If you shop online frequently, and pay using PayPal, you may have seen offers of PayPal Pay in 4¹. Show
This buy now pay later service lets you spread the costs of your purchase over time, with 4 interest free payments spread over a few weeks. Not sure if PayPal Pay in 4 is right for you? Use this guide to learn more. PayPal international purchases can come with steep currency conversion fees, which can push up costs overall. Beat these by opening a free Wise account - more on that later.  What is PayPal Pay in 4?PayPal Pay in 4 lets you split the costs of an eligible purchase between 4 payments. You’ll pay a down payment at the point of purchase, and then 3 further payments 15 days apart, spreading the costs out over 6 weeks². There are no fees for the PayPal Pay in 4 service as long as you make your payments on time. However, you’ll need to read all the terms and conditions before you sign up as, although PayPal does not charge a late fee, you can expect them to be in touch to resolve the situation promptly if you miss a repayment. PayPal Pay in 4 pros & cons
How does PayPal Pay in 4 work?You may see PayPal Pay in 4 as an option when you’re shopping online with major stores like Uniqlo or Bed, Bath and Beyond. If you’re interested - and eligible - you’ll be able to pick this payment method, to have PayPal instantly assess if you’re able to use the service. You’ll undergo a soft credit check - however, this is not usually used by credit reporting companies and so should not affect your credit score. To use PayPal Pay in 4 you’ll split the costs of your purchase in 4, paying one portion instantly, with 3 further payments coming due every 15 days. That means that the full price of your purchase is covered in 6 weeks. Who is eligible for PayPal Pay in 4?Interested in using PayPal Pay in 4? The first thing to do is check if you’re eligible:
If you fit the criteria for the Pay in 4 payment plan, you’ll be able to apply and get an instant decision, online, when you make an eligible purchase. What purchases are eligible for PayPal Pay in 4?The next obvious question: who accepts PayPal Pay in 4? PayPal Pay in 4 can be used when you make an online purchase in any of millions of online stores which support the PayPal buy now pay later payment method. In general terms, PayPal Pay in 4 is available on purchases valued at between 30 USD and 1,500 USD. However, not all stores which accept PayPal payments will offer a payment plan - and not all goods being sold are eligible for the Pay in 4 PayPal service. When you’re making a purchase online, you’ll be offered Pay in 4 if the goods are eligible, and the merchant supports this payment method. Are there any fees for PayPal Pay in 4?There are no specific PayPal Pay in 4 fees, which means that if you’re making a purchase in USD, and make all your repayments on time, you can spread your costs with no premium to pay. There are however a couple of things to watch out for. Firstly, if you miss a repayment you can expect PayPal to be pretty quick to follow up to seek a resolution. You may also end up facing extra costs if you don’t repay everything promptly - check the terms and conditions of the loan before you sign up. Secondly, another high cost could creep in if you're using PayPal to buy something from an international retailer, where the currency isn’t USD. In this case, a PayPal currency conversion charge - usually 3% or 4% depending on the transaction - will be added to the costs when PayPal switches the foreign currency price to dollars. How to beat PayPal’s fees?Beat high PayPal currency conversion fees by shopping online with the Wise account and debit card instead. Open your free Wise account online, to hold 50+ currencies, and switch between them using the real exchange rate with no markup and no hidden fees. That can make Wise cheaper than PayPal. As an extra bonus, there are no limits to where you can use the Wise physical or virtual debit card. It works when you’re shopping online or in person, or withdrawing cash at an ATM anywhere around the world. PayPal Pay in 4 alternativesPayPal Pay in 4 isn’t the only popular buy now, pay later service. Other options may suit you better, depending on the type of transaction you’re looking at. Here are a few PayPal Pay in 4 alternatives to consider:
Frequently asked questionsDoes PayPal Pay in 4 affect your credit score?PayPal Pay in 4 runs a soft credit check to assess your eligibility for the payment plan. This should not affect your credit score. Can you pay off PayPal Pay in 4 early?Yes. You can pay off your Pay in 4 plan early with no extra fees to pay. Sources:
All sources checked on 7 June 2022 This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Does PayPal Pay in 4 give you credit?Pay in 4 allows you to pay off purchases with more than 1 million merchants in four equal installments over six weeks. The service doesn't charge interest, and the only fee is a late-payment fee. PayPal may run a soft credit check when you apply, but it won't affect your credit score.
Does PayPal Pay in 4 Pay the seller in full?PayPal Pay In 4 is a buy now, pay later option that allows customers to make a purchase now and pay for it in four interest-free installments. PayPal pays merchants the full purchase amount upfront, and customers pay off their short-term loans in six weeks.
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How does the paypal pay in 4 work
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