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PayPal gives credit

eBay's online payment unit introduces a credit service similar to traditional cards.

PayPal, the online payment business of auction Web site eBay, introduced its own credit services operation on Friday. Using the PayPal Buyer Credit system, people will be able to open a line of credit to fund purchases on eBay or any Web site that accepts PayPal.

Created through a partnership with GE Consumer Finance, PayPal Buyer Credit will function much like any traditional credit card, allowing customers to defer payment. It promises an increased level of fraud protection to shoppers in cases where the items they buy on eBay differ from their descriptions or never show up. The credit line will offer deferred interest for up to 12 months for purchases over $199. PayPal said it can approve applicants in as little as 30 seconds.