PayPal’s July 30, 2014 announcement covered two different products: it renamed its consumer credit service Bill Me Later as PayPal Credit, and it reported that more than 20,000 businesses had borrowed over $150 million through the separate PayPal Working Capital pilot. The $150 million was a cumulative historical business-lending figure—not PayPal Credit borrowing or a current lending total.
What changed in the 2014 announcement?
On July 30, 2014, PayPal announced that Bill Me Later would become PayPal Credit. The company said the new name brought the consumer credit product more closely in line with the PayPal brand. The announcement also said PayPal planned to introduce PayPal Credit in the United Kingdom and Germany; it does not establish present-day availability in either country. PayPal’s announcement
In the same announcement, PayPal reported a milestone for PayPal Working Capital, a separate product for businesses. The shared announcement did not make the products interchangeable: PayPal Credit was a consumer payment-and-credit product, while Working Capital provided financing to businesses.
What did the $150 million figure measure?
PayPal said that since the Working Capital pilot began in September 2013, more than 20,000 businesses had borrowed more than $150 million in business loans through lending partner WebBank. That was PayPal’s cumulative report at the time of the July 2014 announcement. It was not a measure of PayPal Credit use, a current loan balance, or the amount lent in a single year. PayPal’s 2014 Working Capital announcement
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At the time, PayPal described Working Capital repayments as a chosen share of sales, with no repayment on days without sales, plus a single fixed fee rather than periodic interest. Those are descriptions of the 2014 pilot, not a statement of current product terms.
How PayPal Credit and Working Capital differed
| Feature | PayPal Credit (formerly Bill Me Later) | PayPal Working Capital, as described in 2014 |
|---|---|---|
| Customer | Consumer making a purchase | Business seeking working capital |
| Purpose | A credit line used as a payment method; the CFPB described debt as repaid over time in 2015 | Business financing tied to sales |
| What the July 2014 announcement reported | Bill Me Later’s rebrand to PayPal Credit | More than 20,000 businesses and more than $150 million borrowed cumulatively since the pilot began |
| Repayment detail in the contemporaneous announcement | A full repayment schedule and current pricing were not stated | A selected share of sales, no repayment on days without sales, and a single fixed fee |
What happened after the rebrand?
On May 19, 2015, the Consumer Financial Protection Bureau (CFPB) said it had filed a complaint and proposed a consent order concerning PayPal Credit, which it identified as formerly Bill Me Later. The agency alleged problems involving consumer enrollment and consent, promotions and deferred-interest terms, and handling of payment and billing disputes. It said the proposed terms included consumer redress and a civil penalty. The CFPB expressly stated that the proposed order was not a finding or ruling that a legal violation had occurred unless approved by the court. Its announcement describes the allegations and proposal; it does not, on its own, establish the later disposition of the case. CFPB’s 2015 announcement
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How the 2014 figure compares with later business-lending reports
In March 2025, PayPal reported that cumulative global small-business loan originations had exceeded $30 billion since 2013, across more than 1.4 million loans and cash advances to over 420,000 business accounts. Those are company-reported cumulative figures covering a longer period and broader measure than the 2014 Working Capital pilot milestone; they should not be read as a current outstanding balance. PayPal’s March 2025 announcement
PayPal describes Business Loan as a fixed-repayment term loan and Working Capital as a product repaid based on a percentage of PayPal sales. Its March 2025 announcement identifies WebBank as the lender for both products in the United States and notes that availability is restricted in some states. Eligibility and terms are jurisdiction-specific, so historical descriptions should not be used to infer a current offer.
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A different figure appears in PayPal’s FY2025 Form 10-K: $1.8 billion in merchant loans, advances, and fees receivable outstanding as of December 31, 2025, net of participation interests sold. That is a point-in-time balance, not cumulative originations. The filing also describes the products’ repayment structures. PayPal’s FY2025 Form 10-K
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the historical announcement does—and does not—tell consumers
The 2014 rebrand establishes the relationship between the names: Bill Me Later became PayPal Credit. It does not establish current PayPal Credit rates, eligibility rules, repayment terms, or full geographic availability. Those details require current consumer-facing disclosures for the customer’s location; the historical announcements cited here are not a substitute for them.
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Separately, in December 2025 PayPal announced that it had applied to establish a proposed Utah-chartered industrial loan company. PayPal described possible business lending and savings offerings as contingent on approval, so the announcement was a proposal—not evidence that PayPal was already operating such a bank. PayPal’s proposed bank announcement
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