Page 32 - Everything You Need To Know About Personal and Business Credit by Adrean Yancy

Everything You Need To Know About Personal & Business Credit

The loan has a xed payment and a weekly repayment schedule, usually through your
bank instead of a PayPal account. The repayment duration is usually from 13 weeks to
a year, but it depends on how big your loan is.

What do I need to qualify for this? You qualify for this by having:
· A PayPal account.
· A good FICO score of at least over 500.
· A business of over nine months.
· No personal bankruptcies record.
· And a minimum annual revenue of $42,000.

Though the application process is a bit longer than the PayPal working capital loan, it is

faster than the traditional loan process.

Pros Cons
· No need for collateral: PayPal · There is no reward system for
doesn't ask for collateral when you're fast payment: There is no incentive or
applying for loans. reward for those who repay their debt
· There is no need for a strong earlier.
credit score: If you apply for a working · Not available: These o ers are
capital loan, there is no need for any only available with those that use PayPal
credit score, even if it is bad. But, if you for payment processing
are applying for a business loan, then a

FICO score of around 550 is the minimum
requirement.
· Fast access to funds: Both working
capital and business loans are quick and
fast. It takes a few minutes or a few days.

# 29