Most BNPL apps work similarly, though there are a few features to keep an eye on when making your choice.
Look for the lowest fees. Some BNPL apps charge fees on purchases and late payments, while others charge no fees at all. One with few to no fees can keep your overall costs down.
Choose low interest. In the event you do miss a payment, you’ll get charged an additional amount based on the app’s interest rate. Find an app with as low an interest rate as possible if you worry you might occasionally miss a monthly payment. Some BNPL providers even charge simple interest rather than compounding interest.
Check the repayment scheduling options. Some BNPL apps let you adjust or choose your repayment plan. This option is great if you value a little more flexibility in how you pay.
Assess your spending needs. Most BNPL apps have some type of transaction limit. If you need to split up a particularly large purchase, you’ll need to find a BNPL app that supports that purchase amount.
What is BNPL and how does it work?
BNPL is a four-part installment loan retailers and third-party intermediaries offer consumers. After making your first payment up front, the remaining three payments are equally split and automatically charged to your credit or debit card on a set interval, typically every two weeks.
BNPL plans are most often found in online stores. However, the service’s rising popularity means you can find them in select stores or use a third-party service to turn nearly any purchase into a BNPL payment.
Like most loans, a BNPL plan also comes with terms and conditions, including interest and fees.
Compare cash advance alternatives to BNPL apps
For an idea of how cash advance apps stack up, select up to four apps and select Compare to see them side by side.
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