PayPal Credit is subject to credit approval and is offered by Synchrony Bank.
As with other forms of credit it can be used to make both large and small purchases, and it may work best if you want flexibility to pay over time.
You get all the benefits of PayPal when you shop with PayPal Credit.
PayPal Credit Spotlight
| PAYPAL CREDIT SPOTLIGHT | |
Investormint Rating 4 out of 5 stars |
via PayPal Credit secure site |
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How Does PayPal Credit Work?
Obtaining a line of credit through PayPal is relatively simple.
Step 1: Go to PayPal Credit site. Read “Terms and Conditions” and click on Apply Now
Step 2: Once you are logged in to your account, you can start the application process.
Step 3: You will be asked for your date of birth, your income after taxes, and the last 4 digits of your Social Security number, and then to agree to the Terms and Conditions.
You should receive a credit decision within seconds, and approved PayPal Credit offers a minimum credit line of $250.
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Why Use PayPal Credit?
PayPal Credit allows you to make purchases wherever PayPal is accepted.
Your PayPal Credit account will be linked to your account with PayPal and you’ll see it as a payment option every time you check out with PayPal.
With PayPal Credit, you can enjoy No Interest if paid in full in 6 months on purchases of $99+. Interest will be charged to your account from the purchase date if the balance is not paid in full within 6 months. Minimal monthly payments required subject to approval; See Terms.
Whether you are buying the perfect gift or purchasing a new couch, PayPal Credit helps give you the flexibility to buy what you need when you need it.
PayPal Credit is accessible from any device 24/7, so you can easily manage your account online or on the PayPal mobile app.
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PayPal Credit Features
With PayPal Credit, you can enjoy No Interest if paid in full in 6 months on purchases of $99+. Interest will be charged to your account from the purchase date if the balance is not paid in full within 6 months. Minimum monthly payments required. Subject to Credit approval, See Terms.
If approved, PayPal Credit is automatically added to your account with PayPal wallet. Check out in just a few clicks with no card numbers or expiration dates.
Managing your PayPal Credit account is easy. You can access your PayPal Credit account easily at any time.
If your purchase doesn’t match the exact description or doesn’t arrive at all, PayPal can refund the full purchase price plus original shipping costs. See Terms and Limitations.
| 6 Months Special Financing On Purchases of $99 or More (subject to credit approval, See Terms) | ✅ |
| Purchase Protection (See Terms) | ✅ |
| There When You Need It (If approved, PayPal Credit is automatically added to your account with PayPal. Check out in just a few clicks with no card numbers or expiration dates) | ✅ |
| No Annual Fee (See Terms and Conditions) | ✅ |
| Get Credit Decision In Seconds | ✅ |
Pros and Cons of PayPal Credit
Some of the pros of using PayPal Credit include the ability to get a credit decision in seconds.
The fact that you won’t have to pay interest for six months on purchases over $99.
Another great reason to use PayPal Credit is that you will receive at least $250 credit line if your application is approved. This is generally enough to shop for gifts, buy a computer, or take care of other small to moderate expenses.
| Paypal Credit Pros | Paypal Credit Cons |
| ✅ Get A Credit Decision Quickly: You will know within seconds. | ❌ Limited to Where PayPal Is Used: Unlike Visa or Mastercard, PayPal Credit can only be used where PayPal is accepted. |
| ✅ Buy Now, Pay Over Time: 6 months promotional financing on purchases of $99 or more. Subject to Credit Approval. See Terms. | ❌ High Interest Rate Charges: If you don’t pay off in a timely fashion, interest rate charges can be high. |
| ✅ Minimum Credit Line: Upon approval, your PayPal Credit account will be assigned a credit line of at least $250. | ❌ No Points Rewards: Unlike a credit card loyalty program you won’t earn rewards. |
| ✅ No Annual Fee: The convenience of paying now and buying over time has the added benefit of no annual fee. See Terms and Conditions. |
Perhaps the biggest drawback to using PayPal Credit is that it can only be used on websites where PayPal is accepted.
Also, the interest rate may be higher than what an individual may be used to paying.
Another potential drawback to using PayPal Credit is that you aren’t entitled to any rewards points or other perks that may be associated with other credit cards.
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Is PayPal Credit Right for You?
To decide whether PayPal Credit is right for you, the first question to ask is: does the retailer where you wish to make a purchase accept PayPal? If so, it could be an ideal means of payment.
PayPal Credit can also be a great fit for those who need flexibility to pay over time.
If you need more than six months to pay for a purchase, PayPal Credit may not be the best option on the market.
Instead, it may be better to go with a credit card with a low introductory rate that will last for 12 → 18 months. It may also be better to use a personal loan or other types of installment loans that have lower borrowing costs.
PayPal Credit may also not be the best choice for those who are looking for perks such as discounts on gas or groceries. However, it may be possible to use your PayPal Credit account to buy products from merchants that are offering special deals or incentives to those who use their PayPal accounts.
PayPal Credit Alternatives
There are several alternatives to PayPal Credit that you may be interested in and eligible to apply for. For example, you may want to look into a PayPal Cashback Mastercard or PayPal Extras Mastercard.
At the same time, you may be entitled to purchase protection and other security features offered by PayPal.
You may also want to consider applying for a credit card that is not affiliated with PayPal.
Many cards offer 0% financing for new customers for up to 18 months, and the introductory offer could apply to balance transfers as well.
Most credit card companies have protections in place similar to those that PayPal provides to its customers. Therefore, you are unlikely to be responsible for fraudulent charges or those that were otherwise made without your permission.
A personal loan can be an ideal way for you to manage your finances in a convenient and affordable manner. Personal loans are designed for borrowers with both excellent and less-than-stellar credit scores.
Lenders may offer both secured and unsecured personal loans to meet your needs and borrowing preferences.
If you own a home, it may be possible to get a home equity loan or Home Equity Line of Credit (HELOC). Home equity loans are similar to personal loans in that loan proceeds are provided to you in a single lump sum and repaid in installments.
A HELOC is similar to a credit card in that it is a revolving line of credit.
PayPal Credit Review Summary
PayPal Credit is designed to be an effective tool for those who are looking for greater financial flexibility in their lives.
It can be used to purchase almost anything that is priced at or below your available line of credit, and it can be used at any retailer that accepts PayPal as a form of payment.
The application process is designed to be started and finished in a matter of minutes, and you can go through that process from any device that has an internet connection.
When approved for a line of credit, you can have full access right from your account with PayPal. If you don’t currently have an account with PayPal, you can sign up for one in a few easy steps. Signing up for PayPal is free.
If you make purchases that are $99+, you can enjoy 6 months promotional financing. Minimum payments apply.
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