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Splitit VS PayPal Credit

Compare Splitit VS PayPal Credit and see what are their differences

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Splitit logo Splitit

Splitit is a solution that enables consumers to pay for their Retail or Web purchases using their existing credit cards and divide the total cost across as many interest-free payments as they choose, without completing a credit application or qualif…

PayPal Credit logo PayPal Credit

PayPal Credit provides financing options to businesses.
  • Splitit Landing page
    Landing page //
    2023-09-24
  • PayPal Credit Landing page
    Landing page //
    2023-10-11

Splitit features and specs

  • Interest-Free Payments
    Splitit allows customers to pay in installments without charging any interest, making it an attractive option for those looking to spread costs over time.
  • No Credit Check
    Splitit does not require a credit check to use its services, which can be beneficial for individuals who have a limited credit history or want to avoid impacting their credit score.
  • Easy Integration
    For merchants, Splitit offers easy and seamless integration with their existing payment systems, allowing them to offer flexible payment options to customers without significant technical overhead.
  • Increase in Sales
    By offering a payment plan, Splitit can potentially increase sales for merchants as customers are more likely to make larger purchases when they can spread out payments.

Possible disadvantages of Splitit

  • Credit Card Requirement
    Customers must have a credit card with sufficient available credit to cover the full amount of the purchase, which might restrict some users from using the service.
  • Hold on Credit Amount
    While using Splitit, the customer's credit card will have a hold placed on the full amount of the purchase, potentially reducing their available credit.
  • Limited Market Presence
    Splitit's availability might be limited depending on the region, meaning not all merchants or customers can access its services globally.
  • Dependence on Card Issuers
    The service's operation depends on agreements with card issuers and networks, which may create dependency issues if partnerships change or end.

PayPal Credit features and specs

  • Convenient Payment Option
    PayPal Credit allows users to make purchases without immediate payment, similar to using a credit card, providing a convenient deferred payment option for online shopping.
  • Flexible Payments
    Users can choose to pay off their balance over time, giving them flexibility to manage their finances according to their needs.
  • Special Financing Offers
    PayPal Credit often provides special financing offers, such as no interest if paid in full within six months on purchases over a certain amount, which can be beneficial for budgeting bigger purchases.
  • Integrated with PayPal
    As a part of the PayPal ecosystem, it is easily integrated with the user's existing PayPal account, making it seamless to use for those already familiar with PayPal.

Possible disadvantages of PayPal Credit

  • High Interest Rates
    Like many credit options, PayPal Credit can have high-interest rates if balances are not paid off within the promotional period, which can lead to significant added costs.
  • Potential for Overspending
    The ease of use and deferred payment nature of PayPal Credit can encourage users to overspend, leading to potential financial strain.
  • Limited Merchant Acceptance
    Not all merchants accept PayPal Credit, which can limit its usability compared to general credit cards that are more widely accepted.
  • Impact on Credit Score
    As a line of credit, usage and repayment of PayPal Credit can impact a user's credit score, for better or worse, similar to other forms of credit.

Analysis of Splitit

Overall verdict

  • Splitit is considered a good option for those looking to split payments without taking on additional debt or interest. The service can be especially appealing to consumers who want to budget for larger purchases without impacting their credit rating. However, it's important to ensure that the merchant you're purchasing from supports Splitit.

Why this product is good

  • Splitit offers a unique payment solution that allows consumers to pay for purchases over time using their existing credit cards, without incurring interest or fees. This can be beneficial for managing cash flow and making larger purchases more affordable. Additionally, because Splitit's method doesn't involve opening a new line of credit, it avoids affecting the user's credit score.

Recommended for

  • Consumers who prefer interest-free payment plans
  • Individuals looking to manage cash flow efficiently
  • Shoppers who want to avoid impacting their credit score
  • People making larger purchases who prefer to spread the cost over time

Splitit videos

+ Add

SPLITIT GOES GLOBAL WITH MASTERCARD DEAL 💳

More videos:

  • Review - 3 PROBLEMS with buy now pay later. Afterpay, Zip Pay, Splitit etc.
  • Review - How Does Splitit Work for Shoppers?

PayPal Credit videos

+ Add

is PayPal Credit a Scam | 6 Month Interest Free

More videos:

  • Review - Paypal Credit - Paypal
  • Review - PayPal Credit Card: A Good Deal?

Category Popularity

0-100% (relative to Splitit and PayPal Credit)

Splitit

PayPal Credit

Business & Commerce
48 48%
Business & Commerce
52% 52
Online Payments
44 44%
Online Payments
56% 56
Office & Productivity
44 44%
Office & Productivity
56% 56
Buy Now Pay Later
49 49%
Buy Now Pay Later
51% 51

User comments

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What are some alternatives?

When comparing Splitit and PayPal Credit, you can also consider the following products

Sezzle - Sezzle is a digital payment platform designed to help shoppers manage their financial futures with great ease.

Affirm - Pay at your own pace. When you buy with Affirm, you always know exactly what you’ll owe and when you’ll be done paying.

Klarna - Klarna provides e-commerce payment solutions for merchants and shoppers.

Kiva - Loans that change lives -- amazing microfinance web-platform

FuturePay - Attract new customers, increase repeat customers, and grow your business with FuturePay. Give your customers the freedom to buy now and pay later.

Partial.ly - Partial.ly can be used as a business collections tool and increase cash flow by giving customers a payment plan option for large invoices.

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