PayPal Credit will lend you money for online shopping in the UK

LONDON — Another challenger to traditional credit cards has emerged in the UK with the introduction of PayPal Credit, a way to spread out payments for online purchases.

The payments giant will allow consumers to apply for credit, under which purchases of £150 ($212) or more will be interest-free for four months, then subject to the standard variable interest rate, which is currently 17.9%. Limits will be set person by person.

Some retailers, such as Blacks, Dyson and Samsung, have their own individual instalment offers with PayPal Credit. Read more...