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PayPal micro loan

What does it mean by PayPal micro loan?

PayPal micro loan: Also called “micro-credit,” the instant loan is a type of loan that falls into the category of consumer credit. It allows you to borrow money quickly to finance an urgent project or avoid using your savings.

Source of micro-loan

The principle of obtaining this type of express loan is simple. All you have to do is request it via an online platform offering this type of express credit. Your request is then studied immediately. Once your financing request has been accepted, the funds are instantly transferred to your bank account. The funds are then sent in the form of an express transfer.

Who offers a mini instant loan, and how to get one?

Several types of professionals can offer almost immediate loan offers via their website and mobile application:

  • ordinary banking institutions;
  • online banks;
  • neo-banks;
  • fintech (e.g., online payment sites via a secure connection protocol such as Paypal or Lydia).
  1. What is a PayPal microloan?

The PayPal micro loan allows you to spread out the payment of your purchases in 4 installments over 90 days. The first monthly payment is taken at the time of purchase; the remaining sum is spread over the following three months.

What amounts for a PayPal microloan?

It is possible to benefit from the PayPal micro loan for any purchase between €30 and € 2,000. The credit was chargeable when it started (2.1% of the amount paid within the limit of €20). PayPal’s payment solution in 4 installments is now free of charge. Also, note that merchant sites have no additional fees for this payment in 4 installments.

  1. How long does it take to get a PayPal microloan?

Obtaining the PayPal microloan is very fast. The credit application is studied in real-time. Just wait a few seconds to get the answer. The applicant benefits from a withdrawal period of 14 days free of charge. He will have to repay the total amount if he has already received the money.

  1. What are the conditions to benefit from a PayPal microloan?

Only people with a PayPal account and using it regularly can benefit from the platform’s micro loan. The loan is granted mainly based on the financial situation of the applicant.

Repayment and guarantees of a PayPal micro loan

The PayPal micro loan includes the PayPal Purchase Protection program, which entitles you to a refund of any item if it is not delivered or if it does not correspond to its description.

  1. Is it possible to repay a PayPal micro loan early?

It is possible to make a prepayment for the PayPal microloan, whether total or partial. There are no early settlement charges.

  1. Is it possible to buy back a PayPal microloan?

The repurchase of credit makes it possible to consolidate all or part of its credits into a single credit repayable over a single period. It is quite possible to do this with the PayPal micro loan partially or even if the solution is not very interesting for this type of credit. It is much more so for revolving credits, the rate of which is often high.

  1. Is it compulsory to take out borrower insurance?

Borrower insurance guarantees coverage of all or part of the remaining installments of the credit in the event of specific events:

  • Death
  • Loss of employment
  • Permanent disability
  • Temporary incapacity for work (ITT)
  • Total and irreversible loss of autonomy

From a legal point of view, it is not mandatory. Still, lending institutions almost systematically impose it in the context of a mortgage. For consumer credit, it is not required. Thus PayPal does not require it for its loan.

Imposing insurance?

It is prohibited for any lending institution to impose its insurance offer on the beneficiary of the loan.

  1. Is it possible to borrow while being FICP?

Any person registered with the FICP (File of incidents of reimbursement of credits to individuals) is prohibited from any credit, including the PayPal microloan, until the total repayment of current debts.

  1. Is it possible to borrow a PayPal micro loan with a co-borrower?

Nothing in the PayPal Credit Terms and Conditions precludes this. It is best to contact PayPal customer service to make the request.

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