Imagine it’s the end of the month sales, where you get your desired item at a very affordable price, but you run out of money. What would you do? Well, let us bring you a solution so that you actually never miss out on an amazing purchase.
Buy Now Pay Later apps are to your rescue; they are incredibly useful as they allow you to buy your product instantly and pay for it later in small installments.
These apps may differ in procedures, but they have certain modern day money lending standards such as No credit check, however, while paying installments it is advisable to pay back on time to maintain your good credit score.
Another advantage of using Buy Now Pay Later apps is that you get loan approval in a very short time compared to traditional methods. They can also provide the No money down feature, that is, no down payment at the time of purchase. All you need to do is pay in installments over a set term.
For your convenience, here’s a list of some of the best apps you can use:
It is one of the best Buy Now Pay Later apps available in 2022 as it does not charge any fees; even when you are late in paying your loan or miss an installment, this credit-based app does not charge fees to its users.
Affirm benefits its users in many other ways, one of which is its interest. The interest rate ranges from 0 to 10%, and sometimes even 30%. However, the interest rate depends on the store where the purchase is made.
However, it is very good if you like flexible and long-term payment plans. And is that the application allows you to pay between three and 36 months (again, without commissions).
In addition, it is widely used, which means that you can shop in many physical and online stores with it, even those that are not associated. In that case, the store can generate a virtual card number instead. Best of all, the app has no minimum credit history, so you’ll have no trouble getting approved.
2. After Pay
Afterpay is another easy-to-use Buy Now Pay Later app. The reason for this is that this app lends you money instantly, and also helps you stay within your budget. All thanks to After Pay’s smart credit limit feature!
Want more? It’s customer-focused; the app has an included feature that sends reminders on the installment due date, helping you stay on schedule. Don’t neglect to use this feature, as late payment of the installment will cost you high late fees.
One disadvantage of using After Pay is that you can’t place every order. It is picky when placing orders, orders that are deemed unnecessary, can also be rejected.
Afterpay allows you to split your payments into four interest-free installments if your purchase is less than $100 and does not limit you to online purchases, you can opt to use Afterpay’s virtual card number while shopping offline as well.
Thinking of buying an expensive item? Klarna is what you need. It is the best option when purchasing expensive items, and repaying over a long time frame.
With Klarna, you can split your installments into a small amount that you can pay back in a short period of 30 days up to a long period of 3 years.
It is accepted almost everywhere in the world and has 250,000 merchant partners internationally. It is also accepted where credit cards are available.
However, every transaction on this app requires approval from the company (which is understandable given that they accept larger purchases).
4. PayPal Credit
Allows you to make payments wherever PayPal payments are accepted. Using PayPal Credit allows you to pay in full within six months of the transaction date. This saves you the task of managing and saving your expenses each month until the chosen term.
Another advantage of using this option is the instant deposit of the transaction amount into your account.
However, it is a bit complicated to get credit from PayPal. For example, the minimum credit line is $250. You can only have 0% interest on your transaction if it is over $99. Also, the way their system works, bad performance only hurts your credit score. It can simply be understood as bad habits bring consequences and good habits keep your impression.
If you have a bad habit of missing payments, Sezzle might be a good option. What does this mean? Well, the app helps you manage your finances for six weeks and allows you to reschedule your payment for up to two weeks.
Of course, this comes with some strings attached. The first rescheduling per order is free. But if you need more reschedules after that, it will cost you $5 for each subsequent reschedule.
Sezzle also allows you to reschedule your multiple payments in full. This means that when you use your first free payment reschedule, you can reschedule your multiple payments for free! This would help you avoid paying $5 on your multiple payment reschedules.
On the other hand, a 25% down payment is required at the time of purchase, this can be a great deal if you are opting for Buy Now Pay Later when you are running low on cash. Using Sezzle saves you interest payments and rules out additional costs. One disadvantage of using Sezzle is that you are limited to shopping at only 34,000 merchants.
Make Splitit purchases with your Visa or Mastercard credit card and earn rewards for yourself. However, unlike a regular credit card, Splitit splits your payment into installments and charges no fees or interest. In case of late payment of installments, you may have to bear fees or interest.
The only requirement to use this application is that you have a credit card. No credit check is required to use the application. Using this application saves any pre-processing prior to obtaining credit. Your credit card limit is set as your credit limit for Spiltit.
Splitit does not support all credit cards, especially Amex and Discover. Also, good payment behavior on Splitit will not affect your credit score at all.
Zebit is another buy now and pay later app that is easy to use and doesn’t have much of a mess. The key to the Zebit app is that you need to have a good credit score. The app charges 0% interest on your purchase. The process you need to follow is simple, apply for the service and wait for your credit to be approved.
The app also offers a fairly large limit and allows you to pay off the balance over six months. You can have up to $2,500 in credit, enough for almost any type of purchase you can make.
The downside to Zebit is that it only has over 1,500 partner brands. Also, you can only shop with Zebit from their own online marketplace. Therefore, it is not the best option for you if you want to shop from a diverse marketplace. Another disadvantage of using Zebit is that your Zebit line is based on the status of your current employer. Therefore, if you change jobs, this will affect your Zebitline.