Has anyone heard of this loan? If you work online or sell things, you can get a loan through Paypal without a credit check. It is for business purposes, and you repay it by paying back 10 percent of your daily sales (or another percentage, up to 30) until your loan is paid off. If you don't make sales, you don't have to pay. What do you all think about this?
It sounds like a great way to get money for your online business fast. Since it's for business, paypal will track your sales very closely I don't suppose they stand to lose much though because if you fail to pay they can always take over your business and sell it to get their cash back. I'm supposing that's one way they can get their money back.
I think it's a pretty good deal. I don't know that they would take your business. I guess they only offer it to those who have a strong background with them and who are known for making a certain amount each month.
The stark is that company owner will have to borrow money to finance their businesses, I am yet to hear of a company that has not borrowed since inception,so, borrowing is good, as long as you use the money you give wisely and for expanded your business, I think though that PayPal really could lower that interest charge, 10% of any daily sale is a significant cut from your profit, and.. you'll have to bear other expenses in getting those daily sales so then, how much will you be left with? :-/ Anyway, PayPal is doing a good thing, I like that idea.
I have never heard of PayPal working capital. It seems like a good idea for businesses that have a solid track record of sales with PayPal. It seems unreal that if you don't make sales then you don't have to pay. Any company that gives away money with no expectation of getting its money back won't be business for very long. PayPal will have a backup plan for getting its money back.
I agree with Parker, it seems unreal for Paypal to allow non-payment when the borrower did'nt make any sale (sounds too good to be true). I think if this is going to be the case, Paypal will not just approve any business. You got to have a really impressive and active Paypal transaction history. Or maybe a collateral of some sort.
It looks like a good program but one of the businesses using it makes $800,000 a year in sales. A lot of people are posting that they weren't invited or that they were denied. This is a good solution for people with successful businesses that want to expand and keep growing, not small sellers.
I've done some research on it, and the requirements are far more strict than PayPal would have you believe on the Working Capital main page. It's a great deal for businesses that can qualify and get approved on PayPal's terms, but most people aren't going to find themselves qualifying for this opportunity. It appears as though PayPal has put requirements in place that virtually guaranteed it will be repaid in due time.
