Where Can I use PayPal Pay in 4? PayPal Pay in 4 is PayPal’s buy now, pay later (BNPL) service for online shoppers. If you use this option at checkout, you can split your purchase into four equal payments with no interest or fees. If you qualify, PayPal Pay in 4 can be a useful way to finance your purchases over a period of six weeks. But be careful not to let the temptation to buy now, pay later cause you to spend more than you can afford to pay back.
Where Can I use PayPal Pay in 4?
PayPal Pay in 4 lets you split up payments on your purchases at eligible online retailers into four equal payments. You’ll make the first payment upfront and pay the remaining ones every two weeks for a total repayment period of six weeks.
For example, let’s say you were buying an item for $400. You’d pay $100 at checkout, and then three additional payments of $100 in two-week intervals. PayPal Pay in 4 does not charge any interest, origination fees, late fees or other fees.
Note that PayPal Pay in 4 is only available on certain goods at select merchants where PayPal is accepted. You must hold a PayPal account and link up an accepted payment method, such as a bank account, credit card or debit card.
You can select PayPal Pay in 4 at checkout and receive an instant decision about your approval. PayPal will run a soft credit check at the time, but this won’t impact your credit score. If you’re approved, you’ll need to sign a loan agreement that outlines the details of this point-of-sale service.
Who PayPal Pay In 4 Is Best For
PayPal Pay in 4 is best for shoppers who:
- Want to spread out payments on a purchase over time. If you don’t want to pay the full purchase price upfront, PayPal Pay in 4 lets you split up the payment over a month and a half.
- Have strong enough credit to qualify. PayPal will run a soft credit check before approving you.
- Have a PayPal account in good standing. You must have a PayPal account to use this service.
- Are new to BNPL arrangements. Since PayPal Pay in 4 only offers a single payment plan, it’s a simple and straightforward way to test out this type of point-of-sale installment loan.
- Want the security of purchase protection. PayPal guarantees a refund on eligible purchases if there’s a problem with the item or if it never arrives.
Who PayPal Pay In 4 Isn’t Right For
PayPal Pay in 4 might not make sense for you if you:
- Aren’t sure you can afford the biweekly payments. If you find yourself overspending due to BPNL options, it might be better to limit your transactions to ones you can pay in full upfront.
- Are looking to spread out payments for a longer period than six weeks. Some other BPNL services offer a greater variety of repayment options than PayPal’s four-payment plan.
- Want to make a purchase greater than $1,500. Only purchases between $30 and $1,500 are eligible.
- Are younger than 18. You must be at least 18 to qualify.
- Live in a nonparticipating state. PayPal Pay in 4 is not currently available to residents of Missouri, Nevada, New Mexico, North Dakota, Wisconsin or any U.S. territories.
How PayPal Pay In 4 Works
If you’d like to use PayPal Pay in 4, you can select it at checkout on eligible purchases with participating online merchants. Some popular stores that accept PayPal Pay in 4 include Target, Best Buy and Bed Bath & Beyond.
You’ll read over a loan agreement and submit a simple application with some personal details. Then, you’ll get an instant decision about whether or not you’ve been approved.
You’ll pay 25% of the purchase price upfront. PayPal will then charge your same payment method 15 days later, plus two more times after that.
PayPal Pay In 4 Details
There are no costs associated with PayPal Pay in 4. While this service is a point-of-sale installment loan, it does not charge interest, origination fees or late fees. There are also no penalties for paying off the purchase early.
That said, you could rack up fees from your bank if you overdraw on your account or interest from your credit card company if you don’t pay off your charges within the month.
To be eligible for PayPal Pay in 4, you must purchase an eligible item that costs between $30 and $1,500 from a participating online merchant that accepts PayPal. You also must be at least 18 years old and live in an eligible state. Finally, you must pass PayPal’s soft credit check or your application for Pay in 4 could be denied.
PayPal offers purchase protection on eligible transactions that you make with PayPal Pay in 4. If there’s a problem with the item you ordered (or you don’t receive it), you can let PayPal know within 60 days and it may refund your purchase price and shipping costs.
How to Use PayPal Pay In 4
When you’re shopping online, keep an eye out for the PayPal Pay in 4 option at checkout. After selecting it, read over the terms of the loan agreement. Then, fill out PayPal’s short application and wait for a decision.
If you’re approved, you’ll select your payment method and make your first payment. It could be worth noting the dates of your next three payments in your calendar so you know when to expect them.
If you’re using your bank account as your payment method, make sure there’s enough in your account to cover these automatic withdrawals. If you opt for a credit card, keep an eye out for the charges and try to pay them off in full each month so you don’t accrue interest charges.
Once you’ve made your fourth and final payment, you will have paid off your loan in full and no longer have to make payments.
What purchases are eligible for PayPal Pay in 4?
The next obvious question: who accepts PayPal Pay in 4? PayPal Pay in 4 can be used when you make an online purchase in any of millions of online stores which support the PayPal buy now pay later payment method.
In general terms, PayPal Pay in 4 is available on purchases valued at between 30 USD and 1,500 USD.
However, not all stores which accept PayPal payments will offer a payment plan – and not all goods being sold are eligible for the Pay in 4 PayPal service.
When you’re making a purchase online, you’ll be offered Pay in 4 if the goods are eligible, and the merchant supports this payment method.
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