January 29, 2025

The 6 Best Buy Now, Pay Later Apps and Services

This blog is intended to provide general tips for managing BNPL services responsibly. It is not a substitute for professional financial advice.

Consumers have been financing purchases since at least the Great Depression, when layaway plans first offered the option to hold an item until it was paid off. Then came credit cards, in-house installment plans, and personal loans — all methods that allowed shoppers to buy things even when they didn’t have all the money upfront.

All of these financing options still exist. But the best buy now, pay later apps, also known as BNPL apps, have changed the game, streamlining the process with quick online approvals and flexible payment terms.

Here’s a breakdown of the best BNPL apps and services, plus a look at how they work.

What’s buy now, pay later?

BNPL is a modern twist on the age-old concept of financing a purchase. BNPL services allow you to split the cost of an item into smaller, more manageable payments, often without incurring interest. It’s essentially a short-term loan.

You can use BNPL for a wide range of purchases — not just physical objects like clothing and furniture. Depending on the company or service, BNPL can apply to intangible purchases like concerts and air travel.

How does buy now, pay later work?

The way BNPL services work is surprisingly simple. Here are the typical steps:

Shop. When you get to the checkout screen, choose BNPL as your payment method. You’ll probably see your total price broken down into weekly or monthly installments.
Get approved. The BNPL provider quickly reviews your application, usually running only a soft credit check with no impact on your credit score.
Pay a portion upfront. You typically make a small down payment, often around 25% of the total purchase price.
Pay over time. The service divides the remaining balance into equal installments, which are typically debited from your checking account or charged to a credit card automatically.
Enjoy your purchase. Unlike layaway, where you won’t get your purchase until you’ve made the last installment payment, BNPL gets you your items right away. If you’re making an online order, it should come through as usual.

Tips for choosing a buy now, pay later company

Before comparing BNPL options, get familiar with the different factors that set one apart from the other. Here’s what to keep in mind.

Fees

While many BNPL services advertise 0% interest, they may charge fees for late payments or other services. Carefully review the fee structure to avoid unexpected costs. Some providers are more transparent than others, so look for those that clearly outline any potential fees.

Interest rates

Not all BNPL services are interest-free. Some may charge you depending on the purchase amount, your creditworthiness, or the repayment term. Always check the annual percentage rate (APR) before committing to a purchase.

Some BNPL providers offer different products with very different terms. PayPal, for example, has an interest-free option called Pay in 4. But if you apply for PayPal Pay Monthly or PayPal Credit instead, you could get stuck with an interest rate as high as 35.99%.

Credit checks

Most BNPL providers conduct a soft credit check during the application process, which won't impact your credit score. But if you do choose one that performs a hard credit check, your score may take a temporary hit. Be sure to understand the type of credit check involved before applying.

Repayment

When comparing BNPL apps, payment installments will be one of the most important factors. Look for plans that won’t last too long. While you’ll have much smaller payments for a purchase that’s stretched out over three years than with a four-payment plan, it may not be worth the commitment.

Spending limits

Each BNPL service has its own spending limits, which may vary based on your creditworthiness. Make sure the limit aligns with your anticipated purchase amount.

Merchant acceptance

Not all retailers accept every BNPL app, but it’s easy to check if your preferred service is available with the store you’re shopping at.

Popular buy now, pay later apps and services

Choosing the right BNPL app depends on your needs, spending habits, and the options the retailer has available. It’s also worth noting that most BNPL companies don’t require you to download their apps — many function as payment options integrated directly into an online checkout.

Here’s a comparison of some of the most popular options.

App	Interest rates	Terms	Fees	Approval process	Key features
Affirm	0–36% APR	3, 6, or 12 months	No late fees	Soft credit check	Wide acceptance, transparent terms, good for large purchases
Klarna	0–35.99% APR	6 weeks–36 months	Late fees up to $7	Soft credit check	Flexible payment options, rewards program
Afterpay	0–35.99% APR	6 weeks (4 payments)	Late fees up to 25% of purchase	Soft credit check	Widely accepted, easy to use
PayPal Pay in 4	0% APR	6 weeks (4 payments)	No late fees	Soft credit check	Integrated with PayPal, convenient for online purchases
Sezzle	0% APR	6 weeks (4 payments)	Late fees up to $10	Soft credit check	User-friendly interface, good for budgeting
Splitit	0% APR	Up to 24 months	No late fees	No credit check	Uses existing credit card limit, good for credit building

The pros and cons of using buy now, pay later

BNPL services offer a convenient way to manage purchases, but it's important to weigh the benefits and drawbacks before taking the plunge.

