By letting consumers repay up to $10,000 over 24 months, PayPal’s launch fills the void between long-term bank loans and short-term BNPL offerings and moves it one step closer to its “super app” vision.

PayPal is charting new ground in the BNPL world with larger, longer loans: Its Pay Monthly offering, issued by WebBank, covers purchases between $199 and $10,000 over up to two years, with risk-based APR ranging from zero to 29.99%. It’s already available with millions of merchants and is attracting positive attention at a time when BNPL startups are suffering from missed payments, higher interest rates, and regulatory scrutiny.    

“How consumers look to pay for larger purchases is evolving and there is a growing demand for flexible payment options,” VP Greg Lisiewski said in its press release, noting that 22 million customers used PayPal’s pay later products in the past year.  

PayPal is closer than any other US company to achieving the promise of a super app that combines shopping, payments, and most of the functions of a traditional bank.