The 8 Best Buy Now Pay Later Apps of 2024

Buy now, pay later – often known as BNPL – provides a financing alternative to credit cards and installment loans. Consumers can take advantage of BNPL apps to finance purchases and other activities without the need to get on the credit card treadmill or enter into long-term loan repayment schedules. BNPL arrangements are particularly beneficial to consumers with no credit or bad credit since most service providers don’t even run a credit check for qualification purposes.

With that in mind, we present the eight best buy now pay later apps for 2024. Even if you’ve never used a BNPL app before, you may be signing up for one by the time you’re finished reading this guide. They’re that good!

8 Best Buy Now Pay Later Apps

We’ve curated a list of what we believe to be the eight best buy now pay later apps of 2024. The table below lists the eight apps, and what each is best for. A detailed description of each app will follow.

1. Affirm

Affirm enables you to get credit to shop in thousands of merchants in various categories. That includes apparel, beauty and health, fitness equipment, home goods and furnishings, shoes, electronics, travel, and even wedding expenses. Best of all, they charge no fees. You can choose to either make four interest-free payments every two weeks, or a monthly payment option. If you choose monthly payments, the APR can be as high as 36%, depending on your credit score, the store where you are making your purchase, and your payment history with Affirm.

Be aware that a down payment may be required on certain purchases. A credit card can be used for the down payment. Biweekly or monthly payments can be made by debit card, checking account, or from your Affirm savings account for purchases through the Affirm website or mobile app.

• Maximum purchase amount: Not confirmed, but up to $17,500 is commonly cited.
• Credit qualification: Soft credit pull.
• Payment terms: Choice of 4 interest-free payments every two weeks, or monthly installments for up to 48 months.
• Interest and/or fees: No fees, interest of 0% – 36% APR on monthly installments.

2. PayPal BNPL

Similar to Affirm, PayPal enables you to choose your payment method. For purchases up to $1,500, you can make four payments every two weeks, interest-free. For larger purchases, you can choose a monthly payment plan of six, 12, or 24 months. No down payment is required, and there are no fees – including late fees. Meanwhile, purchase protection is automatically included with your payment plan, no matter which you choose.

The big advantage of PayPal is the ease of use it offers, given that it has been in business for over 20 years and is widely used by millions of consumers.

• Maximum purchase amount: Up to $1,500 for 4 biweekly payments, or up to $10,000 if you pay monthly.
• Credit qualification: Soft credit pull.
• Payment terms: Choice of 4 interest-free payments every two weeks, or monthly installments for up to 24 months.
• Interest and/or fees: No fees, interest of 9.99% – 35.99% APR on monthly installments, with rates as low as 4.99% APR offered periodically.

3. Perpay

Perpay works a bit differently from the other best buy now pay later apps. First, they don’t run a credit check for qualification purposes. Instead, your acceptability and credit limit – which can be up to $1,000 – is determined by the amount of your paycheck. Payments will be made out of each paycheck until your loan is paid, up to a maximum of six months. The fact that Perpay doesn’t run your credit report makes it a perfect BNPL app for consumers with bad credit.

Second, purchases with the app are more limited than the competition. You are limited to making purchases only of items available on the Perpay Marketplace. And since Perpay purchases merchandise from merchants and resells it to its customers, there is a price markup. Translation: you will pay more for items purchased on Perpay than you would if they were purchased directly in the merchants’ stores or on their websites.

• Maximum purchase amount: Up to $1,000.
• Credit qualification: No credit check; eligibility is based on your paycheck.
• Payment terms: Up to six months.
• Interest and/or fees: No interest or fees.

4. Klarna

Klarna partners include more than 20,000 stores, making it one of the largest merchant networks in the industry. You can shop using the app, in-store, or online, then take advantage of financing when you check out through Klarna. Klarna charges no fees, but interest of up to 33.99% APR will apply to monthly installment payments.

The big advantage of Klarna is in the number of payment options they offer. There are four in total. That includes Pay Now, using your credit or debit card through the app; Pay in 30 (days); Pay in 4 equal installments every two weeks; or monthly installments over between six and 24 months.

• Maximum purchase amount: Not confirmed, but $2,000 to $10,000 has been cited.
• Credit qualification: Soft credit pull only for Pay in 4 option; hard credit pull if you choose a different financing option.
• Payment terms: Pay Now, Pay in 30 (days), Pay in 4 (4 payments two weeks apart), or over time for 6 to 12 months.
• Interest and/or fees: No fees; pay over time interest ranges from 7.99% to 33.99% APR.

5. Afterpay

Afterpay is an international BNPL service, based in Australia, with participation from 240,000 merchants around the world. They offer two payment options, four payments every two weeks, and monthly for 6 to 12 months. Installment payments may require a down payment.

There are no fees when you pay on time, but interest doesn’t apply on installment payments. You should also be aware that a late fee of up to 25% will be imposed if your payment is not made on time.

Afterpay offers its Pulse Rewards program, paying points for various activities on the app. For example, you can earn 10 points when you make your first payment of at least $40, and 40 points when you make your second payment. Each point is worth $0.01, so 1,000 points are worth $10. Rewards points can be redeemed for either cash or gift cards.