Pros

Flexible payments. BNPL breaks down large purchases into smaller, more manageable installments, making budgeting easier.
Easy approval. The application process is typically quick and straightforward, with many providers only requiring a soft credit check.
Interest-free financing options. Many BNPL services offer 0% interest, making them a potentially cost-effective way to finance purchases compared to traditional credit cards.

Cons

Potential for overspending. BNPL is too easy. It can lead to impulse purchases and overspending, potentially creating debt you can't afford.
High fees for late payments. Missing installment payments can result in hefty late fees, negating the benefits of using the service in the first place.
Impact on credit score. If your BNPL provider uses a hard credit check or reports late payments to credit bureaus, it could affect your credit score.

How to use buy now, pay later responsibly

BNPL services have become a popular alternative to personal loans and cash advances. However, like any credit product, they should be used with caution. These steps can help you stay on top of your financial health:

Consider setting a budget

Before using BNPL, determine how much you can comfortably afford to spend and repay. Factor in your existing expenses and income to avoid overspending. You may find tools like the EarnIn Budget Calculator¹helpful in managing your finances.

Understand the terms

It’s important to review the terms and conditions of any BNPL service before using it. Pay attention to factors like interest rates, fees, and repayment schedules. Understanding the potential consequences of late payments can help you make informed decisions.

Monitor payment schedules

Staying on top of BNPL payment due dates can help avoid late fees, overdrafts, or potential credit score impacts. Consider using reminders, budgeting tools, or payment apps to help you stay organized.

Avoid impulse buying

While BNPL can make purchases feel more affordable in the moment, it’s worth reflecting on the long-term financial impact.. Before making a purchase, ask yourself if it's a necessary expense and if you can afford the repayments.

Be selective

BNPL is generally best for planned purchases, not everyday expenses. Consider using it for larger items or when you need to spread out payments for a specific need.

Frequently asked questions

What happens if I miss a buy now, pay later payment?

Missing a payment can have several consequences:

Late fees: Most BNPL providers charge late fees, which vary depending on the service and the purchase amount.
Credit score impact: Some providers may report late payments to credit bureaus, potentially harming your credit score.
Account suspension: Failing to make on-time payments could cause an account suspension, preventing you from making further purchases with that service.
Debt collection: In some cases, unpaid BNPL debts may go to collections, further damaging your credit and potentially leading to legal action.

Can I use buy now, pay later for any purchase?

While BNPL is accepted by a growing number of retailers, it's not universally available. Some merchants may not offer it as a payment option, especially smaller businesses.

Some BNPL providers may also put restrictions on the types of purchases they finance. For example, they may not cover essential goods like groceries or medical expenses. It's always a good idea to check with the retailer and your BNPL provider to confirm acceptance before making a purchase.

What’s a buy now, pay later virtual card?

Some BNPL services (like Klarna and Affirm) offer a feature called a “virtual card” — a temporary digital card number you can use to make purchases online or in stores that accept the BNPL provider’s network (usually Visa or Mastercard).

Consumers may find virtual cards are useful for making purchases at retailers that don’t directly offer the BNPL service at checkout. Virtual cards also add a layer of security since you don’t have to use your actual credit or debit card information for the transaction.

Access your money faster with EarnIn

Using a BNPL is one way to make a purchase before payday — but what if you could access your own wages as you work?

That’s what EarnIn offers. With the Cash Out tool, you can access your pay as you work and get up to $150/day with a max of up to $750 between paydays² — so you have what you need to keep moving forward without taking on another loan.

You’ll find no shortage of apps for making money, saving money, and spending money. Regardless of your immediate goal, it’s smart to aim for every money-related service you use to leave you in a better financial place — not worse.

Download EarnIn today to start earning at the speed of you.

Please note, the material collected in this post is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or services.

The calculations provided are based on estimates and should be used for informational purposes only. Please be aware that comparisons may not be 100% accurate. The insights and data presented do not constitute financial advice, and we recommend consulting with a qualified financial advisor for personalized guidance.

A pay period is the time between your paychecks, such as weekly, biweekly, or monthly. EarnIn determines your daily and pay period limits (“Daily Max” and “Pay Period Max”) based on your income and financial risk factors as outlined in the Cash Out Maxes section of our Cash Out User Agreement. EarnIn reserves the right to adjust the Daily Max and Pay Period Max at its discretion. Your actual Daily Max will be displayed in your EarnIn account before each Cash Out. EarnIn does not charge interest on Cash Outs or mandatory fees for standard transfers, which usually take 1–2 business days. For faster transfers, you can choose the Lightning Speed option and pay a fee to receive funds within 30 minutes. Lightning Speed is not available in all states. Restrictions and terms apply; see the Lightning Speed Fee Table and Cash Out User Agreement for details and eligibility requirements. Tips are optional and do not affect the quality or availability of services.