PayPal expands 'pay later' option to 6-24 months

Wednesday, 15. June 2022 13:44

PayPal Holdings Inc. announced PayPal Pay Monthly on Wednesday, which will allow its US customers to spread payments out over longer periods of time ranging from 6 to 24 months, rather than having to pay off purchases over a 6-week period as previously required.

WebBank's Pay Monthly service allows users to spread the cost of a purchase over a series of interest-free payments ranging from $199 to $10,000. After selecting the Pay Monthly option, the customer will be prompted to fill out an application at checkout and choose from three different plans with risk-based annual percentage rates (APR) ranging from 0% to 29.99%.

"How consumers look to pay for larger purchases is evolving and there is a growing demand for flexible payment options with 22 million PayPal customers using our pay later offering this past year," said Vice President of Shopping and Pay Later at PayPal Greg Lisiewski, adding that the function will "offer customers the choice to ensure checkout matches their needs and budgeting preferences."

Related Links: PayPal Holdings Inc.
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