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Best Buy Now, Pay Later Sites & Apps in 2022

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Buy now, pay later (BNPL) financing options can make it easier for some consumers to afford their purchases by breaking them into smaller chunks that are repaid over a short term. You can find BNPL options at just about any online retailer — anywhere from Target to Amazon. The BNPL options can be overwhelming, so what are the best buy now, pay later sites?

When considering which BNPL platforms to use, you’ll want to consider factors such as interest rates, loan amounts, terms and fees. Here are a few of the best buy now, pay later apps to choose from.

Best buy now, pay later sites of 2022

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

BNPL appsBest for…APRLoan amountsTerms
AffirmLong-term financing0.00% to 30.00%Up to $17,500Six weeks to 12 months
AfterpayZero interest0%Dependent on creditSix weeks
KlarnaVariety of payment plans0.00% to 19.99%Dependent on creditSix weeks to 18 months
PayPal Pay in 4No late fees0%$30 to $1,500Six weeks
SezzleRescheduling payments0%Dependent on credit ($35 minimum)Six weeks
SplititThose with credit cards0%Decided by merchantDecided by the merchant
Zip (formerly Quadpay)No credit checks0%Dependent on creditSix weeks

Affirm: Best for long-term financing

  • APR: 0.00% to 30.00%
  • Loan amounts: Up to $17,500
  • Terms: Six weeks to 12 months

Overview: Affirm offers several perks to borrowers, including zero late fees and flexible payment plans ranging from six weeks to 12 months. However, with Affirm, you may have to pay interest on your loan, depending on the type of payment plan you have.

There are two types of payment plans Affirm users can choose from: One is short term, while the other offers more time for consumers to pay off the loan, though this option may come with interest.

  • Pay in 4: Should you choose this route, you won’t have to worry about any interest or fees. Your purchase will be divided into four installments and you’ll make a payment every two weeks. This plan has no impact on your credit score.
  • Monthly payments: This plan is best for consumers who want to make a large purchase. Unlike the Pay in 4 plan, you’ll only pay on your BNPL loan once a month. However, you may have to pay interest with this plan, which ranges from 0.00% to 30.00%.

ProsCons

  Can make purchases up to $17,500

  Zero interest applied on the Pay in 4 plan

  No late fees

  May have to pay interest

  Only two payment options

  May have to submit to a credit check

Afterpay: Best for zero interest

  • APR: 0%
  • Loan amounts: Dependent on credit
  • Terms: Six weeks

Overview: Consumers can avoid paying interest by using BNPL through Afterpay. However, you will have to pay a late fee of up to $8, though Afterpay will not charge you more than 25% of your total payment.

Like many BNPL sites, Afterpay uses the Pay in 4 method, where you’ll pay off the entirety of your purchase within six weeks. To make life easier, you can connect your credit or debit card to your Afterpay account so you can utilize their autopay services.

If your shopping cart exceeds the limit of your Afterpay account, you may have to offer an initial first payment that will be larger than your consecutive payments.

ProsCons

  Does not charge interest

  Lower credit limits may help prevent overspending

  Ability to change payment due date

  Charges late fees

  Only one payment plan to choose from

  Purchases have to be approved by Afterpay

Klarna: Best for variety of payment plans

  • APR: 0.00% to 19.99%
  • Loan amounts: Dependent on credit
  • Terms: Six weeks to 18 months

Overview: Similar to Affirm, Klarna may also charge interest on your payment, ranging from 0.00% to 19.99%. If you miss a payment with Klarna, you may be charged a late fee — Up to $7 per missed installment.

However, Klarna has some of the most flexible payment plans on the BNPL market, which may work well for some consumers. Their payment plans range from Six weeks to 18 months.

  • Pay in 4: Like other BNPL platforms, you can split the total cost of your purchase over the course of six weeks, paying just every two weeks. You won’t have to pay interest with this plan.
  • Pay in 30 Days: If you want to purchase an item but would like to see it in person before you buy it, Klarna allows you to get the item and see if you like it before paying for it. If you decide to keep it, you’ll need to pay for it within 30 days.
  • Monthly financing: As a third option, Klarna allows consumers to use a monthly financing plan. With this plan, you may have to pay interest.

