guver

My Feedback: (325)

HobbyKing has an option during checkout in addition to the regular Paypal. "Paypal PayLater 3 Months Interest Free"

They have indicated that it is a "paypal" thing. Paypal pays then receives payment fom the buyer 3 months later. This doesn't sound right?

Has anyone ever used it? How does it work?

redfisher1974

I will have to look into this.

redfisher1974

I see its been around since 2007 and its a credit service.

redfisher1974

What is PayPal Buyer Credit?
PayPal Buyer Credit is a personal line of credit exclusively for PayPal members. It lets you make low monthly payments on PayPal purchases, so you can shop now and pay later. PayPal Buyer Credit is an additional way to fund your purchases through your PayPal account.

What are the benefits of having PayPal Buyer Credit?
PayPal Buyer Credit is a secure, convenient, and flexible way to fund your purchases made with PayPal, allowing you to shop now and pay later:

Makes any PayPal purchase more affordable with low monthly payments
Offers convenient, money-saving opportunities with promotional financing
Increases your purchasing power by adding another funding option
Covers your purchases with full Buyer Protection from PayPal
Lets you shop with ease anywhere PayPal is accepted
Saves money with no annual fees
Increases your total PayPal sending limit
How do I apply for PayPal Buyer Credit?
Applying for PayPal Buyer Credit is fast, easy, and secure; you can get your credit decision in as soon as 30 seconds! To begin the application process, click here.

How high of a credit line can I receive?
Your credit line is determined by your credit history. Once you are approved for credit, you will be told the amount of your credit line. Get your credit decision in as soon as 30 seconds! To begin the application process, click here.

Where can I use PayPal Buyer Credit?
You can use PayPal Buyer Credit to fund purchases on eBay listings that accept PayPal and anywhere else PayPal payments are accepted.

Is PayPal Buyer Credit available outside the U.S.?
At this time, only buyers residing in the U.S. with a U.S. PayPal account can apply and be approved for PayPal Buyer Credit.

Do I make payments to the seller?
No. The seller gets paid in full by PayPal right away. You make payments to the financial entity behind PayPal Buyer Credit, GE Money Bank.

Why would I want to use PayPal Buyer Credit instead of a credit card?
PayPal Buyer Credit is an additional line of credit that you can use anywhere PayPal is accepted, freeing up your credit cards for other purchases. In addition, you may be able to take advantage of promotional financing offers. When you purchase an item with promotional financing, you can take advantage of deferred-interest or fixed-payment promotions (see details).

What is promotional financing?
Promotional financing refers to financing programs that offer deferred interest (and in some cases, no payments for a number of months), or fixed payments. The promotional financing offers that may be available include:

No interest if paid in 3 months and no payments for 3 months for total purchases over $199.00 USD (see details)
No interest if paid in 6 months for total purchases over $199.00 USD. Monthly payments required (see details)
No interest if paid in 12 months for total purchases over $199.00 USD. Monthly payments required (see details)
12 fixed monthly payments at 12.9% APR for total purchases over $999.00 USD (see details)
24 fixed monthly payments at 12.9% APR for total purchases over $1,999.00 USD (see details)
Promotional financing may be offered by qualified sellers. If you purchase more than one item from a seller, at least one of which qualifies for a promotional financing offer, your total purchase will receive the same promotional financing offer.

What does no interest if paid in 3, 6, or 12 months mean?
"No interest" financing allows you to avoid paying any interest on the promotional balance as long as the promotional balance is paid in full by the end of the promotional period. For both the 6 month promotion (see details) and the 12 month promotion (see details), you are required to make a minimum monthly payment on the promotional balance during the promotional period. For the 3 month promotion, no minimum monthly payments are required on the promotional balance during the promotional period (see details).

What does fixed payments for 12 or 24 months mean?
"Fixed monthly payments" financing allows you to make the same payment every month until the promotional balance is paid in full. In addition, an APR of 12.9% will apply to your promotional balance until it is paid in full. See details on the 12 fixed monthly payments offer. See details on the 24 fixed monthly payments offer.

Are minimum payments required on promotional financing?
Minimum monthly payments are not required on the promotional balance during the promotional period for the "no interest if paid in 3 months and no payments for 3 months" offer (see details). However, minimum monthly payments are required during the promotional period for all other promotional financing offers (see details).

Who is the financial entity behind PayPal Buyer credit?
Financing is provided by GE Money Bank, one of the leading providers of consumer credit.

Can I purchase multiple items from a seller and qualify for the best promotional financing offer?
When you purchase multiple items from a seller with a single payment and one of the items has promotional financing available, the promotional financing offer will apply to the total purchase if the total transaction amount exceeds the minimum purchase requirement for that promotion. If multiple items you purchase from a seller have different promotional financing offers available, the promotion deemed most favorable will be applied to your total purchase if the total transaction amount exceeds the minimum purchase requirement for that promotion.

