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22.02.20236 Buy Now Pay Later Apps to be available in 2023
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6 Pay Now, Buy Later in 2023.
These popular buy now, pay later programs will split your purchase into equal installments. Usually without charges for interest.
Updated on November 3, 2022
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» » is a form of payment plan that has become more popular over the last couple of years, particularly as more shoppers shopped online during the pandemic.
Also known as BNPL for short, these plans divide your payment into a number of equal installments in smaller amounts generally with no interest or costs.
Plans are available both online and in store depending on the application. Some retailers will even offer multiple plans to choose from during checkout.
These are 6 BNPL apps you can use at major retailers, plus alternatives worth considering.
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1. Afterpay: Best for the first time BNPL users
Unlike other BNPL providers that provide a variety of payment choices, Afterpay has a no-nonsense pay-in-four program that is easy to comprehend for new users.
It also has key features that can help prevent new users from overextending themselves. For example, Afterpay pauses your account when you miss a payment and it doesn’t transfer you to collections if you don’t pay back the loan which could harm your credit score.
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Where it’s available: Afterpay partners with major retailers such as Bed Bath & Beyond, Old Navy and Nordstrom.
How to be approved: Afterpay bases approval on whether you have enough funds on your debit or credit card, the length of time you’ve been using Afterpay and the amount you paid for purchases and whether you have other outstanding loans using Afterpay.
Payment schedule: Afterpay employs the pay-in-four method. Your purchase will be split into equal payments and the first payment due at the point of purchase and the other three installments due two weeks in advance.
Interest and late fee: Afterpay doesn’t charge interest. It will charge a late fee up to $8 if a check isn’t received within 10 days from when the date is due.
2. Affirmation: Great for large purchases
Affirm is a more traditional loan product. It provides longer terms and negotiates the interest rate with each retailer. If you’re looking to make an expensive purchase, such as a mattress or computer An Affirm loan may have cheaper payments spread over a longer time.
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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 approved: Affirm can conduct an informal credit check, which doesn’t hurt your credit. It also takes into consideration prior payment history with Affirm, how long you’ve owned an Affirm account, any Affirm loans you may have outstanding, your credit utilization, your income and current debts as well as any bankruptcy filings.
The payment schedule: Affirm offers three- or six-month repayment plans. Plans with a length of up to 60 months could be available subject to the purchase. Affirm also has a no-interest or pay-in-four plan.
Late fee and interest The interest rates for Affirm loans vary between 0% and 30 percent. There is no late fee for payments that are not made.
3. Klarna is the best choice for earning rewards
Klarna has three payment plans that include the pay-in-four model, its Pay in 30 model and a monthly finance option. After downloading the mobile application, users can join Klarna’s free rewards program that grants access to exclusive deals. The program gives 1 point per dollar spent and points can be converted into rewards for use at specific shops.
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Where it’s offered: Klarna is available at retailers like Macy’s, Etsy, Foot Locker and Sephora. You can also generate one-time use Klarna virtual card that can be used online with all U.S. retail store, including those who don’t work with Klarna.
How to get approval: Klarna will conduct a soft credit pull. Approval decisions are based upon available funds in your bank account, the history of your relationship with Klarna and the purchase amount.
Pay schedule: Klarna’s pay in 4 breaks a purchase into equal installments that are due every two weeks. The first installment will be due at the time of purchase. In addition, the Pay in 30 option gives shoppers 30 days after the product has been shipped to pay for their purchase. Klarna also offers the option of financing monthly with terms of up to two years.
Interest and late fees: Pay in 4 and Pay in 30 are both interest-free. Klarna will be charged a late fee up $7 for missed payments with this Pay-in-4. Monthly financing, Klarna will charge 0 percent to 24.99 percent interest.
4. Zip: Best for wide access
Zip, formerly known as Quadpay and is accessible wherever Visa can be used. After downloading the mobile app and paying with your credit or debit card or create the virtual Zip card that can be used in stores.
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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 will likely depend on the amount of funds on your credit or debit card, the history you have with Zip as well as the price of the purchase. It will perform a gentle credit pull.
Pay schedule: Zip uses the pay-in-four model. A purchase will be split into four equal installments , to be paid each two weeks. The first due at checkout.
Late and interest fees: Zip charges a $1 convenience fee for each payment which is in essence interest. The total amount you pay will cost an extra $4. The late fees could be $5, $7 or even $10 in accordance with your state.
5. PayPal Pay in 4: The best for security
PayPal offers a BNPL payment plan for customers who have an active PayPal account and are in good standing. In addition to the brand the company is known for, which can put new BNPL users at ease, the company extends its PayPal Purchase Protection plan to its BNPL plan. This means that if you don’t get your product or it’s different from the description, you could qualify for reimbursement from PayPal.
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The location where it’s available Where it’s available: PayPal’s Pay in Four plan isn’t currently available for in-store use. It’s available on the internet or via PayPal’s mobile app at retailers like Dillard’s, Target and Home Depot.
How to be approved: PayPal conducts a soft credit check. Approval is based upon the application form, your account track record with PayPal and the information supplied by the credit bureaus.
Schedule of payment: PayPal Pay in 4 splits the purchase in four equally-sized installments that are due two weeks apart The first installment is due at checkout. PayPal also has an option to pay monthly with twelve, six, or 24 months terms for larger purchases.
Late and interest fees: PayPal doesn’t charge interest or late charges with its Pay in 4. Its monthly payment plan may cost up to 29.99% APR.
6. Sezzle is a great choice for socially conscious shoppers
If you want your BNPL dollars to go further, Sezzle might be a ideal option. Sezzle is certified as a B Corporation, a designation that demands that the lender passes an exhaustive test and display that they are committed to environmental and social concerns. This distinction is unique among BNPL lenders.
