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This article was published on April 14, 2016

PayPal starts lending money to UK users to buy more things they don’t need

PayPal starts lending money to UK users to buy more things they don’t need
Amanda Connolly
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Amanda Connolly

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Amanda Connolly is a reporter for The Next Web, currently based in London. Originally from Ireland, Amanda previously worked in press and ed Amanda Connolly is a reporter for The Next Web, currently based in London. Originally from Ireland, Amanda previously worked in press and editorial at the Web Summit. She’s interested in all things tech, with a particular fondness for lifestyle and creative tech and the spaces where these intersect. Twitter

Online shopping is great – it’s convenient, quick and pretty reliable. However, its ease is what makes it so addictive and people, myself included, often spend money on things they really don’t need. When you’re not handing over cold hard cash, it’s a lot easier to justify the price of pretty much anything.

So, PayPal is getting in on this game and is now launching its Credit feature in the UK, which allows you to borrow money for online shopping.

PayPal Credit lets you use your account in the same way you would use a credit card and you can spread the costs of online payments so they don’t leave you broke. If your payment is over £150, PayPal makes it interest-free for the first four months. After that you’ll be charged 17.9 percent interest.

Anyone who has a PayPal account can apply for the Credit option but it will need to be approved before you can start flashing the virtual cash.

The company has also partnered with some retailers in the UK, including Samsung, Dyson and Millets, to offer promotional interest-free options that last longer than the usual four months.

So, if you’ve bookmarked more than you can afford then perhaps PayPal can give you a helping hand… Although, it’s a slippery slope if you’re not responsible.

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