PayPal Pay in 3 and PayPal Credit FAQ's
PayPal Pay in 3
What is PayPal Pay in 3?
PayPal Pay in 3 is an interest-free loan for purchases between £30 - £2,000. It lets you split your basket into 3 payments, with the first due at time of purchase and subsequent payments due every month on the same date.
It’s a great way to spread the cost of larger items or to cover emergencies, and is a helpful tool to manage your budget more effectively. Please note that Pay in 3 is a form of credit, so carefully consider whether you can afford the repayments and possible impact to your credit score.
Will I be able to use PayPal Pay in 3?
PayPal is offering PayPal Pay in 3 to a growing number of our UK customers. PayPal may decide not to offer PayPal Pay in 3 as a payment option in certain circumstances, such as where their checks suggest an increased risk of fraud or where data they hold suggests you may not be eligible.
How long will my PayPal Pay in 3 plan last?
Your plan will last 2 months in total. The first payment will be due at the time of purchase, followed by 2 further payments due each month after that.
If you choose PayPal Pay in 3 as your payment method when you check out with PayPal, you’ll be taken through the application process. You’ll get a decision instantly, but not everyone will be approved based on PayPal's internal checks.
What information do I need to apply for PayPal Pay in 3?
To apply for PayPal Pay in 3, you’ll need to provide your:
- Title
- Phone number
- Address
- Date of birth
- Debit card information
How is my application for PayPal Pay in 3 assessed?
PayPal's decision making process is automated. They assess your financial position using a combination of the information you provided within your application, and information about your usage and history with PayPal to decide whether PayPal Pay in 3 is suitable for you at this time.
Will applying for PayPal Pay in 3 impact my credit file?
If needed, PayPal will run a soft credit check with an external credit reference agency. This leaves no permanent mark on a customer’s credit record if they choose not to progress. However, if a customer decides to use Pay in 3, they will report their ongoing performance to credit reference agencies as they believe this promotes responsible lending. So, it’s important that you’re able to keep up your repayments and that you’re comfortable that they’re affordable.
Are there any fees associated with PayPal Pay in 3?
There are no fees for choosing to pay with PayPal Pay in 3.
You can read more about PayPal Pay in 3 here.
PayPal Credit
What is PayPal Credit?
Simply spend over £99 and you get 0% interest for 4 months on that purchase. You can use this offer again and again on every purchase over £99. PayPal Credit is the perfect way to spread the cost of those larger purchases.
How do I apply?
Applying for PayPal Credit is easy. Simply complete PayPal's short application form here and if approved and once you accept the Credit Agreement, you’ll have a credit limit linked to your PayPal account almost straight away.