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Pay Pal Credit

Community Veteran
Posts: 38,244
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Registered: 15-06-2007

Pay Pal Credit

Just received this by email
Quote
Spread the cost of your next break with PayPal Credit. 
Head to the coast, explore the markets in Marrakech, or camp in the Lake District. Whatever you’re planning this Easter, PayPal Credit can help give you a manageable way to pay for your adventure.
PayPal Credit works like a credit card. It takes minutes to apply and, if you’re successful, you’ll get a credit limit in your account in seconds. And whenever you spend £150 or more in one transaction, you’ll enjoy a 4-month interest free period – you just need to keep up your monthly repayments and stay within your credit limit.
I won't be touching it but I wonder if they have or need a banking license
22 REPLIES
Community Veteran
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Registered: 08-01-2008

Re: Pay Pal Credit

That would be a 'Consumer Credit Authorisation' from the FCA: https://www.fca.org.uk/firms/firm-types/consumer-credit
Call me 'w23'
At any given moment in the universe many things happen. Coincidence is a matter of how close these events are in space, time and relationship.
Opinions expressed in forum posts are those of the poster, others may have different views.
nadger
Rising Star
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Re: Pay Pal Credit

Like many here I've used PayPay for many years ( over 12) to pay for items purchased on eBay.
Can't really see the point of PayPay credit when account already linked to a credit card.
Community Veteran
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Registered: 08-01-2008

Re: Pay Pal Credit

It allows more of the current trend of buying even more stuff we can't afford and paying later.
Call me 'w23'
At any given moment in the universe many things happen. Coincidence is a matter of how close these events are in space, time and relationship.
Opinions expressed in forum posts are those of the poster, others may have different views.
Community Veteran
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Registered: 06-11-2007

Re: Pay Pal Credit

I got that one, too, Jim.... like you, I won`t be using it.....
to me, it is a bit cynical, trying to get "vulnerable" people, who may already be in deep debt, to go deeper into debt...
Way, back, When.... I remember, that the way you got a credit card, was to apply to your bank manager, and if he "approved" you , with his "wisdom" and "knowledge" of you and your financial affairs, then you were considered to be " credit worthy ".. now, it just seems anyone with a bit of guts ( to input "misleading" info) can get one...
Community Veteran
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Re: Pay Pal Credit

I got the same email too, it's just one of them things where they offer to make you look richer while being poorer, cos you apply for a loan with them, spend a bunch of the cash on ebay, pay with paypal (therefore they get transaction fees paid to them!!) and have to pay the lot back eventually, so in the long run, they're rolling in it while we're not... Smiley
Easier just to take the money you would have been paying back monthly with their calculated interest interest, stick it in a savings account, and you'd end up with more money saved than you'd have gotten with a loan, AND you'd have a few pennies of interest ontop from keeping it in a savings account too... Cool
Community Veteran
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Registered: 02-08-2007

Re: Pay Pal Credit

Also got one of these emails from PayPal, it's just another company trying to extract as much money from you as possible.
I have never felt the need to have more than 2 cards, a bank card and a credit card.
Never ceases to amaze me at the number of different cards some people carry, imagine losing or getting them stolen, it would take hours to contact all the companies involved to cancell them and arrange for replacement cards.
PowerLee
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Re: Pay Pal Credit

I to got that Paypal email, read it then binned it  Grin
Moderator
Moderator
Posts: 16,527
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Registered: 06-04-2007

Re: Pay Pal Credit

Same here. But I can imagine many people who are not financially savy going for it then having a spending spree.

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Courage is resistance to fear, mastery of fear, not absence of fear - Mark Twain
He who feared he would not succeed sat still

Community Veteran
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Re: Pay Pal Credit

Quote from: gleneagles
Never ceases to amaze me at the number of different cards some people carry

It's bad enough remembering the details for one.
Believe it or not yesterday was the first time I used chip and pin.
At first I was a bit flummoxed what was the number then I realised of course the same one I always use in the hole in the wall. Except it was rejected. Tried it again, rejected. The cashier restarted the process and I tried a possible alternative, rejected. I thought this is plain silly and put in the same original number and it was accepted.
No idea why the machine should reject the same number twice at the start. Running a bit slow maybe.
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Re: Pay Pal Credit

Quote from: billnotben
No idea why the machine should reject the same number twice at the start. Running a bit slow maybe.

Maybe it didn't like the way you entered the numbers - did you do them is a haphazard or angry action? You do know these readers have feelings and will rise against us in the future Cheesy

Forum Moderator and Customer
Courage is resistance to fear, mastery of fear, not absence of fear - Mark Twain
He who feared he would not succeed sat still

Community Veteran
Posts: 5,336
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Registered: 23-09-2010

Re: Pay Pal Credit

I started with a friendly caress of the number pad.
But the only language the machine understood was a harsh stabbing of the keys. Smiley
Community Veteran
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Re: Pay Pal Credit

Quote from: PowerLee
I to got that Paypal email, read it then binned it  Grin


Plus one!  Cool
Geoff,
York.
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Re: Pay Pal Credit

I got the email, it is interesting for sure, but since paypal is turning more and more like a bank I imagine its only a matter of time before HRMC take a interest.
I do have the paypal debit card, which expires may this year, waiting to see if they renew it as a fair few people who also had it never got a new card after expiry.
Community Veteran
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Re: Pay Pal Credit

Quote from: chrcoluk
I got the email, it is interesting for sure, but since paypal is turning more and more like a bank I imagine its only a matter of time before HRMC take a interest.

I assume you mean HMRC. Why should they 'Take an interest'?