Affirm is a popular buy now, pay later (BNPL) app that allows consumers to buy big-ticket items and pay back the total amount in four interest-free installments. Unlike many similar apps, it doesn’t charge service or late fees for its “pay in 4” plan. It also offers purchasing power up to $20,000 with longer repayment plans from 3 to 60 months.
However, interest rates for monthly payment plans could run as high as 36%, and there is a hard credit check. Plus, Affirm reports delinquent payments to Experian for its “pay in 4” plan, but it doesn’t report your on-time payments. So, the interest-free plan can only hurt your credit, not help it.
If you decide this app doesn’t work for you and want to compare other companies like Affirm, consider these similar BNPL apps. Or, if what you need is cash instead of credit, we’ve also included a variety of cash advance apps so you can see how those stack up and if they might be a better fit for your needs.
| Financial institution | Loan amount | Cost | Term | Turnaround time | Late fee? | |
|---|---|---|---|---|---|---|
PayPal in 4 (BNPL) | $30 to $10,000 | 0% to 35.99% | Pay in 4, or 3 to 24 months | At purchase | No | |
Klarna (BNPL) | No predefined limits | 0% to 33.99% | Pay in 4, within 30 days, or 6 to 24 months | At purchase | Yes | |
Afterpay (BNPL) | Limits start around $600 | 0% to 35.99% | Pay in 4, or 6 or 12-month terms | At purchase | Yes | |
Sezzle (BNPL) | Up to $15,000 | Service fee up to $5.99, 0% to 34.99% | Pay in 2 or 4, or up to 48 months | At purchase | Yes | |
Zip (formerly Quadpay) (BNPL) | Varies | $0 to $78 | Pay in 4 or 8 installments | At purchase | Yes | |
Zebit (BNPL) | Initial spending limit up to $1,500 | 0% | Up to 6 months | At purchase | No | |
Perpay (BNPL) | Up to $1,000 initial spending limit | 0% | Unclear, may be up to 6 months | At purchase | No | |
Splitit (BNPL) | Depends on your credit card’s available balance | 0% (but your credit card rates and fees still apply) | Varies by merchant | At purchase | No | |
EarnIn (cash advance) | Up to $750 | Free | Until next paycheck | 1 to 2 business days or instant for a fee | No | |
Chime MyPay (cash advance) | Up to $500 | Free | Until next deposit | Within 2 days or instant for a fee | No | |
Brigit (cash advance) | $50 to $250 | $8.99 to $14.99/month | Next payday, but can extend | 1 to 3 business days or instantly with a Premium subscription or for a fee | No | |
Cleo (cash advance) | Up to $250 | $5.99/month | Within 14 days but can extend | 3 to 4 days or same day for a fee | No | |
Cash App Borrow | Up to $1,000 | 5% of advance amount | Typically within 4 weeks | Same day | Yes | |
Dave (cash advance) | Up to $500 | Up to $5/month | Next payday or nearest Friday | Up to 3 business days or instant for a fee | No |
Affirm stacks up pretty well against the competition, with some of the highest loan amounts and no interest or late fees on short-term loans. It also offers a variety of repayment options, with terms as long as five years for bigger purchases.
But rates on monthly loans could go as high as 36% — worse than a credit card or most personal loans. Plus, it can only hurt your credit, not help, whereas some apps are starting to offer credit-building features with their loans.
Check out our full review of Affirm to learn more.
BNPL apps can be a great tool if you want to make a larger purchase but prefer to spread the cost over a few paychecks. This service is especially important if you need something important today — like a new refrigerator — but don’t have enough money to cover it.
Plus, many BNPL providers only require a soft credit check at most, so they’re relatively easy to qualify for. But rates can get high if you opt for a longer repayment plan, it can lead to overspending and most don’t help build your credit like loans or credit cards.
One of the biggest advantages of cash advance apps over BNPLs is the access to cash. After all, a BNPL loan can’t typically help you out if you need gas now to get to work or a little cash to grab a drink with friends.
Plus, some cash advance apps are practically free, whereas BNPL loans often come with late fees, service charges or high interest rates if you need more than a month or two to pay it back. However, some cash advance apps require a monthly subscription, loan terms are short and fees for instant transfers are sometimes fairly steep.
If neither a cash advance nor BNPL loan fits your needs, consider these alternatives:
Yes. In many cases, you’ll have a total spending limit, and you can have as many loans as you want up to that limit. Other sites like Affirm review each purchase as a new loan, so you could be approved one day and denied the next, depending on a number of variables.
The exact criteria for how much you can borrow depends on the BNPL provider. Some factors that apps like Affirm may consider include your income level, account usage and history with the app, how much credit you’ve used and if you have other debts.
Alternatives to apps like Perpay, including other BNPL apps and cash advance apps.
The Finder buy now, pay later (BNPL) report looks into how many American adults used BNPL services in the last six months.
PayPal now offers a new buy now, pay later financing option, allowing for interest-free payment installments on your shopping purchases.
Use our easy search to view top stores that accept Klarna financing to buy now and pay later. Plus how it works and what interest rates to expect.
These 100+ online stores accept PayPal. The list includes online retailers like F21 and ASOS, travel booking agents like Expedia and Uber and more.
Get financing for your next big purchase with APRs as low as 0%.
Find out every store in the US that offers Afterpay, the payment system that lets you pay back your purchase in installments.
Finance your online purchase with this alternative to credit cards, available at 150+ stores.