Paypal cash advance is available from the Bill Me Later Payment System, by an extension of credit to you as you take advantage of the Send Money feature.
When you use this feature, the amount of the "Cost of the Cash Advance"
as it called in the Terms of Agreement, are transmitted when you
authorize Paypal to do so.
According to those terms of agreement (at the time of writing this, always check the latest terms), the payment is subject to the standard repayment terms, including the grace period.
The borrowing costs to you are subject to the Annual Percentage Rate that is applicable to the Cash Advance feature at the time that you make the transaction.
Before you start using the cash advance feature from Paypal, you should read through the document titled "Terms and Conditions of the Bill Me Later ® Payment System" very carefully.
On top of that agreement are the applicable interest rates, for both standard, promotional and financed installment purchases, as well as for the cash advances.
The interest rate charges of the borrowing costs are as "Annual Percentage Rate (APR), which is an annualized, a standardized measure of the loan cost.
Using an APR rate make the loan more easily comparable to other forms of lending, such as payday loans.
The terms and conditions agreement has several items in it, that could
and will affect the costs of you using the cash advance feature.
For one, the due date for the loan is at least 25 days after the close of each billing cycle, and the company will not charge, at the time of writing this, any interest on cash advances if you pay the entire balance by the due date each month.
If you are charged interest, however, the minimum such charge, according to the terms, will be no less than $2.
The terms also has several types of penalty fees associated with the Bill Me Later Payment System.
There is a late payment fee as well as a return check fee, and if you are subject to these fees, they will affect the final borrowing costs of using the cash advance.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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