Pay Monthly in Store: Flexibility with Single-Use Virtual Cards
Pay Monthly in store. Enjoy the flexibility you love. You can pay over 3, 6, 12, or 24 months on an in-store purchase. Pay Monthly is subject to consumer credit approval and eligibility.
How to Apply and Use Pay Monthly
Apply quickly and easily in the PayPal app. Download the PayPal app on your iOS or Android device. Enter the amount you’d like for your purchase and apply. Find out if you are approved. If approved, pick to repay over 3, 6, 12, or 24 months.
You’ll be issued a single-use virtual card to complete your purchase. Add it to your Google or Apple Wallet. You have 24 hours to pay in store with your virtual card from your Google or Apple Wallet. Once approved, your single-use virtual card is immediately available for use within 24 hours. In order to use your loan and tap to pay, you must add your single-use number to your Google or Apple Wallet. You cannot tap to pay directly from the PayPal app.
Understanding Your Virtual Card and Loan
Once added to your Apple or Google Wallet, you can use it to shop at most places where Mastercard is accepted. Your loan ultimately will only ever be what you spend. For example, if you were approved for $500, but only spent $300 on your transaction using the Pay Monthly loan’s single-use virtual card, you will only make repayments on the $300 loan amount you spent. Your loan transaction will be complete, and you will not have an additional $200 to use on another purchase.
The following table illustrates potential payment plans based on different purchase amounts:
| Purchase Amount | APR | Term | Monthly Payment | Total Interest | Total of Payments |
|---|---|---|---|---|---|
| $200 | 26% | 3 months | $69.56 | $8.68 | $208.68 |
| $600 | 26% | 6 months | $107.76 | $46.57 | $646.57 |
| $600 | 26% | 12 months | $57.33 | $88.01 | $688.01 |
| $1,500 | 26% | 24 months | $80.77 | $438.47 | $1,938.47 |
Restrictions and Eligibility
Fixed APR is 9.99-35.99%. Terms and rates vary based on purchase amount and your credit. You must be 18 years old or older to apply. Missed payments may have an impact on your credit score. Pay Monthly is currently not available to residents of AK, CT, HI or WA.
Restrictions apply to hotel, airfare, travel aggregator sites, gas stations, as well as other transactions. Single-use virtual cards can be declined for the following reasons:
- It has already been used for a purchase.
- The attempted transaction was for an amount greater than the approved Pay Monthly loan amount.
- The card expired (24 hours after loan approval).
- It was used for a restricted transaction.
Alternative Buy Now Pay Later Options
Afterpay launches virtual card for 'buy now, pay later' in-store purchases. Consumers can add the digital Afterpay card to Apple Pay to make in-store NFC payments. Customers can pay for their in-store purchases in four instalment payments, without the need to take out a traditional loan or pay upfront fees or interest. To use the service, consumers download the digital Afterpay Card, add it to Apple Wallet or Google Pay on their mobile device, and use it to make purchases by accessing the card via the Afterpay app and tapping the point-of-sale payment terminal at participating retailers.
Frequently Asked Questions
How do I re-access my single-use card? You can re-access your single-use card from your Google or Apple Wallet within 24 hours of loan approval. It will remain in your wallet until you remove it, even after the one-time use.
What if my application isn’t approved? If your Pay Monthly application is unable to be approved, please check your PayPal Message Center for more details. For privacy reasons, only you can see why your application was declined.
How do I process a return? Returns depend entirely on the merchant’s policy. Please work directly with the store to initiate a return. Depending on how the refund is issued by the merchant, how the refund impacts your loan will vary.
