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6 Buy Now Pay Later Apps, and Buy Now Apps in 2023

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6 Buy Now, Pay Later in 2023.

These popular purchase now and pay later programs will divide the purchases into equally-sized installments, usually with no cost of interest.

The last update was on November 3, 2022

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” ” It is kind of payment method that has become more popular over the last couple of years, particularly since more shoppers shopped online during the outbreak.

Known as BNPL short for short, these plans divide your payment into a number of smaller, equal installments, usually with no interest or charges.

Plans can be purchased online and in stores, depending on the app. Some retailers will even offer different plans that you can choose from during checkout.

These are 6 BNPL apps that you can purchase at major retailers, as well as alternatives to consider.

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1. Afterpay: The best option for first-time BNPL users

In contrast to other BNPL providers that provide a variety of repayment alternatives, Afterpay has a no-nonsense pay-in-4 plan that’s simple to comprehend for new users.

It also has key features that will help to prevent the new user from taking on too much. For example, Afterpay pauses your account after one missed payment, and it doesn’t transfer you to collections in the event that you default on the loan and it could hurt the credit rating.

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Where it’s available: Afterpay partners with major retailers like Bed Bath & Beyond, Old Navy and Nordstrom.

How to get your card approved: Afterpay bases approval on the amount of funds available on your credit or debit card, the length of time you’ve been using Afterpay and the amount you paid for purchases and whether you have any other outstanding loans with Afterpay.

Payment schedule: Afterpay uses the pay-in-four method. Your purchase will be divided into four equal payments and the first payment due at the point of purchase and the remaining three payments due two weeks in advance.

Interest and late fee: Afterpay doesn’t charge interest. It charges a late charge up to $8 if the payment is not received within 10 days of payment due.

2. Affirm: Ideal for large purchases

Affirm is a more traditional loan product. It has longer time frames and negotiates the interest rate with each retailer. If you’re looking to fund an expensive purchase, such as a computer or mattress, an Affirm loan might be more affordable payments spread out over a longer period.

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What’s available: Affirm partners with thousands of retailers in the U.S., including Amazon, Walmart, Nike and Best Buy.

How to get accepted: Affirm will conduct an informal credit check, which doesn’t hurt your credit. It will also consider prior payment history with Affirm, the time you’ve had an Affirm account and any Affirm loans that you have outstanding, your credit utilization, your current income and debts, and any bankruptcies.

Pay-off plan: Affirm offers three- twelve-, six-, and three-month payment plans. Plans that are longer than 60 months could be available depending on the amount of purchase. Affirm also provides a zero-interest option, pay-in-four.

Late fee and interest: Interest rates on Affirm loans range between 0% and 30%. There is no late fee for missed payments.

3. Klarna: Best to earn rewards

Klarna offers three payment plans that include the pay-in-four model, the payment in 30 model and a monthly finance option. Once you download the mobile application customers can join the free rewards program with access to special deals. The program awards 1 point per dollar, and points can be turned into rewards to be used at certain stores.

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The places where it’s available: Klarna is available at stores like Macy’s, Etsy, Foot Locker and Sephora. It is also possible to create a single-use Klarna virtual card, which can be utilized online at all U.S. merchant, even those who don’t work with Klarna.

How to get approval: Klarna will conduct a soft credit pull. Approval decisions are based on the funds available in your account, the history of your relationship with Klarna and the purchase amount.

Pay schedule: Klarna’s pay in 4 divides the purchase into four equal installments to be paid every two weeks. The first installment will be due at checkout. This option option gives shoppers 30 days after the purchase has been delivered to make payment for purchases. Klarna also offers the option of financing monthly with terms that can last up 2 years.

Late and interest charges Pay in 4 and Pay in 30 are both interest-free. Klarna will be charged a late fee up to $7 for missed payments for this Pay-in-4. For monthly financing, Klarna will charge 0% to 24.99 percent interest.

