PayPal Credit refers to a revolving credit account that offers users quick access to financing. It’s a reusable digital credit line that you can use to buy goods and services from thousands of online merchants stores. You can use it to buy now and pay overtime at no extra cost. PayPal credit is built into your PayPal account. To enjoy the amazing benefits of PayPal Credit, you must have a personal account or sign up for one. In other words, you can easily access it right from your PayPal account.

With PayPal Credit, you can shop online at any merchant stores that accept PayPal. It gives you the flexibility you need to pay for your purchases right away or pay over time. PayPal Credit is cardless and offers users 6-month promotional financing on purchases of $99 and more, everywhere PayPal is accepted. It is offered by Synchrony Bank and is subject to credit approval. PayPal Credit’s application process is very easy to complete. If approved, your credit will be available in your PayPal account in just a few seconds. The digital credit line is easy to use.

How Does PayPal Credit Work?

PayPal Credit helps you to get quick financing on item purchases of $99 and above, everywhere PayPal is accepted. It gives you the option of buying now and spreading the payment over time. PayPal Credit comes with a flexible 6 months repayment plan. The plan includes a minimum monthly payment that each user has to make. It’s cardless and allows you to access credit right from your PayPal account.

The credit line is interest-free if you repay fully within 6 months on every purchase of $99 and above. You’ll incur some charges if you don’t pay up the balance in full from the purchase date within 6 months. Note that if you miss a payment, your late fee could be up to $38. This could be less for the first time users. It can be as low as $2.00.

When you combine several items in a single transaction amounting to a total of $99 or more, you can finance them with your account. Whereas if you have multiple separate transactions of less than $99 per transaction, you cannot combine them to meet the minimum purchase amount.

You’ve to complete a quick application and get a credit decision in seconds. If approved, PayPal will start you off with a minimum credit line of at least $250. It also comes with amazing features such as Return Shipping (refund of shipping cost), Purchase Protection (full reimbursement of the purchase price plus any original shipping costs), and OneTouch (Fast and easy check out with PayPal)

PayPal Credit Requirements

Here is the list of minimum requirements you must meet in order to be able to use PayPal Credit:

You must have an active PayPal account. It is available to US customers who are of legal age in their state of residence Users must obtain credit approval from the lending institution – Synchrony Bank. The approval process doesn’t take time. You must make purchases with PayPal Credit to get the offers. Users must purchase items worth $99 or more before shipping and tax.

PayPal Credit Application

Here are the steps you can use to apply for PayPal credit:

On the web browser of your device, type: creditapply.paypal.com and hit the enter button. This will take you to the homepage. Click on “Apply Now” tab On the next page, “Sign In” with your PayPal account and follow the instructions to complete the application process. Then, wait for your credit approval.

PayPal Credit is NOT available globally. So, it is important to note that only US users who are of legal age in their state of residence qualified to access the service. Note also that in order to pay off your balance according to your standard account terms, you’re free to make minimum monthly payments or any additional amount of your choosing. Doing so will help you to avoid interest payment.