Your PayPal account status and application status can be in the following values:
Verified - Your funding source (bank account and/or card) has been verified.
Unverified -Your funding source has not been verified. To change your status to "verified", click "Verify a bank" in the "Next Steps" section and follow the instructions on that page to verify your bank.
Pending - Your application is being evaluated and PayPal will contact you with a decision soon.
Conditionally Approved -Your application is conditionally approved and you have to review and accept the approval terms.
Not Approved - Your application was not approved. Please contact PayPal if you have any questions.
Approved - Your application has been approved. You can now configure your account and process transactions.
Once your application is approved and you have successfully processed your first transaction, the status (not account status) will change from Approved to Active.