What is Paypal’s Pay in 4 and How to Use it?

pay in 4 on PayPal

Paypal has come up with new EMI options and the users will now be overwhelmed on saving their money while they are shopping. Pay in 4 by Paypal allows users to buy now and pay later options without paying any additional interest on the money. Moreover, it works similar to EMI options but the good part, it is Interest-free.

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What exactly is Pay in 4?

Pay in 4 allows users to shop (on selected shops, as of now) and pay later in installments. It is similar to EMI options but it excludes the interest rate as that of in comparison to EMI. Additionally, you get sufficient time and the installments are divided into four pieces.

You pay the first installment when you actually buy the product; This constitutes almost 25% of the total money. The second, third, and final installment are once every two weeks; this buys you some time to save your money.

Unlike the EMI options, as I said earlier, It is totally interest-free and doesn’t charge you extra money like the EMI options.

To avail of the purchase using the Pay in 4 payment option on Paypal, you need to make a minimum order of $30-$600. Additionally, the installments are interest-free but late fees are applicable and they vary in different states.

This payment option is available in more than a million stores for you to shop easily. In addition to this, you need to show a soft credit check for verification and it will not affect your credit score – PayPal

How to use Paypal’s Pay in 4?

It is nothing complicated to use this feature on your Paypal app and you also don’t need to sign any documents. Here is how to use Paypal’s this feature –

  • Open your favorite shopping and add something to the cart that you really love.
  • Great, now proceed further and click on the “Buy” option.
  • So far so good, now select “PayPal” as the checkout method.
  • Once the Paypal payment method is selected, you can find two options.
  • Choose the Pay in 4 option and pay the first installment of the product you just bought.

The rest of the 3 payments are to be done once in two weeks and you can track them using the PayPal app or by visiting Paypal’s website.

A few of the stores from the million that accept this payment are –

  • Fossil
  • BEST BUY
  • COACH
  • Vineyard Vines
  • Estee Lauder
  • SONOS
  • BOSE
  • ALDO
  • LANDS’ END
  • BED BATH & BEYOND
  • Samsonite
  • Omaha Steaks

These are only a few of the brands among million of other stores that accept pay later payment method on PayPal; if you visit these brands and select Pay later payment method; you can buy the product and pay later for it using PayPal only.

To sum up

Paypal’s this step will change the way Fin-tech work presently and payments will be much easier. Also, it will save the payee from the extra money they pay as interest when they buy products on EMI. In my opinion, it is one of the features of digital payments that will make a huge difference in the near future and slowly replace EMI.

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Frequently Asked Questions

What is Pay in 4?

PayPal’s Pay in 4 allows user to pay later when they buy products from the stores or online. You need to have a PayPal account and the store must be eligible for this payment method.

How to pay using Paypal’s Pay in 4?

Check out the store bag and select payment method as PayPal in the selected stores; Now choose “pay in 4” and pay the first installment.

Is there any minimum amount to use Pay in 4?

Your order value should be between $30 – $600 to avail of this payment method. Anything less or more is not applicable for this payment method.

How does PayPal verify users for Pay in 4?

The users need to show their soft credit check and if you are having a bad credit score, you cannot avail of this feature.

Are there any interest rate in Pay in 4?

Pay in 4 is completely interest-free, unlike the EMI options. But late fees are applicable when you fail to pay the installment on the given date.