ProsCons

  No interest on Pay in 4 and Pay in 30 Days plans

  Flexible payment plans

  Can be used in person

 Charges late fees

 Klarna must approve purchases

 May be charged higher interest rates on monthly financing plan

PayPal Pay in 4: Best for no late fees

  • APR: 0%
  • Loan amounts: $30 to $1,500
  • Terms: Six weeks

Overview: You may recognize this BNPL site as an extension of the popular payment platform, PayPal.

The PayPal Pay in 4 plan is the only BNPL option PayPal offers. Like other similar plans, consumers can pay off an item in four separate installments over the span of six weeks.

PayPal does not charge late fees or interest. Purchase amounts are capped at $1,500, so this option may not be a good fit if you’re wanting to make a large purchase.

Unfortunately, you won’t be able to use PayPal Pay in 4 if you live in these areas:

  • Missouri
  • Nevada
  • New Mexico
  • North Dakota
  • Wisconsin
  • Any U.S. territories

ProsCons

  Zero late fees

  Borrowers won’t have to pay interest

  No impact to your credit score

  Only offers one payment plan

  Not available in all 50 states

  Low borrowing amount

Sezzle: Best for rescheduling payments

  • APR: 0%
  • Loan amounts: Minimum of $35, maximum dependent on credit
  • Terms: Six weeks

Overview: Sezzle only offers one type of payment plan: One in which consumers can pay for an item over the course of six weeks. With this plan, you’ll make four installment payments with no interest.

One of the bonuses of using Sezzle is that you can reschedule your payments. You can do this up to three times, though you may have to pay a fee to do so. Sezzle also charges failed payment fees.

ProsCons

  Allows you to reschedule payments

  Does not charge interest

  Does not impact your credit score

  Charges fees to reschedule payments

  Charges failed payment fees

  Offers only one payment plan

Splitit: Best for those with credit cards

  • APR: 0%
  • Loan amounts: Determined by merchant
  • Terms: Determined by merchant

Overview: Splitit takes a slightly different approach than other BNPL apps and sites. Instead of taking out a loan, Splitit users split up their payments on the credit accounts they’ve already established — their credit cards.

When you make a purchase, Splitit places a pending transaction on your credit card that remains as long as the balance is outstanding. As you pay over time, Splitit will reduce the pending amount until it is paid off.

Splitit users don’t have to pay any interest or fees, but to avoid interest, you’ll need to pay off your credit card balance each month. Users have to have an available balance on their credit cards. Debit cards are not accepted.

ProsCons

  Does not charge you interest

  Does not charge you fees

  May accrue rewards from using credit card

  Requires that you have a credit card

  May be charged interest on your credit card

  Debit cards not accepted

Zip (formerly Quadpay): Best for no credit checks

  • APR: 0%
  • Loan amounts: Dependent on credit
  • Terms: 6 weeks

Overview: Zip, formerly known as Quadpay, is a BNPL service that allows consumers to pay off an expense over the course of six weeks in four payments instead of one lump sum up front. There is no impact to your credit.

Zip does charge a $1 convenience fee for each payment installment you have ($4 total). However, Zip also allows users to change their payment due date, which may be a useful feature for some consumers.

ProsCons

  Does not impact your credit score

  Allows you to change your payment due date

  Offers physical cards

  Charges a $1 convenience fee per installment

  Only offers one payment plan

  Charges late fee of $7

How do buy now, pay later apps work?

In some cases, if you’re wanting to make a purchase but cannot afford to pay the entire balance up front, some retailers offer buy now, pay later options that allow you to break up your payments, offering you more time to pay.

Here are a few common forms of BNPL you might encounter:

  • Pay in 4: This is the most common form of buy now, pay later services. With this form of BNPL, your payments will be split up into four installments across six weeks. You’ll need to make a payment every two weeks until the item is paid off. Typically, this type of BNPL comes with no interest or fees, though it’s important to check the fine print before signing up to be sure.
  • Pay in 30 Days: With this type of BNPL financing, you can purchase an item and see it in person without paying for it up front. If you decide to keep the item, you’ll have to pay it off within 30 days. Klarna is one BNPL site that offers this service.
  • Monthly installments: Some BNPL companies, such as Affirm, offer monthly installments as a way for consumers to afford large purchases. This type of plan works similarly to an unsecured loan, and you’ll most likely have to pay interest.

How to choose which buy now, pay later app is best for you

Like personal loans and credit cards, BNPL apps are not one-size-fits-all solutions. It’s important to take into consideration details such as interest rates, fees and spending limits.

