Klarna is a buy now, pay later (BNPL) app that offers a variety of repayment terms to choose from. You can “pay in 4” or pay within 30 days interest-free, or opt for a monthly plan, from six to 24 months. There’s also a Klarna credit card that can be used anywhere Visa is accepted.
But it charges late fees, whereas some apps, like Affirm, PayPal and others, do not. It also doesn’t give you a preapproved spending limit, meaning each purchase is subject to approval. Plus, rates can reach as high as 35.99% for long-term financing.
If you want to explore other ways to shop, check out this list of popular BNPL providers. If you prefer cash over credit, we also included some of the top cash advance apps that can float you up to $500 or more and give you more flexibility than a BNPL.
| Financial institution | Loan amount | Cost | Terms | Turnaround time | Late fee? | |
|---|---|---|---|---|---|---|
| Chime MyPay (cash advance) | Up to $500 | Free | Until next deposit | Within 2 days or instant for a fee | No | |
| EarnIn (cash advance) | Up to $150/day, with a max of $1000 between paydays | Free | Until next paycheck | 1 to 2 business 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 | |
| Varo (cash advance) | Up to $500 | $1.40 to $40 transfer fees | 15 to 30 days | Instant | 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) | $20 to $200 | 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 | |
| Afterpay (BNPL) | Starts at up to $600 | 0% to 35.99% | Pay in 4, or 6 to 12 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 similar BNPL apps, Klarna offers a number of payment options — some with zero interest financing. And you can use Klarna practically everywhere, especially if you’re eligible for the Klarna Visa. But each purchase requires approval, you could get hit with late fees and rates on long-term plans could reach as high as 35.99%, which is more than most credit cards.
When you’re short on cash, a BNPL app can be a great way to make larger purchases and spread the payments out over time. There are many providers to choose from, and they are accepted by thousands of brands and merchants. But they may charge fees, there’s no access to cash and rates for some plans are high.
If you’re looking for a little more flexibility than a BNPL app, you may want to consider a cash advance app instead. The biggest advantage is the ability to access cash, especially if you need gas money right now or have other expenses that can’t be financed. Plus, they’re easy to qualify for and don’t charge interest or late fees. Some may require a monthly fee, but other apps are virtually free.
If neither a BNPL nor cash advance app fits your needs, consider these alternatives.
Yes. There is no limit to how many purchases you can make using the Klarna app, but each transaction needs to be approved individually.
There are several apps like Klarna, including Affirm, PayPal, Afterpay, Sezzle and others. Each has its own unique features, so be sure to do your research to find the best one for your needs.
It depends on your situation. For full-time W-2 employees, Perpay could be a good choice because it never charges interest or late fees and has loan terms up to six months. But gig workers or freelancers might have better luck with Klarna or another app.
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