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.
Not available in: Iowa, West Virginia
Loan amount
Up to $17,500
APR
0% to 36%
Interest Rate Type
Fixed
Min. credit score
Maximum Loan Term
1 year
APR
0% to 36%
Min. credit score
Loan amount
Up to $17,500
Best for instant, small-dollar financing: MoneyLion PLUS
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.
Available in all states
Loan amount
$500 to $500,000
APR
5.40% to 35.99%
Interest Rate Type
Fixed
Min. credit score
300
Turnaround Time
Varies by lender
Maximum Loan Term
12 years
Minimum Loan Term
0.5 years
APR
5.40% to 35.99%
Min. credit score
300
Loan amount
$500 to $500,000
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 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.
Not unless you take out one of its financing products. If you do, it can hurt your credit if you’re late on a payment.
The only hard requirement to qualify for PayPal Credit is to set up a PayPal account. It doesn’t disclose other requirements, though it considers factors like your standing with PayPal, credit score and other aspects of your personal finances.
No, PayPal Credit is only available for online purchases — and only at stores that accept PayPal.
Anna Serio is a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY.
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