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The places where it is offered: Shoppers can purchase Sezzle online and in stores at hundreds of retailers including Target.
How to get approved: Sezzle may conduct a soft credit check, which will not affect your score on credit. Sezzle will also take into account your previous history of your relationship with Sezzle when determining your spending limit.
Payment schedule: Sezzle offers a pay-in-four payment plan. Your purchase will be split into four equal installments due 2 weeks apart, with the first payment due at checkout.
Late and interest fees: Sezzle doesn’t charge interest or late fees. However, if you don’t make the payment, it will disable your account and you’ll not be able to make any purchases using Sezzle. In order to reinstate your account you’ll need to pay a $10 fee.
APR
Terms
Fees
5.0 NerdWallet rating NerdWallet’s ratings are set through our team of editors. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score, fees and rates, customer experience and responsible lending practices.
0%-30%.
Four installments due every two weeks. Monthly payment plans vary from 3-60 months.
No cost.
5.0 NerdWallet rating NerdWallet’s ratings are determined by our editorial team. The scoring algorithm takes into consideration factors we consider to be beneficial to the consumer, such as impact on credit score, rates and fees customers’ experience, and ethical lending practices.
0%.
4 installments, due every 2 weeks.
$8 late fee.
5.0 NerdWallet rating NerdWallet’s ratings are determined by the editorial staff. The scoring formula considers factors we consider to be a good choice for consumers, such as impact to credit score fees and rates, customer experience and responsible lending practices.
0%.
4 installments, due every 2 weeks.
Late fee of $7.
4.5 NerdWallet rating NerdWallet’s ratings are set by our editorial team. The scoring algorithm takes into consideration aspects we believe are consumer-friendly, including impact to credit score, rates and fees customers’ experience, and responsible lending practices.
0%.
4 installments, due every 2 weeks.
No fees.
5.0 NerdWallet rating NerdWallet’s ratings are made by our editorial staff. The scoring formula considers aspects we consider to be a good choice for consumers, such as the impact on credit score rate and fees as well as the customer’s experience and responsible lending practices.
0%.
4 installments, due every 2 weeks.
No late fees.
$5 rescheduling fee.
$10 account reactivation fee.
4.0 NerdWallet rating NerdWallet’s ratings are determined by our editorial team. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score fees and rates as well as customer satisfaction and responsible lending practices.
0%.
4 installments, due every 2 weeks.
$1 convenience fee per installment.
$5, $7 or $10 late fee.
Should you make use of a buy now, pay later or buy now app?
NerdWallet suggests paying for non-essential purchases in cash whenever you can. Although BNPL may appear to be an ideal payment method, it’s still a form of debt.
Be aware of this list of pros and cons when making a decision about whether or not to take advantage of the pay-later program.
Pros
No interest financing: Most BNPL apps charge zero interest. That means if you make all payments punctually, you can have the option of using the service for no cost. It’s very rare financing a buy, especially larger-ticket items like a computer, at zero interest.
Soft credit checks only: Unlike applying for a credit card or loan, BNPL apps won’t conduct a hard credit pull, which can temporarily lower your score. In addition, if you’re concerned about your scores on credit, you’ll likely be more likely to be accepted by the BNPL app rather than a traditional loan.
Easy, quick and convenient payment option: BNPL apps pride themselves on the convenience and speed of their payment plans. Most of the time, they are integrated directly into checkout Applications are brief and approval decisions are instantaneous which means you can be enrolled into the BNPL payment plan within moments.
Cons
May not be able to improve credit score: Many BNPL firms don’t report timely installments to any of the three primary credit bureaus, so you may not be capable of building credit making use of these plans. However, some apps will send accounts that are past due to collections, which may hurt your credit score.
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Late fees: Although BNPL apps don’t charge you a prepayment fee for paying off the loan early, many will charge the late fee for missing payments. These fees can represent substantial percentages of the total amount and can increase the cost of your purchase.
This could encourage spending more: BNPL plans can make it feel like you’re spending less money than you actually. For instance, if your budget for purchase is $100 and you choose the pay-in-four program, you’ll only pay $25 upfront. For some shoppers who are tempted to load up their carts with more products.
Issues regarding customer support: Certain BNPL users may have trouble in settling disputes. For instance, if, for example, you purchase an item that you need to return, you have to deal directly with the store even though your loan is made through the BNPL lender. This may delay your reimbursement. Some lenders offer online-only customer service, so you aren’t able to contact them for more details.
Alternatives to buying today, and pay later
While buying now and paying later can provide a simple and convenient way to cover the cost of a purchase, it does not provide the same advantages like other financing options. You might want to think about these options.
Credit cards with no interest credit card: If you have excellent and excellent credit (a credit score of 690 or higher), you could qualify for a , which has no interest for the initial period of the credit card- usually 15 to 21 months. Credit card companies send payments to credit bureaus, which could aid in building your credit score. There is also the possibility of receiving a sign-up bonus or access to some rewards programs.
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Small personal loan If you’re looking for more time to pay back it could be a smart choice. Loans are available for borrowers across the credit spectrum as well as credit cards they can be backed by an history of timely payments to bureaus. The interest rate is higher on a personal loan, but with longer terms, the monthly payment may fit more comfortably in your budget.
Find out if you’re pre-qualified for an individual loan and it will not affect your credit score
Simply answer a few questions to get customized rate estimates from several lenders.
The amount of the loan
on NerdWallet
Author bio Jackie Veling covers personal loans for NerdWallet.
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