PayPal “Pay in 3 installments”: the name already makes it clear how the new service offered by the Californian company to its customer’s works. This is a novelty that closely follows the substantial update that has in fact transformed the app into a real digital wallet and further enriches the offer through the possibility of requesting financing for payment in three installments without interest of products purchased whose price is between 30 and 2,000 euros.
Operation is simple and involves an initial payment followed by monthly installments spread over 2 months “starting from the date of signing the loan agreement“:
- initial payment at the time of purchase (1st installment). NB: the financing starts once the conditions are accepted by the user, and not after the 14-day withdrawal period has expired
- payment of the 2nd installment the following month
- payment of the 3rd installment after 2 months
- interests: 0
- default charges: 0
- APR: 0
- early repayment: it is possible, in whole or in part, without charges
- withdrawal: possible at any time without giving any reasons (within 14 days from the date of signing the loan agreement)
- instrument: confirmed credit/debit card or c / clinked to the PayPal account
The amount of the loan is in Euros and corresponds to the total amount paid by the user for eligible purchases made on a merchant’s website, therein. including in particular the price of the purchased item plus shipping costs, taxes, the currency conversion rate and the currency conversion rate, if applicable, as well as any other fees or costs charged by the merchant.
Pay in 3 installments it can only be requested by natural persons resident in Italy aged 18 or over and holders of a Personal PayPal account with a valid credit or debit card or confirmed bank account linked to the PayPal account.