Here are a few factors that may weigh into your decision:

  • Interest: While interest typically doesn’t apply to Pay in 4 BNPL plans, it never hurts to check the terms of the company you’re considering. If you’re using a monthly installment plan, be sure to compare the interest rates being offered if you have the option to check with multiple BNPL companies.
  • Fees: While companies like Affirm and Paypal do not charge fees, some BNPL companies charge convenience or, more commonly, late payment fees. However, if you find yourself in a tight spot and unable to make a payment, some BNPL sites allow you to reschedule your next payment.
  • Terms: While most BNPL sites operate with a Pay in 4 payment plan, there are other terms you can consider, such as Pay in 30 Days and monthly installments. If you’re looking to make a larger purchase, BNPL apps such as Affirm and Klarna may be a good choice. Pay in 4 and Pay in 30 Days plans may be a better fit for smaller purchases.
  • Amounts: Many BNPL sites have maximum spending amounts for users. For instance, PayPal Pay in 4 caps spending at $1,500 while some Affirm users can spend up to $17,500. The BNPL app that’s best for you may depend on whether you plan on making a small or large purchase.
  • Credit check: While some BNPL companies perform a soft-credit check when you open an account, some sites, such as Zip, don’t require a credit check at all. If you have bad credit, it may be best to use BNPL apps that don’t require credit checks. If you have a low credit score, some BNPL companies may cap your spending and gradually raise it over time as you demonstrate financial dependability.
  • Availability: The BNPL site you use may depend on the retailer you’re using. For instance, Nordstrom Rack uses Afterpay, but if you shop at Target, you’ll have to use Affirm.

If you find that a BNPL site will not work for you, consider a buy now, pay later alternative.

BNPL vs. credit card

In some instances, you’ll have to weigh whether using your credit card may be a better option than using a BNPL service. Here are a few instances to consider.

  • Find out whether you’ll have to pay interest. One of the largest differences between BNPL apps and credit cards is that with a credit card, you may have to pay interest, but a BNPL Pay in 4 plan typically doesn’t charge interest. However, if you’re able to pay off your credit balance before your monthly payment is due, you can avoid interest. Additionally, a credit card with a long 0% APR period may be a better option for large purchases, if you’re sure you can repay the balance before the promotional period ends.
  • Assess any fees. Depending on the type of credit card or BNPL service you use, you may have to pay a fee. Check for any potential fees that could make your purchase even more expensive. For instance, Zip charges users $1 per payment installment, $4 total.
  • Consider where you’re shopping. Some retailers do not offer BNPL services, so you’ll have to use another form of payment, such as your credit card. Be sure to check with your favorite BNPL apps to see which retailers they partner with.
  • Decide how you want to build credit. Some BNPL companies do not report your payments to the credit bureaus, so your credit score may not benefit from your responsible repayment. If you’re looking to improve your credit, it may be best to use and pay off your credit card.

Methodology: How we chose our BNPL picks

By offering a detailed and objective account of each BNPL lender’s rates and terms, LendingTree’s goal is to provide you with all the information you need to make a financially sound decision specific to your situation. For consumers looking for BNPL apps and sites, we chose lenders that offer borrowers the option to split up their payments.

Buy now, pay later apps and sites were chosen based on the following criteria:

  • Transparent interest rates, fees and repayment terms
  • Flexible loan amounts
  • Low or no fees

Frequently asked questions

The best buy now, pay later apps depend on the features you’re looking for.

If you want to earn rewards on your credit card and utilize the credit you already have, Splitit may be a good option for you. On the other hand, if you’re looking for a BNPL service that doesn’t charge fees, you may want to consider Affirm or Paypal.

Other factors to consider include loan terms, interest and amounts.

While some BNPL sites can help you build your credit score, many may not. This will depend on whether the BNPL company reports your payments to the three credit bureaus — Equifax, Experian and Transunion. If they do not, your BNPL app probably will not help you build credit. If this is an important factor in your decision, consider a credit card or personal loan.

The credit score needed to qualify for a BNPL app will depend on the lender. Some BNPL companies, such as Zip, don’t look at your credit score at all, while some may perform a soft-credit inquiry during the initial application process. Unfortunately, many BNPL sites are not clear about their specific credit qualifications.

 

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