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Perpay review

Want the product now, but it's not quite pay day? Pay for hot items through interest-free installments.

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If your bank account is looking thin but you’re still in the mood to shop, Perpay makes financing purchases a little easier. Browse its e-commerce marketplace — with brands that range from Nike to Apple, KitchenAid to Michael Kors — and pay for items in eight installments. There’s no interest, and you’ll make payments through regular direct deposits. But keep in mind you’ll need to submit income information and actively maintain a full-time job to use the service.

How does Perpay work?

To set up a Perpay account, you’ll need to submit your most recent pay stub so your spending limit can be determined. Once your application has been approved, you’re free to shop Perpay’s marketplace, which includes retailers like Ashley HomeStore and Nintendo.

Payment installments will be deducted at the same time as your job’s biweekly, weekly or monthly pay cycle, and additional payments can be made by credit card at any time.

Pros and cons of using Perpay

Pros

  • Make payments in 8 installments instead of 4, like some other payment services
  • A low credit score won’t affect your eligibility
  • No-interest payments
  • Thousands of brands are available for purchase
  • Refer a friend and they’ll get a $100 credit

Cons

  • Some online customer complaints of poor customer service
  • Items may be priced over market value, according to online reviews
  • You need to submit information about your income, unlike some other financing services
  • You must maintain full-time employment to continue using Perpay
  • Each late payment may result in a nonrefundable fine of up to $35.

Features of shopping with Perpay

  • Most nonpersonal and nonfurniture items can be returned within 30 days of delivery.
  • Signing up doesn’t affect your credit score.
  • Spending limits range from $500 to $2,500.
  • Shop high-end clothing brands like Gucci, Stella McCartney, Zac Posen, and Michael Kors.
  • Find out your spending limit in 60 seconds on its website.

How much does Perpay cost?

Signing up for Perpay is free. You’ll pay for all of your purchases in eight interest-free installments. For instance, if you purchase a $200 desk chair, you’ll have $25 taken out of your account each billing cycle.

Will Perpay affect my credit?

Perpay won’t affect your credit score, as long as you make your payments on time and for the complete amount owed. While Perpay doesn’t report to credit bureaus, missing a payment will affect your standing with your bank or payment card holder.

How to sign up for Perpay

Before getting started with Perpay, you should double-check that you’re eligible. Factors that can prevent you from being approved include: active bankruptcies, an annual income of less than $15,000 and lack of full-time employment. You’ll also be required to have an activated cell phone and proof of three months of employment with your current workplace.

If you meet those eligibility requirements, you can move forward with your application. Submit your most recent pay stub and you’ll receive a confirmation, along with a notice of your spending limit.

Then you can start shopping. Items will ship once your first payment is withdrawn from your upcoming pay cycle.

Bottom line

Perpay’s no-interest, eight-installment payment plan offers a flexible, affordable way to pay for big-ticket items. However, part-time employees or those who are currently unemployed won’t be eligible for this service.

If Perpay doesn’t sound right for you, consider other financing options like Affirm, Afterpay or Klarna.

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