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PayPal personal loan alternatives
3 options to finance online shopping, borrow small amounts or compare lenders fast.
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.
Best for online shopping: Affirm
- How much you can borrow: $17,500
- APRs: Up to 30%
- Terms: 3, 6 or 12 months
- Eligibility requirements: Must be a US citizen or permanent resident, be age of majority in your state, and have cell phone service and agree to text alerts from affirm.
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.
Best for instant, small-dollar financing: MoneyLion PLUS
- How much you can borrow: From
- APRs: From 5.99%
- Terms: From 12 months
- Eligibility requirements: Must be a MoneyLion Plus member, have a job that pays with direct deposit, a checking account with a positive balance, a verifiable identity, proof of ability to repay and live in an eligible state.
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.
Best for finding a good deal: Monevo
- How much you can borrow: $500 to $100,000
- APRs: 3.49% to 35.99%
- Terms: 3 months to 7 years
- Eligibility requirements: Credit score of 450+, legal US resident and ages 18+.
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.
Does PayPal offer similar loans?
While it doesn’t offer loans for regular shoppers, it does have several other financing products you might want to consider:
- PayPal Credit. A line of credit that lets you finance PayPal purchases of $99 or more with no interest during the six-month promotional period.
- PayPal Cash Card. A reloadable debit card that allows you to access money in your PayPal balance from ATMs and at stores.
- PayPal Working Capital business loan. An advance on future PayPal sales for e-commerce businesses.
- LoanBuilder, A PayPal Service business loan. PayPal’s short-term business loan option for all business types.
How do PayPal’s personal and business services work?
Compare more personal loans providers
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Bottom line
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.
Compare even more lenders with our guide to personal loans.
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