Not sure if this is something anyone else can use or that works for their business, but figured I would share.
@URHomeInvestments wrote:Agreed, that is a handy line to have access to.
While it doesn't directly help with biz credit building since it doesn't report, it does indirectly influence it if it is used to pay off the remaining balance on another business loan or credit line that does report.
It might even help a little if ones setting their biz file up for AZEO, to level up with a better line of biz credit. (This is not advice, just an opinion or theory)