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Buy now, pay later apps enable shoppers to make purchases they may not be able to afford otherwise. Such financial services take a large purchase and break it up into smaller payments over a set amount of time.
Over the years, more buy now, pay later apps have appeared on the market, competing for attention from prospective shoppers. To help you find the best one, we compared five top competitors: Affirm, Afterpay, Sezzle, Klarna and PayPal.
Buy Now, Pay Later Services Compared
| Service | Interest rates | Payment schedule | Late fees | Where it’s accepted |
|---|---|---|---|---|
| Affirm | 0% on Affirm Pay in 4; 0%-30% on monthly | Affirm Pay in 4 (every 2 wks) or monthly financing | No late fees | Everywhere online & in store w/ wireless pay |
| Afterpay | 0% interest | First of 4 payments immediately, then every 2 wks | $10, followed by $7 if payment isn’t made | Select online & in-store retailers |
| Klarna | 0% for Pay in 4 and Pay in 30 Days; 0%-25% monthly | Pay in 4, Pay in 30 Days & monthly financing | Up to $7 on Pay in 4; up to $35 on monthly | Everywhere online & select in-store retailers |
| PayPal | 0% on Pay in 4; 9.99%-29.99% on Pay Monthly | Pay in 4 and Pay Monthly financing | No late fees | Select online retailers |
| Sezzle | 0% interest | First of 4 payments immediately, then every 2 wks | $10 | Select online & in-store retailers |
What Is a Buy Now, Pay Later App?
Sometimes significant expenses occur and you may not have planned for them. Other times, you may want to reward yourself with a purchase you can’t afford all at once. Buy now, pay later apps are one type of financial service that can assist you with such purchases.
You can purchase at supported retailers using buy now, pay later apps, splitting large purchases into smaller, more manageable installments. While most services support only select retailers, some options enable purchases nearly anywhere.
The credit limit (spending limit) you receive for each app is based on different behind-the-scenes calculations by each service. If…
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