You’ll then be directed to log into your PayPal account, where you’ll see PayPal Pay in 4 as one of the available payment methods. At the checkout, you’ll have the option to pay via PayPal Pay in 4.We want you to shop with confidence, so we’ve provided all the info you need below. If you choose to pay using PayPal Pay in 4, please remember to spend responsibly – sometimes, delaying or splitting up payments might not always be the best option. PayPal Pay in 4 gives you extra flexibility when paying for your order as you're able to spread the cost through instalments. Your credit score will not be impacted by the soft credit check. When applying to use PayPal Pay in 4, a soft credit check may be required to assess your credit worthiness, so your application to use PayPal Pay in 4 may be rejected.You’ll need to spend $30 or more (up to $1500) to pay using PayPal Pay in 4.Please note, PayPal Pay in 4 is not currently available to residents in New Mexico, North Dakota, Missouri, South Dakota, Wisconsin, or any U.S. You must have a US bank account and residential address.To pay with PayPal Pay in 4, you must be over 18 years old and have a PayPal account with a valid debit card linked to it.The first payment will be due at time of purchase and subsequent 3 payments will be due every 2 weeks. PayPal Pay in 4 is a payment method where you can buy now and pay later by splitting the cost of your order over four instalments. Take this survey and tell us how you want to take your money and career to the next level. Missing a payment could hurt your credit score, can potentially disqualify you from getting certain loans or credit cards and may mean you'll pay higher interest charges on the credit cards, mortgages or car loans you're able to receive.Įditor's note: This story has been updated to include additional information about Affirm's and Klarna's "Pay in 4" offerings.ĭON'T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter! Whether you're using a buy now, pay later service or a credit card, it's important to remember that you're still borrowing money that you'll need to pay back eventually. Before taking on more debt, be sure to review your current financial situation and evaluate if you'll be able to pay off what you owe before it becomes unmanageable. However, a late payment could negatively impact your ability to get a loan in the future and possibly hurt your credit score.Īs with credit cards, buy now pay later services can put you at risk of piling on debt faster than you realize if you're not careful.
Loan amount limit: Between $30 and $1,500.Payback timeframe: 4 payments over 6 weeks first payment is due at time of purchase.You'll need to link a debit card connected to your Apple Wallet as your loan repayment method.Īpple says users will be able to view, track and manage all of their loans within their Apple Wallet and will be able to see the total amount of their existing loans as well as the total amount due within the next 30 days.Īpple is the latest to enter the growing micro-loan space and joins popular BNPL services such as Affirm, Afterpay, Klarna and PayPal's "Pay in 4" option. Purchases using the new service will be authenticated using Face ID, Touch ID or a passcode.Īfter Apple Pay Later is initially set up, you'll also be able to apply for a loan right at checkout. If you're is approved for the loan, you'll see the Pay Later option when you use Apple Pay online or make in-app purchases on iPhones and iPads. This process won't impact your credit score and is done to ensure you're in a "good financial position" before taking on the loan, according to the company's press release. Prior to making a purchase, Apple Pay Later users can apply for a loan between $50 and $1,000 and use it for in-app purchases or to buy products online through retailers that accept Apple Pay.Īfter you indicate the amount you would like to borrow, Apple conducts a soft credit check, which reviews your credit score to get an idea of how well you're managing your current credit.
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