Paypal Loan

[tyrespadded]

On my paypal account, Paypal is offering me a no credit check loan. I am very interested in pursuing it however, I have some concerns.

My account is a stealth business account. The business is legitimate and complies with all applicable state and federal laws. My EIN is registered with paypal. I do not sell on ebay, I only use paypal as a method of being paid. I receive around 30k in payments via paypal a month and have done so for the past 6 months.

Is it safe to apply for the loan on a stealth account?

[Callidus]

£30k a month is steep! Why not just have 10 stealth PayPals and have £3k per month on each.

Why you would put all that through one account is beyond me! ��

[Dmshark25]

That's interesting I didn't know paypal gives out loans.

But I'm sure besides all your business information they will need all your personal information as well, so your name address and phone number will be a requirement, no one will lend you 30K without knowing who they are giving it to

[Bunneh]

Yep i agree with Dmshark25 you will definitely need to be credit checked.

Unless it is one of the ebay loan schemes like iwoca where they use you selling history etc.. as measure of how much they give you.

[tyrespadded]

Looking at the loan application it specifically states no credit check. It does however request my SSN. It also states that a copy of my drivers license may be needed if I fail the identity check. So I assume they do soft credit pull.

I think I'll just leave it alone if no one can positively confirm that it is okay with a stealth account.

[Ebayorbust]

Originally Posted by tyrespadded

Looking at the loan application it specifically states no credit check. It does however request my SSN. It also states that a copy of my drivers license may be needed if I fail the identity check. So I assume they do soft credit pull.

I think I'll just leave it alone if no one can positively confirm that it is okay with a stealth account.

Based on what you've said here, don't touch it with a barge pole. If you apply you can probably kiss the paypal account goodbye.

Take evidence of your earnings to a bank and borrow from them instead.

[rsot]

No credit check loan would still have some caveats...there would be some sort of verification process in place...I figure

[MM78]

No such thing as a free Dinner! their not just going to loan you some cash without them collecting vital information.

[yotano211]

I wonder if they can give a poor Cuban $45k to feed his 6 kids.
Please Paypal, help a poor brothera out.

I can provide them with my Chinese made US ID, than I get my $45k to feed my kids.

[TGMT²]

Originally Posted by tyrespadded

I receive around 30k in payments via paypal a month

Makes me wonder why someone with those numbers would even need a loan?

[black_label]

Business loans are given to businesses so that they can expand or invest in improving their processes.

[Dmshark25]

Originally Posted by TGMT²

Makes me wonder why someone with those numbers would even need a loan?

Because everyone wants to grow and make more money

[tyrespadded]

Originally Posted by TGMT²

Makes me wonder why someone with those numbers would even need a loan?

Rule number one when it comes to credit:

Apply for it when you don't need it because when you do need it no one will give it to you.

[GreenBean]

Originally Posted by tyrespadded

Rule number one when it comes to credit:

Apply for it when you don't need it because when you do need it no one will give it to you.

Unless the party is paypal.

No credit check, huh?

Yet they want a copy of the SSN.....

sneaky.

[BigCJ]

Personally Id avoid it like SARS...

There are much better places out there to get loans than dealing with paypal.
They decide to hold your money for 6 months and still gain interest on the money plus you have to pay off the loan interests as well!

And any place that requires an SSN will run a credit check...probably what the loophole is: PAYPAL wont check the credit...they will probably hand it off to a third party who will report back to PP.