4. Zip: Best for wide availability

Zip, previously called Quadpay it is now available wherever Visa accepts Visa. After downloading the mobile application, you can pay with your credit or debit card, or create an online Zip card which can be used at stores.

>> READ:

Where can you find it: Zip is available at numerous retailers which include Best Buy, Amazon and Walmart.

How to get approved: Zip doesn’t publicly share how it approves customers. It’s likely to depend on the availability of funds on your credit or debit card, the history you have with Zip and the purchase price. It will perform a gentle credit pull.

Payment schedule: Zip uses the pay-in-four model. A purchase will be divided into equal installments that will be paid every two weeks. The first installment due at the time of checkout.

Late fee and interest: Zip charges a $1 convenience fee per transaction that is basically interest. That means that your entire purchase will be charged an additional $4. Late fees can range from $5, $7, or $10 in accordance with your state.

5. PayPal Pay in 4: The best for security

PayPal provides a BNPL payment plan for customers who have a PayPal accounts and who are currently in good standing. Along with the name popularity that could help new BNPL customers at ease, the company extends its PayPal Purchase Protection program to it’s BNPL plan. If you don’t receive your item or it’s not as described in what you expected, then you could be eligible for reimbursement from PayPal.

>> READ:

Where it’s offered Where it’s available: PayPal’s Pay in Four plan isn’t currently available for in-store use. It is available online or through PayPal’s mobile application at stores such as Dillard’s, Target and Home Depot.

How to get approved: PayPal conducts a soft credit check. Approval is based on your application, your account track record with PayPal as well as the information provided by the credit bureaus.

Pay-per-pay: PayPal Pay in 4 breaks down the purchase in four equally-sized installments due two weeks apart The first installment is due upon checkout. PayPal also provides the option of a monthly payment plan that includes 6-, 12- or 24-month terms for larger purchases.

Late and interest fees: PayPal doesn’t charge interest or late fees with its Pay in 4. The monthly payment plan can cost up to 29.99 APR of 2.

6. Sezzle: Best for shoppers who are socially conscious.

If you’d like your BNPL funds to go further, Sezzle might be a good option for you. Sezzle is certified as a B Corporation, a designation that demands that the lender passes an extensive test and demonstrate an unwavering commitment to environmental and social concerns. This is a unique feature in BNPL lenders.

>> READ:

The places where it is offered: Shoppers can use Sezzle both online and in store at hundreds of retailers including Target.

How to be accepted: Sezzle may conduct a soft credit check, which won’t affect your credit score. Sezzle will also take into account your previous history with Sezzle when determining your spending limit.

Payment schedule: Sezzle offers a pay-in-four payment plan. The purchase will be split into four equal installments due 2 weeks apart The first installment is due upon checkout.

Late fee and interest: Sezzle doesn’t charge interest or late fees. But if you miss a payment, it will deactivate your account, and you won’t be able to make future purchases with Sezzle. In order to reinstate your account you’ll need to pay a $10 charge.

APR

Terms

Fees

5.0 NerdWallet rating NerdWallet’s ratings are set by our editorial team. The scoring formula takes into account factors we consider to be friendly to consumers, such as the impact on credit score, rates and fees customers’ experience, and ethical lending practices.

0%-30%.

Four installments due every 2 weeks; monthly payment plans are available between 3 to 60 months.

There are no fees.

5.0 NerdWallet rating NerdWallet’s ratings are set by our editorial team. The scoring formula considers the factors we believe to be beneficial to the consumer, such as impact on credit score, fees and rates, customer experience and ethical lending practices.

0%.

4 installments, due every 2 weeks.

A late fee of $8.

5.0 NerdWallet rating NerdWallet’s ratings are determined through our team of editors. The scoring formula considers aspects we consider to be beneficial to consumers, including impact to credit score fees and rates, customer experience and responsible lending practices.

0%.

4 installments, due every 2 weeks.

