Best Buy Now Pay Later Apps

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Contributor, Benzinga
December 8, 2021

Inflation is soaring, and the price of goods has become expensive due to supply chain issues across the globe. But buy now pay later options let you make purchases on loan, and you can often pay installments without occurring interest. 

You can use buy now pay later with the help of several apps. Learn more about buy now pay later options, and review the best buy now pay later apps now.

Quick Look at the Best Buy Now, Pay Later Apps

  • Best Overall: Perpay
  • Best for No Late Fees: Affirm
  • Best for Repayment Options: Klarna
  • Best for Students: Afterpay

The Best Buy Now Pay Later Apps

Interested in what BNPL can offer you? Take a look at Benzinga’s list of some of the best buy now pay later apps now.


Perpay allows you to buy now pay later while building your credit. There is no credit check required plus repayment is as simple as taking small payments from your paycheck. You can shop your favorite brands through their online marketplace plus each on-time payment helps build your credit history. Signing up is simple and quick.


Based in San Francisco, Affirm Holdings Inc. (NASDAQ: AFRM) is a publicly-traded company that was founded in 2012 and has financed more than 17 million purchases. Customers can borrow up to $17,500 and pay over time Interest rates at Klarna range from 10% to 30%, depending on the retailer. Most loans tend to expire at 3, 6 or 12 months without additional fees. There are longer-term options available in some situations.

When you buy a product with Affirm, you always know exactly what you're paying and when the payments will be done. Many retailers offer Affirm as an option when checking out. You can still pay over time by creating a virtual credit card number online or through the Affirm mobile app to purchase in-store or online.


  • No late fees
  • Buy online or in-store
  • Choose payment schedules for you
  • Purchase limits up to $17,500


  • Some transactions charge interest
  • Requires credit score
  • No physical credit card required


Klarna Bank AB, commonly referred to as Klarna, is a Swedish fintech company that provides online financial services such as payment for online storefronts and direct payments together with post-purchase payments.

The credit limit begins at $300 for long-term financing, and the repayment method is determined by your credit check. The number of installments you pay is based upon your repayment method.

Klarna offers 3 different repayment options to suit a variety of needs. For example, you can pay in 30 days or up to 36 months.

At the time of purchase, you pay a down payment, and then make 3 subsequent payments every 2 weeks. Payment in 4 installments is available to residents of New Mexico, North Dakota, South Dakota, Missouri, Wisconsin, Nevada, Rhode Island and all U.S. territories.


Afterpay is considered among the best buy now pay later apps for students. It utilizes smart credit limits to ensure customers can afford to pay for purchases. Additionally, its credit card users can split any eligible charge over $100 into 4 no-interest payments.


  • Stay under budget with smart credit limits
  • Never miss a payment with reminders
  • Zero interest when you pay on time


  • Afterpay may decline your order
  • Late fees can be up to 25% of the order amount
  • Each purchase must be approved by Afterpay

What is a Buy Now Pay Later App?

Buy now pay later apps make it easy for you to shop now and pay later. The buy now pays later service allows you to make a purchase on loan and pay the money back without interest rates charged. Consumers usually have to pay in several installments over a period of time.

There are several players in the buy now pay later (BNPL) industry. Among the most well-known apps is Afterpay, an Australian financial technology company acquired by Square. Other BNPL firms include San Francisco-based Affirm and Klarna, a Stockholm-based fintech company that received funding from Softbank.

Benefits of Using a Buy Now Pay Later App

Many retailers have partnered with BNPL apps to make it easier for people to make online purchases. These BNPL apps are similar to credit cards because they allow you to buy something today, then pay for it over time. 

These apps operate like credit cards but do not impose high interest rates, and many do not charge any interest as long as you make the scheduled payments. BNPL apps are easy-to-use and offer low fees, interest rates and credit limits that allow for common purchases. 

Drawbacks of Using Buy Now Pay Later Apps

A major drawback of BNPL apps is you may end up paying more in interest if you miss a payment. These can end up being punitive, and you may end up paying double the cost. 

Another disadvantage is that the provider determines the terms of repayment. That means you can’t work around paydays and automatic deductions for other bills. If you have insufficient funds, you’ll be charged a daily late fee until you have enough money to make the scheduled payment. And keep in mind, if you do not make your payments, your credit score can be negatively affected. 

Other Companies That Offer Buy Now Pay Later Services

There are other companies that offer buy now pay later services, including Amazon and PayPal. However, these companies do not specialize in these services. BNPL is growing in popularity, and consumers will likely see the service pop up with more retailers in more markets. 

Find a BNPL App Today

Buy now pay later apps to present a safe, convenient way to finance medium-sized purchases without interest or consequence. Take a look at Benzinga’s list of recommended apps to try BNPL today.

Frequently Asked Questions


Which is the best buy now pay later app?


There are several buy now pay later apps that may be suitable for you. Affirm, Klarna and Afterpay offer a competitive service. You may access the buy now pay later service if you use applications such as Shopify. It’s important to consider the service from each provider to make an informed decision that’s right for you.


What can I do with my purchasing power?


The additional buying power gives you an opportunity to plan for your purchases. Your purchasing power should align with your immediate needs to ensure that you benefit fully from buy now pay later services.

About Henri Kouam

Henri Kouam is an economist and machine learning enthusiast. He currently builds Machine Learning models to help clients across Europe forecast a range of asset classes such as cryptocurrencies while working with, the Nkafu Policy Institute, an African-based think tank to help inform economic policy. He equally works as a consultant for NY-based ”Global Wonks”, where he has named wonk of the week twice due to his actionable intelligence on North America.