What if promotional financing isn't offered on the eBay item I want to purchase?
An eBay seller who offers PayPal Buyer Protection on an eBay listing is eligible to offer promotional financing. You may email the seller and ask if he or she would consider revising the item to add a promotional financing offer. Although this is completely at the seller's discretion, a promotional financing offer can be added at any time until a listing closes. If a seller chooses not to offer promotional financing, you may still use PayPal Buyer Credit to fund any PayPal purchase and make low monthly payments.

Where can I find more information about PayPal Buyer Credit?
You can learn more about PayPal Buyer Credit by visiting PayPal.com

guver

My Feedback: (325)

HK offers this checkbox for orders over $150. Has anyone ever used this at the checkout cart?

LewAshby

Paypal is getting into the loan sharking business now?

guver, if you cannot afford it when you place your order, then wait until you are able to afford it.

pythonfan

My Feedback: (1)

Agreed, i did this on tower with there bill me later and for a 300 truck i payed 800 after i finally got it payed off.

guver

My Feedback: (325)

I'm not sure that Paypal's smart connect is what is being offered at HK (with orders over 150 usd)

PayLater Available

3 Months Interest Free! No repayments and no interest for 3 Months on purchases above $150. Just select PayLater during checkout!

Here's what I want to know. What happens exactly AFTER selecting this upon checkout?

guver

My Feedback: (325)

I just tried this again and it happened again. Does anyone select the Paypal No Pay for 3 months option?  and explain how it is supposed to work?

Here's what HK tells me (again) Paypal pays for the order immediately and then takes the payment from buyer 3 months later.

Here's what happens to my order (again) When selecting this option it goes directly to my Paypal account and acts just like an imediate payment from my Paypal balance. The the order just sets at HK as pending/unpaid even though it has been paid for.

proanti1

My Feedback: (2)

Ok... you have 3 months to pay HK the money, or they start charging you interest. How complicated is that? The "no payments" thing means its not required to pay... for 3 months, but after 3 months, HK is going to wonder why you haven't paid them. A month and 50 phone calls will pass, then Vinnie and Gus will show up at your door to break your knee caps. I have used it (not for HK, but for other websites). You need to be approved by paypal for a credit line first.

iexion

It requires a credit check. Its the same as any other service that says "buy now pay later" And if you apply for this and are declined, they have to send you a report (by law) in paper stating the reason why you we're declined ( because you credit sucks much like the other 89% of America)

guver

My Feedback: (325)

Has anyone ever used it?
How does it work?
Has anyone ever used this at the checkout cart?
Here's what I want to know. What happens exactly AFTER selecting this upon checkout?
Does anyone select the Paypal No Pay for 3 months option?  and explain how it is supposed to work?

These are the questions in this thread. Maybe I'm brain dead again. [&:]

Eman77

Screw that. I'd rather pay for stuff when I actually have the money, not when I'm guessing I will in a few months (and potentially forget and blow it on something else, thereby kicking in a brutal interest rate). [&:]

kaiser01

lol, it's the american way eman!

i never buy rc on credit, that's no way to fund a hobby. way too easy to get carried away.

Nik.

should have bought

from

iexion

I'm the exact same way about things. Unless your making a "larger Purchase" (home & Auto... or a big TV) you really don't need to use credit... then again im not making $100,000 a year either

proanti1

My Feedback: (2)

Using credit is a good way to establish your credit score. Everyone turning 18 should get a credit card if they have a means and responsibility to pay it off.

iexion

Did you really just say that [&:]?

proanti1

My Feedback: (2)

You forgot to bold the part where I said to only do it if you are responsible enough to pay it on time. In this day an age, you need a good credit score to do anything, and you need a credit card to get that good score.

iexion

how about getting a electricity bill, paying rent (your own place) and being at a job for more then a year. Have some good references and apply for a small loan. That's a good way to start. I don't think responsibility has as much to due with living at your parents place with a credit card as it does moving out, keeping a job and paying your own bills. One of my buddies bought a $30,000 car with no cosigner and his still doesnt touch a credit card. Lets not mention the APR can skyrocket if you miss a payment because you made a payment online and it confirmed the payment went thru (when it really didnt).

The best way to use a credit card is to of coarse always pay more then the amount due but more importantly to use any advantages that the company offers with their product(s) (frequent flier miles)

That doesn't sound like any 18 year old I've even met/seen or know (maybe its just me tho)

proanti1

My Feedback: (2)

Well there are other alternatives. I, as well as a bunch of my friends, all got credit cards around 18. Maybe its just me, but it was a really good way to jack our credit scores up to 700 in no time.

sheograth

Paypal Buyer Credit should be avoided, it is what it is but the rates are bad and their practices a bit predatory.

If you can't afford to buy something outright (other than something major like property or a car) you probably shouldn't be buying it.

ox_man

i only use my credit card for either online purchases or a large purchase, but then again i pay it off either end of the month or with in the next month. Most of my credit has been built by small loans from my bank. I was told it looks more better/responsible to have more secured loans then unsecured aka credit cards