Afterpay US — now known as Cash App Afterpay — is a buy now, pay later (BNPL) app that allows you to make purchases and spread payments out over four installments. There are no interest charges and, as long as you pay on time, no fees. It also offers interest-bearing installment loans of three to 12 months for purchases of $100 or more.
But its spending limits are on the low side compared to apps like Affirm, PayPal and others, with an initial maximum limit of only $600. Plus, it charges interest rates as high as 35.99% on its longer-term plans. And some customers complain that it has taken away a few of its best features — such as no upfront payment — and has a habit of randomly denying approval for purchases.
If Afterpay isn’t the right fit, use this table to compare similar BNPL apps. We also included cash advance apps on our list in case you prefer cash over credit.
| Financial institution | Loan amount | Cost | Terms | Turnaround time | Late fee? | |
|---|---|---|---|---|---|---|
| Varo (cash advance) | $20 to $500 | $1.40 to $40 transfer fees | 15 to 30 days | Instant | 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 | |
| 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 | |
| Cash App Borrow (cash advance) | Up to $1,000 | 5% of advance amount | Typically within 4 weeks | Same day | Yes | |
| Affirm (BNPL) | $50 to $20,000 | 0% to 36% | Pay in 4, or up to 60 months | At purchase | No | |
| Perpay (BNPL) | Up to $1,000 initial spending limit | 0% | Up to 6 months | At purchase | Yes | |
| 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 | |
| Sezzle (BNPL) | Up to $15,000 | Service fee up to $7.49, 0% to 34.99% | Pay in 2 or 4, or up to 48 months | At purchase | Yes | |
| Zip (BNPL) | Varies | $0 to $78 | Pay in 4 or 8 installments | At purchase | Yes | |
| 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 |
Like many similar apps, Afterpay doesn’t charge interest if you pay your balance in four installments. And it can be used at a huge variety of merchants, both in-store and online. It also has the option for longer repayment terms if you need it. But its spending limits are lower than some of the competition, and rates for monthly installment loans can go as high as 35.99%.
Using a BNPL app can be a great way to make purchases without having to come up with the total cost up front. Most apps don’t charge interest if you use the “pay in 4” option, although there may be a small service fee attached. They’re widely available, typically easy to qualify for and usually only require a soft credit check.
But they can sometimes lead to overspending, and if you opt for a longer repayment period, rates can reach as high as 35.99% — which is more than most credit cards — and they don’t offer access to cash.
The main advantage of cash advance apps over BNPLs is having access to cash. For example, if you need gas money right now or help covering your rent, a BNPL app won’t do the trick. Plus, there’s no credit check to qualify and typically no interest or late fees. But you may need to pay for a monthly subscription, and most cash apps charge a fee for same-day transfers.
If neither a cash advance app nor a BNPL plan works for you, consider these alternatives.
It depends on your needs. If you’re looking for no interest or fees ever — and are a W-2 employee — an app like Perpay might be a good fit. Or if you need more spending power, consider sites like Affirm or PayPal.
It may be possible to borrow more with Klarna, and it offers longer loan terms — up to two years, versus 12 months for Afterpay. Klarna also has slightly lower rates on its long-term payment plans. But both apps can be used at hundreds of retailers, and they both charge late fees.
No. You can only have one Afterpay account at a time.
You can have multiple loans from your Afterpay account as long as you are within your spending limit, but it’s not clear how many. Trying to borrow more than you’re eligible for results in your purchase getting declined, the company says.
As you continue to make your payments on time and build a history with Afterpay, you may be eligible to raise your spending limit. However, some customers say they’ve had trouble getting their limits increased despite meeting all the criteria.
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