Cash App Afterpay Buy Now, Pay Later Review
Cash App Afterpay, a buy now, pay later (BNPL) company, can help you split up retail purchases and pay for them over time. Primarily, Cash App Afterpay is geared toward online shopping, both through your web browser and via mobile app. You can also use Cash App Afterpay in-store as long as the retailer you’re buying from accepts Cash App Afterpay as a payment method.
Here’s what you should know:
- No interest for Pay-in-4: Cash App Afterpay’s popular Pay-in-4 plan doesn’t charge interest. You’ll make your first payment up front, and your final three payments are due every two weeks.
- Offers longer-term financing: For purchases over $400, you can opt to pay over six or 12 months. These plans come with interest rates between 0.00% and 35.99%.
- Can still qualify with so-so credit: Cash App Afterpay determines your eligibility with a soft credit pull. This can make it easier to qualify for than a credit card.
- Access to exclusive deals: Cash App Afterpay offers discounts and deals on brands like Finish Line, Skechers, Urban Outfitters and more.
- No hard credit checks, ever: Some BNPL apps (such as Affirm) require a hard credit check if you opt for monthly financing. No matter how you want to split up your payments, Cash App Afterpay only runs a soft credit check.
- Not as easy to use in-store: You have to create a digital credit card and add it to your Apple Pay or Google Wallet to use Cash App Afterpay in a store. Also, not all stores accept Cash App Afterpay (very few, depending on where you live).
- Best for disciplined online shoppers: If you’re shopping online and want to finance retail items like clothes, shoes and home goods, consider Cash App Afterpay. You won’t pay any interest on Pay-in-4. But beware — BNPL apps can lead to overspending because they’re easy to use and may encourage impulse buys.
Cash App Afterpay pros and cons
There are tons of BNPL sites and apps to choose from, so it can take some time to find the one that’s best for you. Reviewing the pros and cons might help you decide.
Pros
- No interest for Pay-in-4 plan
- Can pay over six or 12 months for larger purchases (in most states)
- No impact to your credit score
Cons
- Could lead to overspending
- Can only contact customer service via web form (no phone number or chat)
- Will not help you build credit
- Charges late payment fees
Cash App Afterpay’s Pay-in-4 plan can be a great way to make retail purchases more manageable. You won’t pay any interest, and you only have to put 25% down. If you’re new to Cash App Afterpay, you’ll have a $600 spending limit. Using Cash App Afterpay responsibly and making your payments on time can unlock higher amounts.
Cash App Afterpay also has a monthly financing option called Pay Monthly (which does come with interest). You must spend more than $400, and you’ll have six or 12 months to pay what you owe.
Not all Cash App Afterpay retailers participate in Pay Monthly, and a down payment might be required. Additionally, Pay Monthly is not available if you live in Hawaii, Nevada, New Mexico or West Virginia.
One of Cash App Afterpay’s biggest pros — and biggest cons — is how easy it is to use. Using any BNPL app can lead you to spend more than you think. You’ll only have to put a small portion down, and the instant gratification of BNPL can lead to impulse buys.
Cash App Afterpay requirements
Unlike most personal loans, many BNPL apps use a soft credit hit to determine your eligibility. As a result, it doesn’t have a minimum credit score requirement.
That said, if you’ve been a customer for less than six weeks, Cash App Afterpay might only let you make one order at a time, and at a lower limit. After you’ve shown that you can use the app responsibly, it may allow you to finance more often, and in larger amounts.
You must also meet the below requirements to finance with Cash App Afterpay online and in stores.
| Minimum credit score | No minimum credit score |
| Residency | Available in all 50 states, plus the District of Columbia |
| Age | Must be at least 18 years old |
| Administrative requirements | Must have a valid U.S. address, email address and cell phone number |
| Other eligibility requirements |
|
If you meet the benchmarks listed above, your purchase must also meet additional requirements. While Cash App Afterpay does allow borrowers to use its funding for a variety of purposes, there are certain expenses it will not finance. Also, to use Cash App Afterpay, the retailer you’re shopping with must accept it as a payment method.
| Cash App Afterpay CAN be used for… | Cash App Afterpay CANNOT be used for… |
|---|---|
Clothing, shoes, accessories and cosmetics Amazon purchases Household items like mattresses, furniture and dishes Food items from participating retailers (including DoorDash) | Gift cards Weapons, ammunition, fireworks, vapes and other dangerous goods Alcohol Prescription drugs Gambling Personal services like haircuts and housekeeping |
As a BNPL company, Cash App Afterpay’s options might not work for your borrowing needs. If you think a personal loan is a better fit, shop around for a lender that can offer you the best-fitting rates, terms and amounts.
