The Paypal Prerequisites
PayPal doesn’t have any applicant criteria clearly stated somewhere, any PayPal users can apply for PayPal credit. But then, there are some important things you must do or have before you can apply for PayPal credit. This article will guide you through;

  1. In order to apply for PayPal Credit, there is a need to have an existing PayPal account that is in good standing. In case you don’t have a PayPal account, you can easily create one online with no charges.
  2. Applicants must not have poor credit or limited credit history, make sure you have a credible credit history. Only then will PayPal approve you for PayPal Credit, if otherwise your application may be declined.
  3. Ensure you do understand the PayPal Credit’s 6-month rule, in which you won’t have to pay any interest on purchases of $99 or higher for six months. You have the grace of making purchases without any payment within the period of 6 month, You will only be charged interest if you fail to pay the entire credit balance within six months. At the end of 6 months, PayPal will charge 6 months’ worth of interest on all your purchases.
  4. Do not use an unprotected wireless network, an unsecured Internet connection is not safe since you’ll be entering information such as your Social Security Number, address and other sensitive information.
  5. It is important to note that the PayPal Credit’s Annual Percentage Rate (APR) is 25.49% as at 03/01/2020 and it may vary with the market base on the prime rate, meanwhile, the minimum interest charge is $2.00 and there are no annual usage fees for PayPal Credit.
    To apply for PayPal Credit
  6. Visit the PayPal Credit application page on your web browser.
  7. Hit “Apply Now” at the top of the page.
  8. You’ll be prompted to log into your PayPal account, type in your PayPal account details then click Log In. If you don’t have an account you’ll be redirected to “Create Account” page.
  9. Fill in your billing address there on the left side of the page, enter the street address, city, state, and ZIP code. If your current billing address pops up on the form, you can skip this step or get it updated.
  10. Click Continue to move to the next page where you’ll fill out the personal information form. Your Date of birth, the last four digits of your Social Security Number and phone number.
  11. Review Terms meticulously and Click Agree. It is important to note that PayPal Credit conditions are subject to changes
  12. Click Agree and Apply when prompted.
  13. Paypal will review your account while you wait for confirmation within a few minutes of applying.
    9.O once you have been approved, PayPal will give you a credit limit of a certain amount. PayPal will periodically review your account and may later increase or decrease your credit limit.

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