Does paypal pay in 3, or instalment payment option show up on credit file?

seatbeltnoob

hello

I need to use credit to pay for a training course that costs £1000. I have the money to pay for it outright. But I am on universal credit and currently looking to move houses so a £1000 expense would drop my income quite low for that month - I want to show as much stability as possible. So I am trying to pay in instalments to show a steady income for future landlord.

UC looks at things from cash in/cash out basis so instalment payments would be broken down over the actual payments made not treated like it would in the accounts conventionally. £1000 expense at the time of sale and then loan repayments (balance sheet acitivty, not p&l).

So 2 questions,

Does paypal report to credit reference agencies? Or is it like other microfinance companies where it isn't reported.

Do you have the option to overpay? Pay in 3 is in 3 equal installaments paid in 3 months. What about the option option where it's interest free for 3 months. How long is the loan term then?

seatbeltnoob

according to google, yes it does.

cymruchris

I recently upgraded my PC and put around £1200 on 'Pay in 3' as it was zero percent interest with the retailer I used - I'm past payment 2 with payment 3 due at the beginning of March, and there's nothing on any of my CRA files anywhere. It's three equal instalments with no option I can see of overpaying. Monies are debited from your bank account, and not a debit or credit card.

Dandytf

I haven't checked CRA reports.
Though did notice multi purchases using PP Credit are in effect 'bundled' onto one outstanding Balance.
Which could mean Interest is occurred due to Total Balances not cleared by May.
Wheres my eBay PS5 has up-to 8 mths to repay, my Oak Furniture Land Bedside Book Shelf, is due to be repayed by late March.
With PP combining Balances of all purchases, then it has taken away option of repaying in order of Preference, aka Avoiding Interest.

Dandytf

OP
Since checked Clearscore, PayPal is listed under Credit Cards with repayments info.

thanks

seatbeltnoob

https://www.paypal.com/uk/webapps/mpp/paypal-payin3/faq

I had a look there paypal credit and paypal pay in 3 are different apparantly, pay in 3 doesnt get added to credit report but paypal credit does.

Dandytf

seatbeltnoob said:

https://www.paypal.com/uk/webapps/mpp/paypal-payin3/faq

I had a look there paypal credit and paypal pay in 3 are different apparantly, pay in 3 doesnt get added to credit report but paypal credit does.

Excellent point, and to Add it is PayPal Credit I'm using for eBay 12.9 % and. Pay in 4 months 0%-Oak Furniture Land.
PP Combine Both Balances, which means I cannot choose to repay Furniture Land 1st, unless I settle total Balances of All purchases by late March.