I’m thinking of using PayPal credit to fund a new bike that I desperately need don’t really need.

The way I want to go about it, migrating existing parts, will mean that I end up with quite a lot of new and used parts that I want to sell to help pay off the credit a smidge earlier.

Does anyone know if you can pay it off early without incurring any charges or owt, and anyone have anything to say about the experience generally good or bad?

Cheers.

If you don’t really need it then why not save up the money for it and then buy it – debt is, after all, stealing from your own future.

What? I don’t get it…
😉

But seriously, this isn’t about the idea of debt. I have no problems with borrowing, my education is based on it after all. It has allowed me to spread the cost of things for years now. Not an issue.

Does anyone know if you can pay it off early without incurring any charges or owt, and anyone have anything to say about the experience generally good or bad?

You have four months to pay it off before any charges (purchases over 140). I have it and used a couple of times when I didn’t have my CC to hand. All good so far.

Their terms are for a 24 month period interest free. Debt would be £1800.
I wonder if there are different types then as there would be no point in a two year term if you had to pay it back in four months Shirley…

A really annoying feature is that is repeatedly becomes your default payment option, so if you’re buying something in hurry, it’s easy to shove it on your credit account if your aren’t aware.
I’ve got an Indian take away for four that I’ve now spread over twelve months after a hasty Just-Eat purchase.

Yeah you can pay it off early if need be so long as you are taking it from a debit source and not a credit source. They won’t let you pay credit down with credit.

My advice would be a 0% credit card if you’re that desperate for the credit as the Paypal credit APR isn’t the best.

I’ve got an Indian take away for four that I’ve now spread over twelve months after a hasty Just-Eat purchase.

😆

My advice would be a 0% credit card if you’re that desperate for the credit as the Paypal credit APR isn’t the best.

It’s interest free for 24 months though. If I’m paying it off monthly to meet that I’m sweet right? It’s only if I forget a payment or go over the 24 months afaik

I find it okay, APR is 19% I think which is comparable with the best CCs – there’s an interest free element based on amount spent, upto 2 years.

It’s become my little bike bits slush fund, I’m yet to pay any interest yet and I needed to have some more history for a future mortgage app anyway.

Their underwriting criteria is a bit non-standard, but seems better than the standard UK model, not sure how many people get big limits with them though. Even though my income is good (I think so anyway) and my current level of debt almost zero, they only offered me £500 and they don’t offer increases at the moment, in theory whatever you get on day 1, is what you’re going to get – but I assume they’ll change that.

Oh, as for bad experiences:

2 weeks ago someone gained access to my PP account, they tried to buy some clothes online, but did it in such as way as it was easy to spot and easily reversible before the money left my account.

They also made two transfer from my PP account to my PP credit account, the strange thing to me (I work a little in bank fraud 10 years ago) is they they could have easily spent more, and in such a way that would have been much harder to stop before they money reached the retailer and not many fraudsters are too concerned with paying someone else’s credit account. So on the balance of probabilities I don’t think it was a band of hardcore cyber thieves trying to skank a pair of fancy shoes from me, but a system fault that meant someone else accessed my account instead of their own (there was also an e-mail showing that “Lucy” had removed their iPhone from the account).

PP sorted the clothing paying within an hour, but they steadfastly refused to admit that the payments to the Paypal Credit account were unauthorized, going to far to send me 2 e-mails telling me I was wrong and refusing to stop the payments from my Bank despite them being actioned at the same time as the clothing payment, not that it would have made much difference but I got the Bank to stop them. Finally, and only after I e-mailed the PP Credit team did they admit I hadn’t done it myself, they didn’t offer any apology, just an acknowledgement it had happened and that as a payment wasn’t due anyway, they wouldn’t fine me or detrimentally change my credit file history – the fine would have been a pain, but if they’d shown a missed payment on my CRAs because of a system error I would have been furious – I can only assume it’s more luck than judgement.

Another slight PITA is that their is limited functionality with the PP app for the credit side, you can’t make a payment to PP Credit using the app.