Questions about Pay Monthly Repayments

How do I make my Pay Monthly payment?

You can make one-time payments on your loan using your PayPal balance, a debit card, or a confirmed bank account in your PayPal Wallet. Payments can be made online, through the PayPal app or PayPal.com, with a specialist over the phone, or by setting up autopay. You cannot change the due dates for your Pay Monthly installment loan. Note: Each loan must be paid individually. 

How do I enable or disable autopay for my active Pay Monthly plan?

Here’s how to enable autopay:

1. Log in to your PayPal account.
2. Select the Pay Monthly plan.
3. Click the Toggle to the right of "Autopay".
4. Select the payment method you would like to use for repayments.
5. Click Confirm.
6. Click Done.

Here’s how to disable Autopay:

1. Log in to your PayPal account.
2. Select the Pay Monthly plan.
3. Click the Toggle to the right of "Autopay".
4. Click Confirm Autopay Off.
5. Click Done.

Where can I find out how much I owe?

Here’s how:

1. Log into your PayPal account.
2. Go to the Pay Later section.
3. Click on the specific Pay Monthly loan in reference.

The amount you still owe will be under “Remaining.”

Where can I find the amount of my repayments?

Here’s how:

1. Log into your PayPal account.
2. Go to the Pay Later section.
3. Click on the specific Pay Monthly loan in reference.

There you can locate the amounts of your previous repayments under “You’ve paid”. You can also reference the amounts of upcoming repayments by clicking See Payment Schedule.

Can I pay off my Pay Monthly installment loan early without penalty?

Yes, you can view your Pay Monthly remaining balance in the PayPal app by clicking Pay Later and selecting your Pay Monthly loan. There you can make additional payments as desired or pay off the loan in full at any time and you won’t be charged a fee or penalty if you do so. Paying the loan off early may lower the total amount of interest you pay.

Here’s how to make an extra or unscheduled repayment:

1. Log into your PayPal account.
2. Go to the Pay Later section.
3. Click on the specific Pay Monthly loan you want to repay.
4. Click Make a Payment.

There, you can make an unscheduled or extra repayment that will be applied to that Pay Monthly loan.

Important information. If autopay is enabled for your Pay Monthly plan, the one-time repayment has to be received prior to 11:59 pm ET the day before your repayment due date in order to stop the auto repayment from processing. Processing a one-time payment after this cut-off time may result in both the one-time repayment and the scheduled auto repayment processing. We are unable to return payments. If this action results in an overpayment of your full Pay Monthly plan amount, the overpayment will be refunded to your PayPal balance.

Why wasn't my Pay Monthly payment successful?

There are several reasons we may not have been able to complete your scheduled or one-time payment, including if there is insufficient money in your bank account or debit card.

You’ll receive a notice that your payment wasn’t successful. Please update the payment information as quickly as possible as we may attempt to process the payment again.

Can I change the payment method for Pay Monthly payments?

Yes. You can update your payment method to another confirmed bank account (ACH) or debit card available in your PayPal Wallet. If you change a payment method in your PayPal Wallet and you are set up on autopay, make sure you re-select the new payment method for your Pay Monthly loan. This won’t happen automatically.

For one-time payments, you can use any confirmed bank account (ACH), debit card, or use the balance in your PayPal Balance account.

Credit cards and prepaid cards are not accepted as repayment options.

How can I update my payment method for automatic repayments?

If you want to make future automatic repayments with a different or updated payment method, you can change your payment method:

1. Log into your PayPal account.
2. Go to the Pay Later section.
3. Click on the specific Pay Monthly loan you want to change.
4. Click Change under “Autopay” to update your information or choose a new way to pay. You may need to confirm your new payment method before you can use it for repayments.

If your payment method expires before your Pay Monthly loan ends, you can update your information by following the same steps (above) or update your information in your PayPal Wallet by logging into your PayPal account, clicking Wallet, choosing the payment method you want to update and clicking Update.

What happens if I miss a Pay Monthly payment?

Any missed payment amount will be added to the next monthly payment due. The next monthly payment will also be considered late if the full amount due isn't paid. Missed payments may be reported to the credit reporting agencies.

If my Pay Monthly payments fall past due, when is my loan charged off?

If your loan reaches 120 days past due, it may be charged off and may be reported to the credit reporting agencies.

What if I make a Pay Monthly payment by mistake?

Any amount paid in excess of the payment amount due will be applied to your outstanding loan balance. Any amount paid in excess of your outstanding loan balance will be a credit on your Pay Monthly account and will be automatically refunded to your PayPal Balance within 7 days.

What happens if I pay more than my next Pay Monthly payment due?

Any amount paid in excess of the payment amount due will be automatically applied to your outstanding loan balance.

Can I make one payment for multiple Pay Monthly loans?

No. Each loan must be paid individually.