Paypal Credit

I have no horror stories. I've used it, and so has a friend. It's the same as Bill Me Later, it just changed names. I've used it quite a bit, because sometimes I have to buy supplies and don't have money in PayPal, so I'll just use PayPal Credit, then pay it off. A friend has used it when purchasing more expensive items, because sometimes if the amount of the purchase on eBay is over a certain amount, it will state that you can make payments when you pay using PayPal Credit, then I guess there won't be interest charges, or minimal interest charges. Sometimes they will also offer some cash back if you use PayPal Credit, so in theory, if you pay it off before it comes due, you could be making a little money.

 

Like Diane, I have no horror stories with using it. It acts just like any other credit line. What's nice though is the ease of access of being able to use your paypal balance to pay off your paypal credit. I feel like its much easier and more accessible than other credit lines as far as having options to make payments against it.

The interest rates are of course absurdly high, but what credit line isn't? It's very comparable to most other popular credit lines out there. And as I said before, I like the amount of payment options I can use for it.

 

I've used Paypal since 2012 yet didn't know they have such a facility. At first I thought you were referring to the verification credit/debit card. Let me find out more. Thanks for the heads up anyway

 

@Jatelo2 PayPal Credit used to be called BillMeLater. I haven't really seen any change in how it is handled, other than the name. It seems PayPal handles it in house nowadays, rather than shuffling the business over to BillMeLater, or whoever handled it in the past. No doubt PayPal learned that there is money to be made in the field of offering credit, especially in these times when so many seem to be struggling.

 

I would recommend Paypal Credit only if you intend to pay back the money you owe within a month.

Otherwise their interest rates are damn too high. You'll be paying back the money you owe with 19.9% interest. While it does sound like a good way to get some fast money when you badly need it, I think I'd try to borrow money elsewhere when I need it. That interest rate is too high.

 

I too have never heard of this facility, but it sounds fantastic! I bet though, that it's only available to US residents it's such a shame really, because it's something I'd probably opt for over a credit card. I wonder if it's a new thing to Paypal......how long has it been in existence for? Maybe it's time for me to consider moving to America LOL

 

I'm going to have to add to the number of people here who have never heard of Paypal credit before. lol I also thought that the title was referring to the amount which is deducted to our money once we withdraw it from Paypal. The service sounds good and it could actually be a good alternative to credit cards. I'm wondering though if it's only offered in certain areas.

 

Come on over, @Lushlala! The interest rate is pretty high, but it's still lower than some other lending sources, such as pawn shops, payday loans, etc. I've found PayPal Credit handy in a crunch. I can use it online, but I don't think it's able to be used in association with the PayPal debit card, unfortunately. That is a feature I'd find particularly useful for emergency expenses that pop up now and then.

 

Aww thanks, @Diane Lane....how I wish LOL! Both the debit and credit card facilities sound fabulous. I had a look when we first started this discussion and sadly, I don't think either's available to me in Botswana. I think the debit card is available to UK residents, but I no longer live there. Had I known about it when I was in the UK, I would have applied for it before leaving. Then I would have had the account in the UK, managed from my in-laws' address...darn! Thanks for all the info, though

 

Maybe you'll be visiting them for an extended period at some point, and will be able to sign up then. I'm sure that would be possible. I do love having both the debit card and also the availability of a line of credit with them. Occasionally, I will work on a project where I need to buy specific supplies that aren't in my budget, and so with the line of credit, I can buy them, make and sell the product, and then simply pay off the balance on my PayPal credit account.

 

I have never had any trouble with it. I like Paypal and love it when I find I can use that as payment instead of my debit card. It is so convenient because then I don't have to input my information into the website. It is all saved in Paypal and it is safer in my opinion. I have been using it for years and have never had a problem. I would recommend it to anyone to use.

 

I'm going to look into it to see if I could do it form here, but use my UK address. I'd love to 'sample the debit card' first, and if I do manage to secure that, see how it works for me. I like the fact that it can be used everywhere. I think what you're doing is very smart, Diane....I like that besides my bank accounts, I'd have the same payment processor, who we already know is better than most Thanks for your response, @Diane Lane!

 

Paypal credit works well. I have never faced any issues with them... so far.

 

Paypal is my preferred method of payment. I have never heard of paypal credit and it is a good thing that you have introduced it in this forum. My scope was limited to bank overdrafts. However, I am always cautious of any form of credit since it takes the motivation off the work you will be doing to repay. I believe that is human nature. But all in all, it is an excellent alternative to bureaucracy and red tape associated with banking institutions.

 

I have not applied for the paypal credit card, but I might sometime. I love the paypal debit card and it is my favorite crad of all time. I just find it to be very convenient, and it even has cash back. Paypal and I have a long history..so I am hoping I could get a card from them.

 

This may seem like a noob question, but what exactly is Paypal credit? I received an email about this last week or the week before, and it seemed a little complicated so I did not really go into it or read it, because I wasn't really in the mood to take on new information at the time. I have not gone back to that email since.

 

So, paypal credit works sort of like a credit card, in that you can buy something now and then pay for it slowly over say 6 months. Paypal knows who you are and so they're able to vouch for you, sort of like credit card companies vouch for their customers.

 

Oh. I am sort of not in the loop when it comes to credit cards. I only really have debit cards where money is concerned, and do not own a single credit card, which I am grateful for if they are as much hassle as people report them to be. I hate paying for things slowly too. I don't like that sort of payment program.

 

I have not use the Paypal Credit only the debit card. I don't care to pay monthly if I can avoid it if I can.