PayPal is offering $25 million worth of assistance to U.S. federal government workers impacted by the U.S. federal government shutdown. This is a special intervention funding program that comes in the form of interest-free cash advances and can only be accessed by federal workers impacted by the government shutdown. This PayPal funding program will end when the government reopens and federal government employees receive their first paycheck.
The prolonged government shutdown is affecting many households and has created so much uncertainties for families who depend on a paycheck. The need to assist during this time of uncertainty informed the decision by PayPal to offer an interest-free one-time cash advance. The interest-free loan can be accessed by existing or new PayPal Credit customers who are U.S. federal government employees impacted by the shutdown. The program offers a minimum credit line of $250 and a maximum of $500
Requirements for PayPal Interest-Free Loan
- You must have a PayPal and PayPal Credit account in good standing to qualify for the assistance. If you don’t have PayPal Credit account you can create one. Once your application for Credit is approved, you can apply for the interest-free cash advance. The program offers a minimum credit line of $250 and a maximum of $500.
- Only U.S. federal government employees impacted by the government shutdown can apply.
How Does PayPal Interest-Free Loan Work?
You’ll need to call Customer Service, and upon validation of proof of federal government employment, you’ll receive a cash advance from your Credit account. Note that the interest-free loan is not a grant. It’s a one-time cash advance with a 0% Annual Percentage Rate (APR) until you repay the cash advance amount in full. You can receive a minimum credit line of $250 and a maximum of $500 from the program. It’s also important to ensure that your PayPal and Credit accounts are in good standing before applying.
You will receive the cash advance in your account balance, within 1 to 3 working days from the date PayPal verifies your employment. As soon as the fund is in your account balance, you can use it to make purchases, send money, transfer it to a bank account or withdraw it with your prepaid debit card.
How to Apply for PayPal Interest-Free Loan
All existing account owners who are US federal workers can call Customer Service Number: 1-877-689-1975. PayPal requires proof of federal government employment for verification purposes. This service is available Monday to Friday from 8AM-11PM Eastern Time and Saturday to Sunday from 9AM-9PM Eastern Time.
Intending applicants who do not have a PayPal Credit account, can create one. You can check out our article on how to create PayPal Credit account. Once your application is approved, go ahead and call 1-877-689-1975.
How to Repay the Loan
Participants need to make minimum monthly payments. The cash advance balance will be part of your minimum monthly payment due calculation consistent with the Terms of your Credit account.
What is the Duration of the Program?
PayPal will provide a total of $25 million in interest-free cash advances while the program lasts. The program duration is dependent on two things – funds availability and government reopening. It will end when the program funds have been fully utilized or the government reopens and federal government employees receive their first paycheck, whichever is sooner.