With Splitit, if you have the available credit, you’re approved to make a purchase. PayPal also offers a cash-back Mastercard and a service that lets you split your online order into four equal interest-free payments. If one of your payments gets returned, you may get charged up to $29. But, if you pay your bill late, you can expect a charge of up to $40.
PayPal Credit’s BNPL provider doesn’t charge an annual fee. However, those transactions aren’t eligible for interest-free financing, regardless of the amount. You can use your credit line for cash advances to send money to family and friends.
#Best buy now pay later apps for shopify full#
But, you can avoid getting hit with it if you pay off the credit line in full each month. If you spend less than $99, though, you’re subject to a 23.99% variable interest rate. As long as you make the required minimum payments and pay off the balance before the time expires, using the app will be the same as paying in cash. If you spend more than $99 on a single transaction, you’re eligible for six months of interest-free financing. PayPal uses Synchrony to review your application, which means that a hard credit pull will be made on your account, negatively impacting your credit score. If you’re approved, your minimum credit line will be $250. PayPal’s Purchase Protection also covers you, so if there’s an issue with an order, the company can refund your money. Your credit line is connected to your PayPal account. PayPal Credit lets you shop online anywhere PayPal is accepted.
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