Like PayPal’s “Pay in 4” program, there are no late fees.

They can opt to use either a debit card or bank account for repayment and track the payments through the PayPal app and website. PayPal says the APR is based on consumer credit eligibility and notes its lender for the service is WebBank.Ĭustomers will compare the various options presented to them and pick the plan that makes the most sense for their budget.

If approved, they’ll be shown up to three different plans of varying lengths to choose from, each with risk-based APR ranging from 0% to 29.99%. After clicking through, they will then fill out an application. To use the service, online shoppers will be presented with the option to “Pay Monthly” at checkout. Customers will then make monthly payments until the purchase price and interest are fully paid off. While PayPal’s “Pay in 4” program allows customers to pay for purchases between $30 and $1,500 (up from $600 at launch), the new program allows consumers to make purchases between $199 and $10,000, with the first payment due one month after the purchase is made. Instead of having to pay off purchases over a six-week period as before, “Pay Monthly” users can break down the total cost into monthly payments over a six- to 24-month period.Ĭonsumers can also use the product to make larger purchases. “PayPal Pay Monthly,” is designed to give customers a more flexible way to pay, the U.S.

After Apple shook up the buy now, pay later market with news that it would now be a competitor to established firms, PayPal this morning is introducing another buy now, pay later product to follow the 2020 launch of its “Pay in 4” installment program.

Apply for paypal pay later