$7 late fee.

4.5 NerdWallet rating NerdWallet’s ratings are set by our editorial staff. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.

0%.

4 installments, due every 2 weeks.

No fees.

5.0 NerdWallet rating NerdWallet’s ratings are determined by our editorial team. The scoring formula considers factors we consider to be consumer-friendly, including the impact on credit scores, rates and fees, customer experience and ethical lending practices.

0%.

4 installments, due every 2 weeks.

There is no late fee.

$5 rescheduling fee.

$10 account reactivation fee.

4.0 NerdWallet rating NerdWallet’s ratings are decided through our team of editors. The scoring algorithm takes into consideration factors we consider to be friendly to consumers, such as the impact on credit score, rates and fees, customer experience and ethical lending practices.

0%.

4 installments, due every 2 weeks.

$1 convenience fee per installment.

$5, $7, or the late charge of $10.

Should you make use of a buy now or pay later or buy now app?

NerdWallet suggests paying for non-essential purchases with cash whenever possible. Though BNPL might seem like an easy payment option however, it’s still an example of debt.

Consider these pros and cons before choosing whether to sign up for the pay-later program.

Pros

No interest financing: Most BNPL apps charge zero interest. If you make all payments punctually, you can are able to use the service at no cost. It’s very rare to finance a purchase, and especially something that is more expensive like a laptop computer, with no cost.

Soft credit checks are only for: Unlike applying for credit card or loan, BNPL apps won’t make a hard credit check, which can temporarily lower your score. In addition, if you’re concerned about your rating on your credit report, then you’ll be more likely to be accepted through the BNPL app rather than a traditional loan.

Quick, easy and simple finance alternative: BNPL apps pride themselves on the simplicity and ease of their payment plans. Most of the time, they are integrated directly into checkout processes, applications are short and approvals are quick which means you can be enrolled into the BNPL payment plan in a matter of moments.

Cons

May not be able to build credit: Most BNPL companies don’t report on-time payment to three primary credit bureaus. Therefore, it’s possible that you won’t be able to build credit by using these plans. Certain apps will however will send accounts that are past due for collection, and this may hurt you credit scores.

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Late fees: Although BNPL applications don’t charge you a prepayment fee for repaying an loan early, many charge the late fee for missing payments. These fees could be a significant percentage of the total and increase the cost of your purchase.

Could encourage overspending: BNPL plans can make the impression that you’re spending less money than you are. For example, if your budget for an item is $100, and you choose the pay-in-four option it will cost you just $25 up front. For some shoppers they may find it tempting to return and load up their carts with additional items.

Issues regarding customer support: A few BNPL users may have trouble settling disputes. For instance, if, for example, you buy an item you need be returning, then you have to contact the retailer directly even though the loan is made through the BNPL lender. This may delay your reimbursement. Some lenders also offer online-only customer service, so you aren’t able to contact them for more information.

Alternatives to buying now, pay later

While buying now and paying later may be a convenient and easy way to pay for an expense, it doesn’t offer the same perks like other financing options. It is worth considering these options.

0% interest credit card credit card: If you have excellent or excellent credit (a credit score of 690 or above) You may be eligible for a card that offers no interest during the card’s introductory period -typically 15 to 21 months. Credit card companies send payments to credit bureaus, which could improve your credit score. Additionally, you could receive the opportunity to sign up for a welcome bonus or gain access to a rewards program.

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Small personal loan: If you want a longer repayment period, a is a good option. Loans are available for people with a range of credit similar to credit cards you are able to show the history of punctual payments to bureaus. The interest rate is higher on a personal loan but, having a long-term contract, the monthly installments may be able to fit comfortably into your budget.

Check if you are pre-qualified for personal loan without impacting your credit score

Simply answer a few questions to get an estimate of your personal rate from a variety of lenders.

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The author’s bio: Jackie Veling covers personal loans for NerdWallet.

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