Ebay changes the name of the PayPal payment service from Bill Me Later to Paypal Credit. The name change is part of PayPal’s image transition to one that is more in line with a banking institution. Ebay purchased PayPal Credit over year ago for approximately $1 billion. PayPal Credit offers consumers instant loans to purchase items on specific websites, including Walmart.com and Apple.com. The loans have interest rates of up to 20%. Steve Allocca, PayPal vice president of global credit, says PayPal is considering ways to extend credit offline such as auto loans.
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