Let’s face it. Life happens. Maybe you have an upcoming bill or a much-needed purchase, but you may not have enough cash or credit card funds at the moment to secure the payment. Here’s an alternative: apply for a PayPal credit line.
Of course, this would depend if the company accepts PayPal as a payment option to satisfy your upcoming bill or desired purchase. First, determine if you can use PayPal to compensate for the purchase amount. Then, you can go about applying for a credit line.
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Apply for A PayPal Credit Line At Checkout Or By Logging Into Your PayPal Account
Before you buy items online or pay a bill, connect to your PayPal account on the merchant’s website. From there, you can select PayPal Credit as a payment option. If you do not already have a credit line, it will take you to an application screen for you to receive a decision in minutes on your borrowing status.
First, you will confirm your mailing address. Then, you will input your date of birth, contact number, estimated yearly income, and the last four digits of your Social Security Number.
The company will automatically analyze your credit report and give you a lending decision immediately. Borrowers with not as much of a credit history may be awarded a minimum of $250, but you may receive a credit line worth thousands of dollars.
Alternatively, you can start a PayPal Credit application when you are not in the middle of a purchase. Log on to PayPal on your computer or the app and go to the Wallet tab. From there, you can select PayPal Credit and begin the application as well.
No Interest On Purchases of $99 Or More If Paid in 6 Months or Less
One of the best perks of having a PayPal Credit line is that you can spread out a $99 or more purchase into six monthly payment installments without accumulating interest. This helps you to get products you want or need, or pay a bill, and compensate for it in small amounts rather than all at once.
For example, if you make a $100 purchase at your favorite clothing store, as long as you pay at least $17 per month in six installments, you will not pay interest. Of course, if you can pay off the balance in less than six months, that’s even better!
If purchases are less than $99, you can still use PayPal Credit as a payment option. However, more interest will accumulate for each month that you do not successfully pay the balance in full.
While you can submit the minimum monthly payments and not default on the loan, you will pay more in the long run with interest. Try to pay at least an extra $10 to $20 above the minimum monthly payment threshold for purchases under $99 so there’s less interest tacked on.
PayPal Credit Terms and Conditions
When you purchase with PayPal Credit, you will have to start payments within 23-30 days after the original purchase date. Being late on a payment will incur a $41 penalty fee. If your payment is returned to you because of insufficient funding, this will incur a $30 penalty.
The average APR is about 28.74% for purchases under $99 and any purchases over $99 which take you more than six months to pay off. Interest is at least $2 per time charged.
Try PayPal Credit Today!
Using a PayPal Credit line is great if you are in a pinch. Plus, it can boost your credit score as you make on-time payments.
