Author: Valery Zulia
Your online shopping may be a lot safer and more convenient than it is now. Services like PayPal Credit are amazing invention that allows you to shop online without disclosing your financial information. Paypal credit is not the same as using PayPal with a connected bank account, debit card, or credit card. You may use PayPal Credit as an additional payment method while shopping online, most especially if you want to pay in installments like a credit card service plan.
How Does It Work?
PayPal Credit works like a credit card and lets you pay for online shopping in installments rather than upfront. It is available to approved PayPal members. When using PayPal to complete a transaction, whether online or in-person, approved PayPal customers can utilize PayPal Credit as a form of payment.
How to Apply
When applying for PayPal Credit, you will be asked to open a PayPal account if you don’t already have one. The information below will be asked from you during your application:
- Date of birth
- Your gross income after taxes
- The last four digits of your Social Security number.
Even though the application is swift, you should be aware that PayPal will perform a hard credit pull, which might lower your credit score somewhat.
You’ll often receive your approval response in a matter of seconds.
After applying, you’ll have a credit limit of at least $250 once you have been accepted and have agreed to the usage conditions. PayPal will examine your account regularly and may raise or decrease your credit.
PayPal Credit Benefits
PayPal Credit may perform better than your credit card in some areas because it is made exclusively for internet buyers. Here is why:
- It makes online shopping very easy: You don’t have to search for your credit card and then fill out a long form before paying. All you require is a PayPal account.
- No Payments and No Interest offer: Budgeting and using your lines of credit is easier while making qualified purchases. If you value and find appeal in these aspects, PayPal Credit is a fantastic choice.
- It is more secure than credit cards: Personal information, including your data and the data from your bank accounts connected to your PayPal account, is hidden by the technologies they use in making payments. You can utilize the third-party payment processor as a security feature between you and potential fraud or theft instead of directly entering your credit card information into a website that may or may not be secure to make purchases.
Conclusion
PayPal Credit has become a widespread payment method for online purchases, but many people don’t realize they can use their PayPal Credit account to earn cash back or even get paid to shop online. In this article, we have looked through the benefits and fundamentals of PayPal Credit to help you make the right decision.