Best Buy Now, Pay Later Apps of 2024 (2024)

Best Buy Now, Pay Later Apps

Best Buy Now, Pay Later Apps

• Purchase limit of $17,500
• Soft credit check to prequalify
• Payments of three, six, or 12 months are typical

Affirm is our choice for the best overall buy now, pay later app because it has no fees of any kind, not even a late fee. For transactions that do charge interest, Affirm charges simple interest, which means that your interest charges won't compound and grow larger.

Affirm is a publicly traded company that is located in San Francisco, California and was founded in 2012, and has served over 12 million customers. Customers can borrow up to $17,500 and pay over time with no interest or interest rates from 0% to 36%, depending which payment plan they choose.

Most loans are repaid in three, six, or 12 months without any additional fees (only interest), making this the best overall choice. Longer terms may also be available in some situations.

When you make a purchase with Affirm, you always know exactly what you're paying and when the payments will be done. Many retailers offer Affirm as a payment option when checking out. When it's not an option, you can still pay over time by creating a virtual credit card number online or through the Affirm mobile app to purchase in-store or online.

Read the full Affirm review.

• Credit limits vary
• Soft credit check
• Four payments over six weeks

Our choice for the buy now, pay later app with the best flexible payment plans is Sezzle. Sezzle sets itself apart by allowing customers to reschedule payments to give themselves up to two weeks of additional time.

Sezzle is based in Minneapolis, Minnesota, and is a publicly traded company that operates in the U.S., Canada, Germany, and several other countries. The company is a Certified B Corp., which means that it uses its profits and resources to support a public benefit. It has 3.4 million active customers and there are now about 47,000 active merchants on the platform where customers can buy now and pay later.

Like many BNPL apps, it requires a 25% payment immediately and three additional payments every two weeks. However, Sezzle allows customers to reschedule payments up to two weeks later, making it the leader for best for flexible payments. The first reschedule for each order is free, then each additional payment reschedule for that order incurs a fee.

• Credit limits start at $500
• Soft credit check, no minimum score
• Purchases are split into four equal payments

The best buy now, pay later app for students is Afterpay because it utilizes smart credit limits to ensure customers can afford to pay for purchases. There is also a virtual card in the app for in-store purchases.

Afterpay, founded in 2014, is an Australian company that operates in its home country, New Zealand, the U.K., E.U., Canada, and the U.S. It now has 20 million customers from around the world. It works with about 144,000 merchants, so customers have many choices for shopping.

Browse participating stores online or in person to make purchases with no fees or interest, as long as you make all scheduled payments. Each purchase you attempt to make is subject to an instant approval decision using smart credit limits, which is why it is great for students with limited financial resources.

To shop in-store, log into your account via the Afterpay mobile app, then add the virtual card number to your mobile wallet and tap to pay. You'll make the first of four equal payments immediately, then each of the remaining three payments every two weeks. As long as your purchase is approved, your order will ship as usual. If a payment is late, you'll be charged up to 25% of your original order amount.

Read the full Afterpay review.

• Uses the existing credit of your credit cards
• No credit check
  
• Payments for three to 24 months

Splitit is our choice for the best BNPL app with no credit check. Instead of issuing you more credit, Splitit uses your existing Visa, Mastercard, Discover, or Union Pay credit card to make purchases.

Splitit is a publicly traded company based in New York City and founded in 2012. It has partnered with Wix, Big Commerce, Woo Commerce, Shopify, and more to expand its offerings. With Splitit, customers can continue to use their Visa, Mastercard, Discover, and Union Pay credit cards to earn rewards on their purchases and pay over time with no interest. Splitit does not charge consumers any interest or fees, including late fees. Obviously, interest can still be charged by your credit card company.

Simply select Splitit at checkout, choose how many installments they'll make to pay off the balance, and enter their credit card information—there is no credit check. Splitit does not require an application or registration to use their service. There is no interest charged and no late fees charged by Splitit.

When making a purchase, your available credit is reduced by the total purchase amount as a pending transaction on your credit card. Each time a payment is due, the payment will be charged to your card and the pending amount will be reduced by the same amount. The process repeats until all payments are made.

• Does not use credit history
• Spending limits vary
• Payments from your paycheck

The winner of the best BNPL app for those with bad credit is Perpay because it does not check credit history and uses your verified income to set your spending limits.

Perpay was founded in 2014 and is currently located in Philadelphia, Pennsylvania. With over five million members, Perpay was named the fifth-fastest-growing private company by Inc. Magazine in 2019. Customers are able to shop from over 1,000 of the top brands through the Perpay marketplace. With on-time payments, the average customer increases their credit score by 39 points, giving it the edge for consumers with bad credit trying to repair it.

After completing your Perpay profile, customers can access their spending limit and start shopping within 60 seconds of joining. Your items are not shipped until your first payment is made, which is typically your next payday. Instead of the typical four payments of 25% each that other BNPL services utilize, Perpay allows users to choose the number of payments and the frequency of these payments is the same as their paycheck frequency.

Required payments are made through direct deposit from your payroll. Other forms of payment are not accepted unless you are making extra payments. Perpay helps customers build credit by reporting your positive payment history to the credit bureaus after completing four months of on-time payments with a combined total of at least $200.

• Per transaction limit of $1,500
• Soft credit check may be needed
• Four equal payments

PayPal Pay in 4 is our choice for the best small purchases buy now, pay later app because it focuses on transactions of $30 to $1,500.

PayPal is one of the original online payment processing platforms for person-to-person payments. It has been expanding to in-store and online purchases for years and is now one of the most recognized payment options among consumers. Pay in 4 is available at millions of online merchants, such as Nike, Best Buy, and Target for transactions ranging from $30 to $1,500, making it our choice for small purchases.

To use Pay in 4, you must have a PayPal account in good standing, or open one at the time of purchase, that is linked to your bank account, debit card, or credit card. During checkout, select Pay in 4 when you check out with PayPal to receive an approval decision within seconds.

You'll pay a down payment at the time of purchase and three subsequent payments every two weeks thereafter. Pay in 4 is not currently available to residents of New Mexico, North Dakota, Missouri, Wisconsin, Nevada, Rhode Island, and all U.S. territories.

• No predefined credit limit
• Soft credit check
• Four equal payments

Klarna is our choice for the best buy now, pay later app for large purchases because it offers up to 24 months of financing and its virtual card numbers can be used at any online or in-person retailer.

Klarna was founded in 2005 in Sweden. It has since expanded within Europe and to the U.S. and boasts 147 million active customers and over 400,000 merchants across 45 countries. However, you can now use Klarna to turn any purchase into smaller payments at every store that accepts credit cards. Klarna does not impact your credit when using the pay in 4 option.

During checkout, create a virtual card in the Klarna app and use that number to complete your purchase. One payment option is to pay off your purchase in four equal payments. The first is due immediately and the remaining three are paid every two weeks. Klarna does not charge interest or fees as long as you make all of your scheduled payments on time.

Customers also have the option to pay the balance in full within 30 days with no interest. Another option is to use up to 24-month financing to handle larger purchases helping it win this category. This longer-term option does charge interest.

Read the full Klarna review.