Do you need credit score for PayPal Credit?
Minimum Credit Score for PayPal Credit
The application form takes minutes to complete. We'll then run a credit check and if approved, you'll have a credit limit linked to your PayPal account once you've accepted your credit agreement. This approval process will only take a few seconds and then you're ready to go.
PayPal Credit is subject to credit approval and is offered by Synchrony Bank. It's available for US residents who are of legal age in their state of residence. If you have any question about PayPal Credit, please contact Synchrony Bank at 844-373-4961, Mon-Fri 8am-11pm ET, and Sat-Sun 9am-9pm ET.
PayPal's “Pay in 4” only uses a soft credit pull, but PayPal Credit does a full credit check. One hard inquiry isn't going to tank your score, but consumers should know that some BNPL services do use a hard credit check.
About PayPal Credit
PayPal Credit is a reusable credit line available on purchases at millions of stores that accept PayPal. Plus, it comes with the same security and flexibility you trust from PayPal. If approved, we start you off with a minimum credit line of at least $250. See FAQs for more info.
Most credit cards need you to have a good FICO® Score, which is ideally above 700 (good ranges from 670-739). PayPal is no exception. To qualify for their credit card, you need to have a FICO Score above 670. The best deals are reserved for people with scores above 700.
An approved PayPal Credit application will result in a hard credit inquiry, which may impact your credit score. If approved, your PayPal Credit account is added to your PayPal Wallet, so you can make purchases and enjoy special financing without having to apply again.
Yes, even if you are approved for PayPal Credit, you will be going through a full hard check. The more loan products you apply for, the more “footprints” this leaves on your report and the more your score may decrease. This will make it harder to get approved for future products such as a mortgage, credit or loans.
Applying for Pay Monthly will not impact your credit score. If your Pay Monthly Installment Loan is approved and used, PayPal may report your Pay Monthly Installment Loan to credit reporting agencies. This will include information like your loan amount and payment history which may impact your credit score.
For some users, BNPL is a smart way to break up a purchase, especially if you get a zero-interest offer and are positive you can afford the installments. Getting approved may also be easier compared with credit cards or loans because there's no minimum credit score requirement.
What is the easiest credit card to get approved for?
- Best for students: Discover it® Student Cash Back.
- Best for no annual fee: Citi Double Cash® Card.
- Best secured credit card: Discover it® Secured Credit Card.
- Best for cash back: U.S. Bank Cash+® Visa® Secured Card.
- Best for no credit: Petal® 2 “Cash Back, No Fees” Visa® Credit Card.
What is the highest PayPal Credit limit? PayPal Credit, PayPal's virtual, low-limit, revolving line of credit program, has a starting limit of $250, but it can be theoretically increased over time to $20,000 via limit increase requests.
640+ credit score recommended
The PayPal Cashback Mastercard® requires fair credit or better for approval. Based on our analysis of credit card approval rates, we recommend applying if your score is 640 or higher. You can check your credit score for free right here on WalletHub.
PayPal Credit is subject to a credit approval. If the request is denied, you will receive a letter in the mail with details. If you have any additional questions, we recommend reaching out to PayPal Credit for assistance.
PayPal Working Capital is a business loan of a fixed amount, with a single fixed fee. The loan and fee are repaid automatically with a percentage of your PayPal sales (a minimum payment is required every 90 days).
PayPal tax reporting is required when the sender identifies the product as goods and services to the IRS, even if it was a mistake. This requirement applies once you receive $600 USD or more from this type of payment.
We review your credit limit monthly and may invite you to increase your limit once you've been a PayPal Credit customer for at least 3 months. You can always request a credit limit decrease or opt out of receiving offers to increase your credit limit.
When you borrow with Affirm, your positive payment history and credit use may be reported to the credit bureaus. This can help you build credit with the credit bureaus as long as you make all of your payments on time and do not max out your credit.
Upon applying, you'll receive a decision within seconds, although not every application will be approved. Availability depends on your state of residence, and you must be at least 18 years of age to apply. You must also have a PayPal account in good standing or open a PayPal account to apply.
How does PayPal Credit work? PayPal Credit is like a credit card, but without the plastic. It's a credit limit that's attached to your PayPal account, which you can use to spread the cost of your online purchases. There's no annual fee for a PayPal Credit account.
Why do I not qualify for PayPal Pay in 4?
Who can use PayPal Pay in 4? To pay with PayPal Pay in 4, you must be over 18 years old and have a PayPal account with a valid debit card linked to it. You must have a US bank account and residential address.
First Progress Platinum Elite Secured Mastercard: The First Progress Platinum Elite Secured Mastercard requires no credit history or minimum credit score for approval. Your security deposit is refundable, and the card is accepted nationwide.
| Lender | Scholaroo rating |
|---|---|
| Petal 1 Rise Credit Card Best for no security deposit Visit website | 4.5/5 |
| Surge® Platinum Mastercard® Best for choosing your own card design Visit website | 4.2/5 |
| Reflex® Platinum Mastercard® Best for an instant decision Visit website | 4.2/5 |
Prepaid credit card
Prepaid credit cards are similar to fixed deposit credit cards. If you have a bad credit score, you can get a prepaid credit card by prepaying a certain amount of money to the bank. The bank will issue a credit card with the credit limit set to the amount prepaid.
Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.
