PayPal is rebranding its Bill Me Later instant credit product to PayPal Credit.

The eBay subsidiary recently distributed a Change in Terms notice to its Bill Me Later customers, which contained news of the rebranding, PayPal confirmed in an email. 

The notice was a regulatory requirement, and PayPal will release further information on the change later in the summer. The change takes effect August 1.

EBay purchased Bill Me Later in 2008 after attempting to compete with the company with a homegrown product called Pay Later, a brand it abandoned after integrating Bill Me Later.

Bill Me Later relies on Comenity Capital Bank to make loans that are purchased and managed by eBay. The service is offered by large retailers such as Apple, Disney and Walmart. Bill Me Later allows consumer to open a revolving credit account for individual purchases, with a 19.99% APR kicking in after six months if the balance is not paid.

The service has faced some controversy. In 2013, the federal government investigated Bill Me Later as part of a series of probes into high interest short-term lenders.

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