Perpay Review: Spending Power Comes With Limitations

Is Perpay legit?

Perpay is a legitimate BNPL app with an A+ rating from the Better Business Bureau and high marks from other trusted review sites. It uses Secure Sockets Layer (SSL) technology, 128-bit encryption and other industry-standard security measures to protect your data. You can view its privacy policy on its website to see how it collects and shares your information and learn how to opt out.

What makes Perpay shine?

Perpay stands out by offering longer repayment terms than many BNPL apps, with no interest or late fees, no matter how long your repayment plan. This longer-term, no-fee structure is a departure from most apps, which start to charge interest or fees if you opt to pay in more than four installments.

It also gives you the opportunity to build credit if you sign up for Perpay+, which is only $3 a month. Used wisely, Perpay can be a good tool for people with poor credit or no credit to start building a credit history.

Where Perpay falls short

One of the biggest drawbacks of Perpay is that you must be a full-time W-2 employee who gets paid by direct deposit. This requirement is partly because payments are debited directly from your paycheck, not your bank account. So, if you’re a gig worker or self-employed, you’ll need to find another BNPL app to work with. Or, you may want to consider a cash advance app, where you don’t need a full-time job to qualify. And it gives you access to cash rather than credit, making it a more flexible option.

Another downside to this app is that it can only be used on the Perpay marketplace. This drawback is significant if you want to purchase an item that the marketplace doesn’t offer. Plenty of apps, like Affirm and others can be used practically anywhere you shop.

It also charges more for items on its marketplace than you could find elsewhere — that’s how it makes money. So, even though you’re not paying interest, you pay more than you would at a retailer or online marketplace like Amazon.

Compare Perpay to other apps

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Finder Score	Loan amount	Turnaround time	Requirements	bullet point infobox
Promoted Finder score 9.5 Excellent EarnIn	Finder score 9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1 to 2 business days or within 30 minutes for a fee	At least 18 and a US resident, Valid Social Security number, At least 60 days of banking history, Proof of consistent income, Positive bank balance, Get paid by direct deposit.	Access up to $150 per day, with a max of $1000 between paydays. Subject to EarnIn terms & conditions.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 8.7 Great Current	Finder score 8.7 Great	$50 to $750	Up to 3 days or within an hour for a fee	Among other factors, you must receive a monthly total of $500 or more in Eligible Payroll Deposits into your Current Account.	Get up to $750 before payday, once you qualify. Paycheck Advance is an earned wage access service and is not a loan or credit product. Subject to Paycheck Advance Terms and Conditions.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 9.4 Excellent Chime MyPay®	Finder score 9.4 Excellent	Up to $500	Within 24 hours or $2 for instant transfers	Chime checking account, direct deposits of $200+ and only available in some states	Plus access up to $500 of your pay before payday fee-free within 24 hours. See Chime terms and conditions.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.4 Excellent OppLoans Installment Loans	Finder score 9.4 Excellent	$500 to $5,000	As soon as the same business day	+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state	Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WV. Comes with the option to change your due date so you won’t fall behind on repayments.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.1 Excellent CreditNinja Installment loan	Finder score 9.1 Excellent	$300 to $5,000	1 to 2 business days	Checking account at least 60 days old, regular income through direct deposit, resident of eligible state, age of majority in your state	Not available in: AK, CO, CT, FL, GA, IL, IA, KY, ME, MD, MA, MT, NV, NH, NJ, NM, NY, NC, ND, OR, VT, VA, WA, WV. Fast online funding up to $5K, but you won't know about rates and terms until after you apply.	Go to siteMore info Compare product selection Compare	loading
Finder score 8.2 Great Cleo	Finder score 8.2 Great	Up to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteMore info Compare product selection Compare	loading

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What is the Finder Score?

The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.

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Perpay details

Perpay contact info

The company doesn’t offer customer service by phone for Perpay Marketplace — you can only reach it by email or chat through its mobile app.

How to qualify for Perpay

Perpay has a few specific requirements you’ll need to meet to access its BNPL service.

• Full-time W-2 employee
• At least three months with current employer
• Paid by direct deposit and ability to split your deposit to a secondary account
• At least 18 and a US resident
• No active bankruptcies
• A valid mailing address

Perpay says it can work with customers who don’t have the option to split their direct deposit into two accounts through their employer. In that case, your whole paycheck must be deposited into a Perpay account, they’ll split it for you and send the remainder to your personal bank account. But you’ll have to change your direct deposit back to your bank account once you’ve completed your payments or you’ll continue to get charged.

Other features

Perpay has a few other offers besides its BNPL app.

• Credit building. To increase your credit score, members can sign up for Perpay+ for $3 a month. After four months of on-time payments of more than $200, Perpay will start reporting your payment history to the three major credit reporting agencies.
• Credit card. Qualifying Perpay users may be eligible for a credit card with a starting limit up to $1,500, which can increase over time. However, a minimum direct deposit from each paycheck is required to keep your credit card active.

Perpay reviews and complaints

Many customers have positive experiences using Perpay, and say the service has great products, an easy process and fast shipping. But some users complain that the prices are too inflated, customer service is slow to respond and returning items is a hassle. A few users also say they’ve paid for items they never received and had a hard time getting their money back.

Frequently asked questions

Can I pay off my Perpay balance faster?

Yes. If you want to pay more than the minimum payment, you can raise your payroll deduction to repay your balance quicker. You can also make extra payments with a debit card or credit card.

Why can’t I use Perpay on Amazon?

Unlike many BNPL apps, Perpay is exclusively for use on its own marketplace. However, you can use other BNPL apps to make purchases on Amazon.

How can I get a bigger spending limit on Perpay?

Perpay says that placing orders and making on-time payments can help to increase your spending limit, which is evaluated regularly by its team.