How to shop with Cash App Afterpay
There are three ways to use Cash App Afterpay: via mobile app, online through your web browser and in-store.
How to use Cash App Afterpay online via mobile app
- Download the mobile app.
- Create an account.
- Start shopping.
- Complete your purchase with your desired Cash App Afterpay financing option.
How to use Cash App Afterpay online through your web browser
- Check out Cash App Afterpay’s shop directory to find a participating retailer.
- When you’re ready to check out, choose Cash App Afterpay as your payment method.
- If Cash App Afterpay approves your order, enter in the card you would like to use to make your down payment. When that payment is processed, Cash App Afterpay will create an account for you.
- Set up your account password on Cash App Afterpay’s website or its mobile app so you can make future purchases.
How to use Cash App Afterpay in-store
- Download Cash App Afterpay’s app and create an account.
- Click on the “in-store” tab, follow the prompts to create an Cash App Afterpay Card and add it to your digital wallet.
- Check the app to find brick-and-mortar locations near you that accept Cash App Afterpay.
- Use your digital wallet to pay with your Cash App AfterpayCard when you’re checking out.
How Cash App Afterpay compares to other BNPL companies
Even if you believe Cash App Afterpay aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Cash App Afterpay stacks up against similar personal loan lenders.
| BNPL app | Cash App Afterpay | Klarna | Affirm |
|---|---|---|---|
| Minimum credit score | No minimum credit score | No minimum credit score | Not specified |
| Annual percentage rates (APRs) | 0.00% for Pay-in-4 0.00%-35.99% for Pay Monthly | 0.00% for Pay in 4 0.00% for Pay in 30 days 0.00%-35.99% for Financing | 0.00% for Pay in 4 0.00%-36.00% for monthly installments |
| Loan amounts | Up to $600 for new customers Starting at $400 for Pay Monthly | No set minimum or maximum | $50-$20,000 |
| Repayment terms | Six weeks for Pay-in-4 6 to 12 months for Pay Monthly | Six weeks for Pay in 4 30 days for Pay in 30 days Up to 24 months for Financing | 3 to 60 months |
| Late fees | Up to $8 (cannot exceed 25% of purchase) | Varies by plan ($7, not to exceed 25% of your amount due for Pay in 4) | None |
| Type of credit pull | Soft credit pull for all plans | Soft credit pull for all plans | Soft credit pull for Pay in 4 Hard credit pull for monthly installments |
| Bottom line | Cash App Afterpay is transparent when it comes to how much a new user can borrow. However, it offers shorter repayment terms than Klarna and Affirm. | Like Affirm, Klarna won’t help you build credit, since it only uses a soft credit pull. Still, it doesn’t specify how much you can borrow. | Affirm plans have higher loan amounts and longer repayment terms. It also doesn’t charge late fees. But its monthly installments carry the highest maximum APR. |
How we rated Cash App Afterpay
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent but also competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Out of all the users we surveyed, our BNPL study shows that Cash App Afterpay is the third most-used BNPL app, behind PayPal and Affirm.
One of the biggest drawbacks of Cash App Afterpay, specifically, is that it does not report your payments to the credit bureaus. Although that means late payments won’t drop your credit, the lack of credit reporting means on-time payments won’t help you, either.
Splitting up payments on retail purchases can make them seem cheaper than what they are. You might be tempted to make impulse purchases. According to LendingTree’s BNPL tracker, 35% of BNPL users are only somewhat confident that they can pay back their BNPL loans on time.
Cash App Afterpay does not affect your credit score. On-time payments won’t help you, and late payments won’t hurt you. If you’re looking to build credit through borrowing, consider some BNPL alternatives, like a credit card or personal loan.
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