In 2008, PayPal purchased Bill Me Later, which allows you to buy items on credit, with an interest rate of 19.99 per cent as of June, 2011. Before you can use the service, you must pass a credit check. If you are approved for Bill Me Later, you can make it your preferred option for all PayPal payments.
Go to a web site that has a product you want to purchase. Follow the normal directions for purchasing an item on that page, and select "PayPal" as your payment option.
Sign in to your PayPal account.
Click "Bill Me Later" to make it your payment option for this purchase.
Enter your date of birth and the last four digits of your Social Security number. Accept the terms and conditions, and click "OK." PayPal will check your credit instantly. If you are approved, you don't have to do anything else. You can select to use Bill Me Later for all future PayPal transactions under your Bill Me Later credit line. If you are not approved, you cannot use the service at this time.
If you want to have the Bill Me Later option available for all transactions, go to paypal.com, and sign in to your account.
Click the "Profile" menu, and select "More Options."
Click "My Money." Select "Bill Me Later" as your preferred payment option, if you want.