5+ Best BNPL apps to pay off your big purchases over timeIn this blog, we are listing down some of the top Buy Now Pay Later (BNPL) apps that are easy to use and have low-interest rates!
Their ease of use, low fees, and interest-free payments have made them lucrative options for shopping both in-person as well as online. And in an era when many people are living paycheck to paycheck, these apps help them make purchases they otherwise couldn't afford.
To help readers choose the best BNPL apps 2022, we have researched and reviewed top buy now, pay later apps based on several factors such as features, interest rates, and ratings. So, without further ado, let's look at them in detail.
Our Top Picks
There are many BNPL providers that have emerged in the last few years, and users are increasingly flocking to them to purchase everything from clothing to travel to workout equipment. However, with so many BNPL apps existing today, choosing best apps for yourself might be difficult. But don't fret; in this article, we have listed best buy now pay later apps that are easy to use and come with low fees and interest rates.
Top BNPL apps for Android and iOS users
Sezzle, one of the best pay later apps without KYC
Sezzle is the only BNPL app with the potential to help improve your credit score. The trick is that on-time payments allow you to upgrade to Sezzle Up. Sezzle's basic plan is a standard Pay in 4 options at zero interest and a six-week installment schedule. With this plan, Sezzle doesn't report payment history to the credit bureaus. But Sezzle Up does report your purchases and payment history, and you may receive a credit line increase.
Sezzle has also partnered with Ally to provide long-term financing solutions. These loans come with interest but allow for much larger purchases over much longer periods.
Notable features of Sezzle
- Zero interest rate on Sezzle or Sezzle Up
- Sezzle Up helps improve credit score
- No late fees
- Grab deals from top brands
- Reschedule one payment for free
Perpay, one of the best pay later apps for students
With over 3 million members, Perpay was named the fifth-fastest growing private company by Inc. Magazine in 2019. Perpay doesn't screen users based on their credit history, but it does enact checks and balances to ensure it doesn't lose money. One of the ways it does this is by limiting a user's spending budget based on their income level.
Perpay allows you to connect your paycheck instead of linking a credit or debit card to your account to make the installments. Your payment schedule will be based on the date you receive your paycheck from your company. Each time you receive your paycheck, an installment will get automatically sent to the BNPL service.
Notable features of Perpay
- Choose from 1000+ products in the Perpay marketplace
- With Perpay+, increase your credit score by an average of 39 points
- Spending limit based on current income
- Choose the number of payments and frequency
Klarna, the most popular BNPL app
Founded in 2015, Klarna currently has 145 million active customers and over 4,00,000 merchants across 45 countries. Popular stores that accept Klarna for BNPL are Adidas, Lenovo, H&M, and more.
Using the Klarna app, you can choose to make four interest-free payments or pay the complete balance within 30 days without interest. If your account defaults, the service provider could use a collection agency to recoup their money. In case of larger purchases, you can opt for six- to 36-month financing. This longer-term option does charge interest.
Notable features of Klarna
- Split your purchase cost into four smaller, interest-free payments
- Save money with exclusive discounts and deals
- Get round-the-clock customer service
- Get access to over 4,00,000 merchants
- Shop from top brands like Adidas, H&M, and more
Affirm, one of the best apps to buy now pay later
Affirm, one of the best apps to buy now pay later, helps you buy almost anything from any merchant that accepts Visa. When you are ready to buy a product, select the provider at checkout. If pre-qualified, you can see your payment options in terms of interest rate, payment amount, and the number of payments.
Most loans can be repaid in three, six, or 12 months without any additional charges (only interest). Longer terms (up to 36 months) may also be available in some situations. Moreover, there are no service fees, late payment fees, or prepayment penalties.
Notable features of Affirm
- No late fees or prepayment penalties
- May get instant loan approval
- Purchases up to $17,500
- Choose the payment schedule as per your needs
Afterpay, one of the best BNPL apps 2022
Afterpay, one of the best pay later apps, has a simple and fast application process that may or may not include a soft credit check. They offer a zero percent interest rate and don't report purchases and payment history to the credit bureaus.
But what makes Afterpay shine are the features designed to prevent overspending and reward smart spending habits. For instance, your purchase limit keeps growing with your history of good payments. The app also features automatic payment reminders to ensure you never miss an installment.
Notable features of Afterpay
- No credit checks after the first application
- Zero percent interest rate
- Purchase limit increases with timely repayments
- Doesn't report purchase history or payment history to credit bureaus
PayPal, one of the best BNPL apps for free
Established in 1998 in California, United States, PayPal has allowed its users to make purchases safely through websites and mobile apps and send money domestically and internationally. The company provides 'Pay in 4' installment services for BNPL. This feature is available for PayPal users who are 18 years or older with an account in good standing.
With PayPal's Pay in 4 feature, you can split your purchase into four easy payments. You need to make the first payment at the time of purchase and then subsequent payments every two weeks until the purchase has been entirely paid off. Once you checkout using PayPal, you'll know if a purchase is eligible for Pay in 4 or not.
No interest is charged for purchases made using the Pay in 4 services, which can be used for purchases between $30 and $1,500.
Notable features of PayPal
- Four interest-free payments
- Can use at millions of merchants
- Best for small purchases
- Easy to use
Lazypay, the best afterpay app
Lazypay's buy now, pay later is getting increasingly popular as a payment method. This feature is available for a large number of products, including cabs and food deliveries. Lazypay has an extremely user-friendly interface, which simply requires you to register by providing a few financial and personal details.
Lazypay presents its users with flexible EMI options, ranging from 3 to 12 months if the transaction exceeds $10,000. Also, you have the option of paying within 15 days and saving on interest.
Notable features of Lazypay
- Settle payments once every 15 days
- No interest charges
- Track your credit score for free
- Get access to no-cost EMI options for large purchases
Zip, the most popular BNPL app
Zip (formerly Quadpay) also offers interest-free pay in four installment options for customers. With this one of the best BNPL apps, customers have more control over their repayment schedule. They can set up weekly, biweekly, or monthly payments.
On Zip, you can only spend up to $1,500 (but maximum amounts vary by retailer). Like the other BNPL providers, Zip doesn't report these loans to the credit bureaus. Also, it doesn't perform any credit checks before approving customers for a loan.
Zip is connected to over 50,000 merchants globally, including Apple, Zara, and ASOS. Customers can also use the app or the browser extension to shop at retailers not integrated with Zip.
One of the major drawbacks of using Zip is that it charges a convenience fee. Zip charges customers $1 per payment you make or a $4 fee for your order.
Notable features of Zip
- Interest-free pay in four installment options
- Enjoy one, simple login
- Take control of your bills
- Discover deals and Zip exclusives
For many, BNPL has become the ‘go-to’ payment mode. With no hidden charges and unparalleled transparency, it has gained the trust of many. The BNPL apps mentioned above are among the best players in the market, offering flexible repayment plans and 0% interest on all the credit taken.
If any of these apps caught your eye, you should install them without thinking twice, as all of the above-listed apps are shortlisted after thorough reviews to offer you only the best possible experience.
Now, if you own any app or working on building one, you can also get your app reviewed to get it posted in such blogs. It will help your app from a marketing perspective, and you will be able to know the real potential of the app as well.
She is an avid writer of technology and trending mobile apps. When she is not busy updating you about the tech world, she spends time reading books and playing guitar.