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PayPal Credit comes to the UK with interest-free plans
PayPal wants to be the method that everyone naturally defers to when buying goods and services online. Instead of grabbing your debit or credit card, the aim to make you naturally hit the PayPal button whenever you reach the checkout. To incentivise this, the company is rapidly expanding PayPal Credit in the UK, which helps you make purchases even when you don't have the funds in your bank account. You'll need to apply for the privilege online, but if you pass the company's credit check you can get zero percent interest on orders over £150 for the first four months.
PayPal will refund $15 million to customers if the CFPB has its way
The Consumer Financial Protection Bureau alleges that PayPal engaged in unfair, abusive and deceptive practices in the marketing and management of its PayPal Credit service, formerly known as Bill Me Later. To rectify the (many) outlined abuses, the CFPB filed a complaint and proposed consent order that directs PayPal to refund $15 million to affected consumers, plus pay a $10 million fine to the CFPB's Civil Penalty Fund. The proposed consent order isn't an official ruling just yet -- a judge with the US District Court for the District of Maryland must approve the order for it to be enforced.
