Buy now, pay later (BNPL) services have revolutionized how people shop online and in stores. These apps let you split purchases into smaller, more manageable payments, often without interest when paid on time.
11 Best Buy Now Pay Later Apps in 2024: Complete Guide
We'll explore the best BNPL apps available in 2024, comparing their features, credit requirements, and merchant partnerships to help you make informed decisions about your purchases.
1. Klarna
Klarna offers flexible payment options including Pay in 4, Pay in 30 days, and monthly financing. With no interest on Pay in 4 purchases and integration with over 450,000 merchants, Klarna stands out for its versatility. A soft credit check is required, and you'll need a minimum score of 640. Check out our guide to popular stores that accept Klarna for more shopping options.
2. Afterpay
Afterpay divides purchases into four equal payments over six weeks with zero interest. No credit check is required, making it accessible for those building credit. Late fees can be up to 25% of the purchase price. Explore stores that accept Afterpay to maximize your shopping options.
3. Affirm
Affirm offers payment terms from 6 weeks to 60 months, with APRs ranging from 0-30% based on creditworthiness. They perform a soft credit check and have partnerships with major retailers like Amazon, Walmart, and Target. No late fees are charged, but interest rates may be higher than competitors.
4. PayPal Pay Later
PayPal's Pay in 4 service offers zero-interest installments on purchases between $30 and $1,500. Available wherever PayPal is accepted, it's convenient for existing PayPal users. No late fees are charged, but missed payments may affect your ability to use the service.
5. Zip (formerly Quadpay)
Zip splits purchases into four payments over six weeks. A $1 convenience fee per installment applies. Available at most retailers that accept Visa, with a virtual card option for in-store use. Credit check required but flexible approval criteria.
6. Sezzle
Sezzle offers four interest-free payments over six weeks. They're known for being more lenient with payment rescheduling, allowing up to three reschedules per order. Late fees start at $10 and are capped at $10 per installment.
7. Splitit
Unique among BNPL services, Splitit uses your existing credit card to split payments. No additional credit check or application required. Payments can be spread across 3-24 months with zero interest if your card has a zero-interest promotion.
8. Perpay
Perpay focuses on helping users build credit while shopping. Payments are automatically deducted from your paycheck. No credit check required, but you must have steady employment. Reports payments to credit bureaus.
9. ViaBill
ViaBill offers four interest-free payments over three months. Available at smaller retailers and specialty stores. Soft credit check required. Late fees are $6-$10 depending on the payment amount.
10. FourPay
Specializing in smaller purchases under $500, FourPay offers four interest-free payments over eight weeks. No credit check required. Late fees are $8 per missed payment.
11. ChargeAfter
ChargeAfter connects shoppers with multiple lenders through a single application. Terms vary by lender, with options from 3-36 months. Hard credit check required but higher approval rates due to multiple lenders.
Frequently Asked Questions About Buy Now Pay Later Apps
Do buy now pay later apps affect your credit score?
Most BNPL services perform soft credit checks that don't affect your score. However, missed payments may be reported to credit bureaus and impact your credit score. Some services like Perpay actively report payments to help build credit.
What are the typical requirements for buy now pay later approval?
Requirements vary by service but typically include: being 18 or older, having a valid government ID, providing a working debit/credit card, having a US phone number, and sometimes meeting minimum credit score requirements (usually 640+).
What happens if you miss a payment on a BNPL app?
Consequences vary by service but may include: late fees (typically $7-$10 per missed payment), account suspension, negative credit reporting, and inability to use the service for future purchases until the balance is paid.
