5 Popular Buy Now Pay Later Apps

Christopher Mims | December 3, 2021 | Extra Money | No Comments

These are some of the most popular Buy Now Pay Later Apps to help you stretch your dollars.

Buy Now Pay Later Apps help you stretch your dollars!

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We could all use a little more time to pay off purchases occasionally, but we don’t always want to max out our credit cards to do it. Given today’s proliferation of online shopping for not only in-demand merchandise, but just about every kind of product you can think of, it’s no wonder that the development of buy now pay later apps have emerged on the scene as a good alternative for many people.

Many of these apps allow you to pay equal installments for your purchases, without a credit check or with a soft credit check. Most of them don’t even charge interest as long as you keep up with your payment schedule.

Here are 5 Popular Buy Now Pay Later Apps for you to check out.

Klarna

Klarna offers the opportunity for you divide your payments into 4 equal installments every two weeks, or you can pay your balance off in 30 days, allowing you to try your purchase first. Both programs offer interest free payments.

Klarna does a soft credit check for an instant decision. This does not affect your credit score. There is no minimum credit score required.
You can use the app in participating stores and online and even order ‘in-app” through their directory of stores.
They have a browser app for Chrome.
Klarna does have a rewards program that rewards you for your timely payments, and they have savings offers as well.
They do have a monthly financing program with interest for those who want to make larger purchases.

Read: Earn extra cash with PaidViewpoint.

Afterpay

Afterpay is similar to Klarna but spreads the installments out even longer. Check out the details below:

Afterpay allows you to divide your payments into 6 equal installments over 6 weeks, interest free.
They do not check your credit.
The starting available balance is $500 for debit card holders and $1500 balance for credit card holders. Your balance may increase with a good payment history.
You can use Afterpay online or in participating stores using the app.

Affirm

Affirm offers loans with interest for 3, 6 or 12 months. The interest ranges from 0-30% APR.

There is a soft credit check. This should not affect your credit score.
You must have a minimum 550 credit score, but Affirm also looks at other things beyond credit, such as your account and payment history with stores.
You can use Affirm online or at participating stores using the app. When you use it in-store, you have to apply for a virtual card first.

Check out Affirm for yourself.

READ: Great Ways to Save Big on Christmas Gifts

Zip

With the Zip app, customers pay in 4 equal installments over 6 weeks.

Zip charges a $1fee for every installment.
There is a soft credit check. This should not affect your credit score.
You need a 560 credit score to get started.
They have a browser extension for Chrome for easy online ordering.
Zip also has a rewards program.
You can use the app directory of stores, shop online at participating stores, and also make in store purchases using the app.

Get the Zip app today!

Sezzle

Sezzle offers customers to pay over 4 interest-free installments.

Sezzle also allows you to reschedule your payments up to three times per order, delaying payment for up to two weeks. The first reschedule is free, but any additional reschedules come with a $5 fee.
The app does a soft credit check. This should not affect your credit score.
You can also choose to report your payments to the credit bureaus that could help you build your credit.
You can use the app directory of stores, shop online at participating stores, and also make in store purchases using the app.

A Few Additional Points About Buy Now Pay Later Apps

Most of the apps mentioned above earn their money through their relationship with participating retailers, since the apps are driving new customers to their stores and websites. Take care in selecting the right one for your needs and make sure you are not over-extending yourself when you make purchases. Some of the apps charge late fees and missed payments can be reported on your credit report.

On the flip side, many of the apps can help build credit, or a credit line, offer discounts with the stores they work with and offer special deals via email, etc.

I hope this overview of just a few of the more popular Buy Now Pay Later apps has been helpful, if you have comments or recommendations, please drop them below. We’d also love to hear about your experiences with these or other Buy Now Pay later apps!