• Maximum purchase amount: Not confirmed, but $500 to $1,500 has been cited.
• Credit qualification: Soft credit pull only for the Pay in 4 option; hard credit pull if you choose a monthly payment option.
• Payment terms: 4 interest-free payments, two weeks apart, or monthly payments over 6 to 12 months.
• Interest and/or fees: No fees when you pay on time; 6.99% to 35.99% APR on installment payments; 25% late fee.

6. Splitit

Splitit is a BNPL app that works with your existing credit card (but not your debit card). Eligible credit cards are primarily Visa and MasterCard, but may also extend to American Express, Discover, and UnionPay, depending on the merchants. Because of the credit card tie-in/requirement, Splitit does not impose any fees or interest charges, including late fees.

Another benefit of the credit card tie-in is that Splitit not only does not perform a credit check, but it also does not require you to complete an application. Your existing credit card is the basis of approval. However, the disadvantage is that Splitit is not suitable for consumers with poor credit, since virtually every customer will need a credit card. Because payments are handled through the credit card, the payment history is not reported to the credit bureaus apart from activity reported by the credit card issuer itself.

• Maximum purchase amount: Based on credit card limit, up to $10,000 on installment plans.
• Credit qualification: None required.
• Payment terms: Monthly installments of three to 36 months.
• Interest and/or fees: No interest or fees, including late fees.

7. Apple Pay Later

Apple Pay Later is an excellent option if you have an Apple device. You can even activate it when you choose to pay using Apple Pay at checkout. At that time, you’ll simply tap Pay Later to start the application process. To qualify for the service, you must set up Apple Pay on your mobile device with an eligible debit card. Subsequent payments on the advance will be made through the debit card. Though Apple does not run your credit report, they may report your payments to the three major credit bureaus.

The big advantage of Apple Pay Later is that if you already have an Apple device and use Apple Pay, you can take advantage of the financing quickly and easily directly from the app. Apple Pay Later can be used for purchases of between $75 and $1,000.

• Maximum purchase amount: $1,000.
• Credit qualification: None.
• Payment terms: 4 equal payments, two weeks apart.
• Interest and/or fees: None.

8. Zip

Not only can Zip be used to pay for online and in-store purchases, but you can also use it to pay your bills. It can be used anywhere Visa is accepted. They use a single term of four equal payments, two weeks apart. The service can be used at major retailers, including Best Buy, Amazon, Walmart, Target, eBay, Costco, and Bath and Body Works. Repayment can be made by either a credit card or debit card attached to a bank account.

• Maximum purchase amount: $1,500.
• Credit qualification: Soft credit check only.
• Payment terms: 4 equal payments, two weeks apart.
• Interest and/or fees: Installment fee of up to $7.50, plus interest at an annualized rate of 31.11%.

What is a Buy Now Pay Later App?

Buy now pay later apps provide consumers with an alternative to the usual financing methods. This is beneficial because BNPL arrangements tend to be short-term, and often cost-free. If you have bad credit, BNPL offers an opportunity to avoid a hard credit check that might get you declined. Plus, many BNPL apps will report your payment history to the three major credit bureaus, allowing you to increase your credit score.

At the core, BNPL is a form of short-term financing. The most typical arrangement offered is making four equal payments, two weeks apart. You’ll make the first payment at the time of purchase, and the remaining three payments over the following six weeks.

While that is the most typical financing arrangement offered by the majority of the best buy now pay later apps, many also offer short-term loan arrangements. Though these typically extend for only a few months, some services will extend terms out to 36 or even 48 months. While there are often no fees or interest associated with the four payment methods, term loans typically involve the payment of interest. The rates are comparable to personal loans, but the short terms offered make them far less expensive than credit cards, and easier to pay off.

You should also be aware that longer-term financing arrangements often have a down payment requirement. The amount will vary by app, merchants, and the amount of the purchase.

How a Buy Now Pay Later App Can Help You

If you have bad credit, BNPL can be a valuable alternative financing method. You can be approved for a BNPL even if you are not eligible to qualify for a credit card.

Even if you have excellent credit, BNPL can add value to your financial arsenal. It can be a way to make major purchases, with the cost split among just a few payments. That avoids credit card treadmills or long-term installment loan arrangements. What’s more, the four payment methods are usually free of fees and interest, saving you potentially hundreds of dollars each year in financing costs.

How We Decided On the Best Buy Now Pay Later Apps

In coming up with this list of the eight best buy now pay later apps for 2024, we used the following criteria:

• Maximum purchase amount allowed.
• Credit qualification requirements.
• Payment terms.
• Interests and/or fees.
• Available merchant network.
• Financing options.
• Potential to build or improve credit.
• Ease of use.
• Other features are offered, like rewards.

Frequently Asked Questions (FAQ)

Should You Sign Up for a Buy Now Pay Later App?

Buy now pay later apps have evolved to the point where they can be a good choice for anyone. While they are especially beneficial for consumers with bad credit, they can also enable others to make purchases by spreading the payments over several weeks without incurring any costs.

That being the case, you should take a close look at one or more of the BNPL apps in this guide, and choose the one you think will be the best.