Short Answer: PayPal Credit generally requires a credit score of 670 or higher for approval. However, Synchrony Bank — the lender behind PayPal Credit — will also consider your annual income, employment status, and overall credit profile. PayPal Credit applicants must have a PayPal account and can only have one PayPal Credit account at a time. Most applicants will receive an instant decision when applying for PayPal Credit online. For more details of PayPal Credit’s qualifications, the application process, and your approval odds, see below.
Credit Score Needed for PayPal Credit
PayPal Credit generally requires a credit score of at least 670 for approval; applicants with scores in the 700s or higher will have the best odds for approval. PayPal customer service representatives were unable to confirm an exact range for credit approval and noted that acceptance is not guaranteed based solely on your credit score.
PayPal Credit’s qualifications include your total income after taxes, employment status, and full credit history. If you have a fair credit score but high income, Synchrony may approve your application; likewise, if you have a lower income but a very good credit score, you may also be approved. PayPal Credit will likely decline applicants with limited credit histories and/or poor credit.
PayPal Credit’s lender, Synchrony Bank, will conduct a “hard” pull on your credit during the approval process. Synchrony typically pulls from TransUnion. (To find out if PayPal Credit reports to the credit bureaus, see our related article.)
To gather information about PayPal Credit’s approval process, we first contacted PayPal’s customer service department. Representatives for PayPal directed us to Synchrony’s customer service department.
Note: PayPal Credit was formerly known as Bill Me Later. Bill Me Later is not a separate service and does not have different credit score requirements than PayPal Credit.
PayPal Credit Approval Odds
Your PayPal Credit approval odds will vary depending on your credit score and your employment status and income level.
Keep in mind, you cannot have two PayPal Credit accounts; if you apply for a second account while making a purchase, PayPal will continue to charge purchases to your existing account and will not open a new account in your name.
Pre-Qualification for PayPal Credit
PayPal Credit does not offer an online pre-qualification or pre-approval tool. However, if you have an active PayPal account, you may receive an invitation to apply for PayPal Credit via email. PayPal sends these offers based on your purchase history and account activity; you will still be subject to a credit check when you apply for PayPal Credit and approval is not guaranteed.
PayPal Credit Application Process
You must log in to your PayPal account to apply for PayPal Credit. The application will ask for your date of birth, after-tax income, and the last four digits of your Social Security number.
Instant decisions are available for most applicants; you can apply for PayPal Credit online and learn whether you qualify within a few minutes. You may also see the option to apply during checkout when you shop at stores that accept PayPal Credit.
PayPal Credit Denial
If PayPal Credit denies your application, you will receive an email stating the reason(s) for the denial. You will be eligible to reapply again in 35 days.
PayPal offers two Mastercard credit options — the PayPal Cash Back Mastercard and PayPal Extras Mastercard — but these are not designed for customers who do not qualify for PayPal Credit. Instead, you may consider applying for a different form of credit. Our related articles detail your options for instant approval credit cards and store cards with easy approval. But, remember, it’s best not to apply for more than a few cards within a short period, particularly if those cards utilize hard pulls; a high number of inquiries can damage your credit score.
PayPal Credit Limits and Increases
Your PayPal Credit limit will vary depending on your creditworthiness, with particular attention paid to your income. Representatives for PayPal Credit would not provide an initial credit limit range but did say that PayPal Credit has a minimum opening limit of $250. After approval, you can check your current limit at any time by logging in to your PayPal account.
PayPal Credit may automatically increase or decrease your credit limit based on your account activity, income changes, and creditworthiness. You can also request an increase online or by calling PayPal Credit customer service at (844) 373-4961.
Synchrony may also increase your credit limit if you attempt a purchase that would exceed your current limit. However, this is not a guaranteed way to secure a credit limit increase.
You cannot increase your credit limit without up-to-date income information, so you’ll want to make sure the information in your account is current before requesting a credit limit increase. Credit limit increases require a “soft” pull of your credit.
Using PayPal Credit After Approval
PayPal Credit will automatically link with your PayPal account upon approval. You can usually begin using it within one business day. It will appear as a payment option when you check out along with any other payment methods also linked to your PayPal account, such as checking accounts or credit cards.
Since PayPal Credit is a revolving, digital line of credit and not a credit card, you will not receive a physical card in the mail after approval. You can only use PayPal Credit for online purchases on websites or in apps that accept PayPal.