I’ve just received an email from those fine people at PayPal. Apparently PayPal Credit, a new payment option, is now available.
PayPal Credit is a new service that enables you to make the most of your PayPal account. It works like a virtual credit card and offers an instant decision and a paperless application process. If approved, your credit limit is instantly available and gives access to a range of promotional offers.
Instant decision and paperless process.
Your credit limit is immediately available (subject to approval).
Representative 17.9% APR.
I wonder what impact this will have on traditional credit card account services.
This is not for me now, but who knows for the future?