PayPal Credit, the service that lets people use PayPal in place of their credit cards, is expanding to the UK in the service’s next step towards dominating the online retail payment space.
As you might suspect/already know, PayPal Credit lets you make PayPal purchases even when you don’t have the money in your bank account.
To sweeten the deal, PayPal is offering 0% interest on purchases over £150 for the first four months, and it’s not a one-time thing – you’ll be eligible every time you spend more than £150. Outside of that, you’ll be subject to the standard variable rate of (currently) 17.9%.
Of course, the retailer will also need to support PayPal in order for you to use Credit. PayPal has teamed up with a few retailers, including Dyson, Samsung, Millets and Blacks for incentivised instalment plans.
To get PayPal Credit you’ll need to apply online and pass a credit check. At that point a credit limit will be added to your account, and you’re good to go.
“It’s a sign of things to come,” said Cameron McLean, Managing Director of PayPal UK. “As a newly-independent company, we will continue to partner with retailers to find new, improved ways for people to pay.”
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