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PayPal might make shopping online easier — and even has a few online financing options for regular customers. But it doesn't offer personal loans. Luckily, there are a few alternatives for when you want to borrow for a one-time purchase.
Why doesn't PayPal offer personal loans?
PayPal has never offered personal loans, though the online payment system does offer other types of financing to individuals and businesses. These include a line of credit and cash rewards cards for regular shoppers. And small business owners can take out working capital financing and small business loans.
3 alternatives to PayPal personal loans
PayPal might not offer a one-time financing option to shoppers, but there are a few similar providers to consider instead.
Affirm is an online lender with a twist: It only offers financing directly through partner stores. You can apply for a loan while you’re checking out online and pay it back over 3, 6 or 12 months. You don’t need to have good credit to qualify, and the application just takes a few minutes — similar to many PayPal products.
When you need to borrow a small amount of cash but want to take control of your finances, MoneyLion PLUS might be what you’re looking for. You need to become a MoneyLion PLUS member to get a loan from this online platform, but once you’re in you can access cash in seconds. You’ll also receive a free investment account, checking account and credit monitoring. Membership costs $29 a month. But you can earn that back by opening your app every day — MoneyLion will deposit $1 into your investment account each day you log in.
Not available in: Colorado, Connecticut, New York, Vermont, West Virginia
This online connection service could be a good choice if you want to compare multiple options fast — especially if you’re looking for a larger loan amount or don’t have the strongest credit. This award-winning platform is highly automated, which has its benefits and drawbacks. While it’s fast, there’s no customer service line to reach if you have any questions.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
PayPal might not offer personal loans. But between its other products and alternative online lenders, you have a slew of financing options to help meet your needs.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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