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PayPal "Bill Me Later"?

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  • PayPal "Bill Me Later"?

    Anybody here ever use that offer? I have a purchase in mind that I 'd like to make but can't really justify pinching the funds from the family budget for the "hobby shop". Just paid a big tax bill and the insurance premium at work just took a leap upwards.

    The offer says 6 mos. no interest with a $10 bonus. Fits my needs as 6 mos. is plenty of time to make a few extra bucks here & there to pay it off. Seems like a no-brainer but my Pappy taught me "Son, there ain't no free sammitches!"
    Milton

    "Accuracy is the sum total of your compensating mistakes."

    "The thing I hate about an argument is that it always interrupts a discussion." G. K. Chesterton

  • #2
    Probably the 6 mo free is an incentive to sign up, then it generally works like any credit card would, if you charge an pay before 30days, no interest, otherwise you pay the 20% annual int.
    And Like a credit card, there is a credit check first.
    Max.

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    • #3
      I've used it and it was quick, simple, easy. IIRC, it was an instant approval. Like you are looking to do, I was able to make purchases, interest free, that I would not have done otherwise. As long as you are able to pay off the balance before the interest kicks in, I say it's a winner.
      Cheers,
      Gary

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      • #4
        Just pay very close attention to due dates and payoff dates. These plans make their money by charging huge fees and penalties. A friend used a service like this to buy some camera gear. The final payment date was 5 days earlier in the month than the normal payment date... the penalty and interest payment was bigger than one of the monthly payments.

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        • #5
          There are other on line vendors pushing a similar thing because of the Int. money to be made, Amazon have one now.
          Max.

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          • #6
            Thanks for the info gents. Sounds like it'll work OK for me.
            Milton

            "Accuracy is the sum total of your compensating mistakes."

            "The thing I hate about an argument is that it always interrupts a discussion." G. K. Chesterton

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            • #7
              Originally posted by Images View Post
              Just pay very close attention to due dates and payoff dates. These plans make their money by charging huge fees and penalties.
              Especially with an outfit like PayPal. I just don't trust a company that tries to tell me giving them my bank account information will make it safer. BS.

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              • #8
                I wouldn't trust paypal at all.
                Around here you can get stuck with 29.9% (or even 59.9%!!) intrest rates on loans.
                In addition to huge 'service fees' for any kind of missed payment (Even if you paid it, they can still have 'problems processing it' or delay processing)

                Paypal is not a bank so they don't have any kind of regulations to live up to that you would expect from any credit card or bank sold in your country.
                Play Brutal Nature, Black Moons free to play highly realistic voxel sandbox game.

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                • #9
                  I've used it & it goes thru a bank. Just be sure to pay on time or like any deal like this it will bite you. It's worked fine for me.
                  "Let me recommend the best medicine in the
                  world: a long journey, at a mild season, through a pleasant
                  country, in easy stages."
                  ~ James Madison

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