4 Best Buy Now, Pay Later Apps for 2023
Buy now, pay later (BNPL) apps can help you afford larger purchases without pulling out your credit card or paying high interest rates. But what’s the catch?
There really isn’t one as long as you can pay up on time. Payments are spread out over a few weeks or months depending on the purchase. Each app has different loan terms, annual percentage rates, and late fees. Check out the four best buy now, pay later apps for 2023.
Affirm: Buy now, pay over time
Affirm is available at variety of different retailers and has high financing limits. It’s ideal for anyone planning to make large purchases.
Its borrowing limits are anywhere from $50 to $25,000. You can get prequalified without a hard credit check. You can choose between two different payment options. If you don’t want to pay any interest or fees you’ll need to use the “pay in 4” option. Otherwise there is the monthly payment option that charges an APR and that rate will depend on your credit situation. Rates vary between to 0 to 36 percent.
Afterpay: Shop now. Pay later.
Afterpay is appealing to first-time buy now, pay later shoppers. You don’t have to go through a hard credit check to qualify and it is accepted at many online and in-store stores. It was founded in Australia in 2014 but is available to customers and businesses across the world.
You can spread out your purchase into four payments every two weeks. If you make your payments on time there are no fees. Afterpay is always interest-free but you can incur late fees for any missed payments.
Download Afterpay in the Australian App Store, Android, or head to their website.
PayPal Pay in 4
PayPal Pay in 4 lets you finance purchases as little as $30 and all the way up to $1,500. Most online popular retailers and brands accept PayPal Pay in 4 making it extremely convenient.
You can split your purchases into four interest-free installments or choose a monthly payment option with APRs varying from 0-29.99 percent.
Sezzle - Buy Now, Pay Later
Sezzle works similar to the other apps but offers its customers some flexibility. You can reschedule payments to give yourself some wiggle room of up to two weeks.
You need to pay 25 percent down at the time of purchase and then three more payments every two weeks. You can reschedule one payment for each order for free, after that you’ll need to pay a fee to reschedule payments. All purchases are interest-free.
Other Things You Should Know About Buy Now, Pay Later Apps
Some services do perform a soft credit check to approve you for a line of credit. This will help them determine your credit limit, APR, and more.
It’s also important to research the merchant network. Check the directory on the app or platform to make sure that you can use the buy now, pay later service with the retailer you’re purchasing from.
Last but not least, read the fine print and loan terms thoroughly. If you make your payments on time and never miss one, these apps can really come in handy. If not, you could find yourself in a financial pickle.