Bill Me Later, which changed its name to PayPal Credit in 2014, is an online credit resource provided by Comenity Capital Bank. Like credit cards, PayPal Credit allows participants to purchase items instantly with flexible payment options.
The guidelines of PayPal Credit allow for various payment plans and offers to users. One of the more appealing aspects of PayPal Credit is the six-month window offered to complete payment of purchases totaling more than $99, as of 2015. In addition, PayPal Credit users can receive free shipping and use their existing PayPal accounts to manage payments.
The credit program formerly known as Bill Me Later has an Annual Percentage Rate of 19.99 percent, as of 2015. The Terms and Conditions of service are similar to that of any credit card issued by a major lender. Once a person applies and is approved for a PayPal Credit account, he is granted a line of credit equal to the purchase amount or $250, whichever is greater.
PayPal Credit is known for its "No Payments + No Interest if Paid in Full By" and "No Interest if Paid in Full By" financing options. Due to these promotional offers, payment rules vary by user and purchase.