How Do Bill Me Later Terms Work?


Quick Answer

The terms of the PayPal Credit program, formerly known as Bill Me Later, serve as the rules for participation to which each applicant must agree before participation in the program. They include details about the annual interest rate on any line of credit a customer takes out, the fees for making a late payment and a description of the method for determining the current balance due to the lending institution.

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Full Answer

PayPal offers customers the ability to take out a line of credit with Comenity Capital Bank in order to cover the full cost of a purchase, often when the customer does not have access to the full funds necessary for the item. When participating in the PayPal Credit program, the customer is then able to pay off the purchase in monthly installments in exchange for paying interest on any outstanding balance after a set period of time. The program features a full set of terms that explain how the system works and what the customer can expect from participation.

The terms of an individual loan with the program may also change over time, with changes affecting the interest rates, associated fees or requirements for minimum payments. The terms also include disclosures on any specific requirements or rules for residents of certain states, such as California residents being able to apply for separate accounts. It also features a definition of terms in the contract and information about the full application and dispute process for the loan.

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