Outline of Credit
It is important that you read the information provided to determine
if PayPal Credit is suitable for your needs. Please refer to
the Summary Box for more details.
Is PayPal Online Credit suitable for the
type of credit you are looking for?
PayPal Credit is a revolving credit product and would be an expensive
way to borrow large amounts over a long period. When making an application for
a PayPal credit account, you are applying for Online Credit. Please note you
will only be offered one of these products, depending on your credit score. It
is important that you read the information provided to determine if PayPal
Credit is suitable for your needs.
How much will I have to repay under the
Credit Agreement?
The total amount you have to repay will depend on how much you spend
using your PayPal Credit and how much of the outstanding balance you repay each
month. You can pay off as much of the balance each month as you would like, but
you must pay at least the minimum payment set out in your statement each month
before the date shown there. Details of how this is calculated are set out in
your pre-contract information. If you do not pay off the whole balance owed
every month, you will be charged interest, which could mean it will take you
longer, and cost you more, to repay the full balance.
What are the consequences for me if I do
not keep up with repayments?
It is important that you make at least the minimum payment when it is
due. Failure to make the minimum monthly payment on time will result in a late
payment fee of £12. Other interest may be charged. As a consequence of this,
the total cost of your debt may grow. If you donÕt make your payments on time,
we are entitled to record any defaults that you make at credit reference
agencies. This may make obtaining credit more difficult and more expensive in
the future. We may also be entitled to move funds from your PayPal account
Wallet to settle any outstanding payments. It could also result in legal action
being taken against you, by us, or a third party to whom we may have sold the
debt, which could result in a court order being obtained and you incurring
legal costs. A court order may result in any outstanding debt being secured
against your home.
What rights do I have to withdraw from
the Credit Agreement once I have entered into it?
If you decide that you no longer want your new PayPal Credit, you have
14 days from the day after you receive confirmation of PayPal Credit to tell us
you want to withdraw from the Credit Agreement. If you want to withdraw, you
must tell us before the end of this time by writing to us at PayPal
(Europe) S.ˆ r.l. et Cie, S.C.A. SociŽtŽ en Commandite par Actions. Our UK postal address (and
other contact details) can be found by visiting the Contact Us page, which is
accessible from most pages on paypal.co.uk. Our registered office address is
22-24 Boulevard Royal, L-2449, Luxembourg.
Are there any particular features of
this credit product that I should be aware of?
Before accepting a PayPal Credit agreement, you should read the SECCI
(pre-contractual information) and the Credit Agreement provided to you
carefully, to ensure that this is the best product for you and that you
understand the features of this product. Which credit product features should I
particularly note?
Which credit product features should I
particularly note?
Interest rates
There are different interest rates for purchases and cash transactions. These
are all set out in the Summary Box.
Interest rates may change
We may increase interest rates by giving you at least 30 days' notice. Any
increase could increase the amount you have to pay each month and mean that it
takes you longer to repay any outstanding balance. We may increase your
interest rate as a result of a rate change that is applicable to all borrowers,
or we may change the rate you are charged individually based on a number of
factors, such as credit risk and the way you use your account.
Introductory interest rates
Introductory interest rates may be offered with PayPal Credit. Details of these
are contained in the pre-contractual information and Credit Agreement.
For more information or further clarification, please call 0800 368
7155. Calls from mobiles may incur a charge. Calls may be monitored and
recorded.
Summary Box
|
This information summarises
the key PayPal Credit product features and it is not intended to replace any
terms and conditions. |
||||
|
APR |
Representative 17.9% APR (variable) |
|||
|
Other Interest Rates |
Introductory Rate |
Monthly Interest Rate |
Annual Interest Rate |
|
|
Purchases |
N/A |
1.382% |
17.9% |
|
|
Cash Advances |
Not currently possible
with PayPal Credit. |
|||
|
Balance Transfer |
Not currently possible
with PayPal Credit. |
|||
|
Promotional Offers |
The following
promotional offers are available at PayPalÕs discretion and subject to your
status: á You can pay for certain Transactions in
monthly instalment payments, with interest fixed at a promotional rate for
the offer period. We will let you know about the availability
of this offer and tell you about the specific terms that apply at the time
you enter into a promotional Transaction, but the interest rate offered will
always be lower than the standard variable rate and the available offer
periods vary from 6 to 48 months. (This is referred to as a ÒPromotional
Purchase OfferÓ) á
A
fixed rate of 0% interest p.a. for 4 months on transactions over £150. (This
is referred to as a ÒConditional Purchase OfferÓ) Please
note that Transactions under £150 made using your Credit Account are charged
interest at the standard variable rate (currently 17.9% p.a.). The standard
variable rate will also apply to any outstanding balance remaining at the end
of the offer period, and the promotional offer can be withdrawn in certain
circumstances. |
|||
|
Interest-free period |
á
Transactions
not subject to a Promotional Offer will receive a maximum of 56 days if the
balance is paid in full and on time. |
|||
|
Interest charging
information |
á You will not pay interest on Transactions
if you pay your balance in full and on time, except for any Promotional
Purchase Offers. á Promotional Purchase
Offers will be subject to the rate of interest offered, which will be
included in the monthly payment. á We calculate interest
on a daily basis from the date the Transaction is added to the Credit Account
and add the interest to your Credit Account on your statement date. |
|||
|
Allocation of Payments |
If you do not pay the Credit Account balance in
full in any month, we will apply your payment to outstanding amounts on your
statement in the following order: A. first, to any
Promotional Purchase Offer
Transaction monthly instalments due; then to B. the Standard
Balance; then to C. any Promotional
Balance; then to D. any other balance
shown on that statement. In each category, payments will be allocated in
order from the balance subject to the highest interest rate to the balance
subject to the lowest interest rate. In the case of the Standard Balance,
interest and charges will be paid in advance of Transactions. Where two
Promotional Balance Transactions have the same interest rate, the soonest
expiring will be repaid first. For further details, please refer to your Credit
Agreement. |
|||
|
Minimum Repayment |
plus: B. the Standard Monthly Balance
Payment Amount, being the greater of: i.
1% of the outstanding
balance (excluding the balance of your Promotional Purchase Offer Transactions) on the Credit
Account plus interest and default charges on the statement; or ii.
£5; or iii. the whole
amount of the outstanding balance (excluding the balance of your Promotional
Purchase Offer Transactions) on the Credit Account if such amount is less
than £5. plus: iv. amounts due for payment in arrears. If your outstanding balance on the Credit Account (including the balance
of your Promotional Purchase Offer
Transactions) is less than £5, the
minimum payment will be the whole amount owed. |
|||
|
Amount of Credit |
Minimum credit limit |
£250.00 |
||
|
Maximum credit limit |
£8,000.00 (subject to
status) |
|||
|
Fees |
No annual fee. |
|||
|
Charges |
£5 for each additional
copy of a paper statement you request from us. Please see your Credit Agreement for more details. |
|||
|
Default charges |
Late payment fee: £12.00 Returned payment fee:
£12.00 |
|||