What are the ins and outs of Easy Payments Ebay Paypal Credit?

[Azuresoul]

I'm completely new to paypal credit. How does interests work with the Ebay payments. For example, it costs 1399 for a macbook and the offer says 58.33 a month for 24 months. Assuming I pay the monthly payments on time, how does the interest work? Is it just interest based on credit score? Is there an info I need to be aware of even if I pay monthly on time? I don't understand how it works at all. Thanks.

[DPCreations]

Thre should be details with the offer; you really need to look at the details.

Every offer will be unique; we have no information about the details with your offer.

When paying money there will be significant interest charges, similar to what a credit card company would chareg.

[sharpiemarker]

https://www.paypal.com/us/webapps/mpp/credit-easy-payments-static1

0% until term (6, 12, 18 months) and it's 19% APR if any balance is left over.

[Azuresoul]

Does this include 24 months as well? I'm assuming it does. It is detailed as a 24 monthly payment.

[DPCreations]

It's whatever shows for your specific details.  Each offer is for a specific purchase and based on your own creditworthiness.  The monthly plans will be easy-payment plans.  There are also revolving credit plans, more like a credit card.  You just need to look at your details.

[Azuresoul]

Okay, I was really confused since the 24 month plan was not included in their terms and conditions. I should have added this photo in my first post. Thanks.

 

[DPCreations · Accepted solution]

Did this offer show up for a $1,400 purchase you are planning or was it just an example for an credit application?

It looks like you are offered a 24-month plan for $1,400.  Based on the numbers, there is NO interest as long as you make the 24 monthly payments on time.

If you fail to make the payments on time, then you will be charged BACK interest on your balances; that means the accrued insterest which can be significant.   PayPal just keeps track of the acrued interest just in case your falter with payments.  It's really important to look at your detailed PDF PayPal Credit statement each month so you know what is going on.

PayPal Credit is a great tool as long as you use it wisely and NEVER make a late payment.  Follow the rules and it's fine.

[Azuresoul]

I'm pretty sure it's just an example application, but now I understand it.

[DPCreations]

The reason I asked about the example rather than a planned purchase is just so that you understand an accepted application dooesn't mean you will be able to use PayPal Credit for any specific purchase.  It will only be offered at time of purchase when all unspecified risk parameters are met and even then the offer may be different.  So, it's important understand the details of an offer made at time of purchase; there are other offers.

[JDunst69]

that's what i want to know this is my first time using the Easy Payments. for mine it's like 45 for 12 months on a 470 dollar purchase, will i be able to add to the 45 when i please or is it per month?