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Today, many online stores and retailers accept Buy Now and Checkout Later apps to make shopping easier for their customers. BNPL apps are similar to credit cards in that they allow you to acquire an item and spread the payment over an agreed number of installments.
However, the hook with BNPL, and what made it popular among consumers, is that most apps offer interest-free funding, as long as you stick to scheduled payments. You can use the BNPL apps for your online and in-store purchases.
Here’s a quick overview of the Buy Now, Pay Later programs, and the apps and retailers that participate.
What is Buy Now Pay Later?
Buy Now Pay Later is a financial arrangement that allows you to make purchases without paying the full amount all at once. With BNPL, you can split payments into equal monthly installments based on the terms of the BNPL agreement you make with the merchant or a third party funder.
7 Buy Now Pay Later Apps and Their Participating Retailers
BNPL is a growing trend among retailers. Here are the top seven buying services now and later that you might want to consider.
The first choice for most buyers who prefer BNPL financing is Affirm because there is no charge even for late payments. For interest-bearing purchases, Affirm charges straightforward interest, making the purchases more affordable. When you buy something from Affirm, you get a clear breakdown of the payment schedule and reminders to help you make responsible financial decisions.
Here are some major retailers and online stores that agree to buy now, pay later through Affirm.
- Best buy
- Expedia hotels & vacation packages
- Delta Vacations
- Neiman marcus
- Pottery barn
- Saks Fifth Avenue
- The True
- NECTAR Sleep
Sezzle has partnered with Ally Bank to provide flexible payment options. You can make larger purchases in some stores without having to pay a deposit.
There are many merchants and online stores that accept Sezzle, including:
- Melt cosmetics
- Umbro Premier
- Alani Nutrition
- Jessica simpson
- Itzy Ritzy
- Lamps More
Afterpay has partnered with over 85,000 merchants, making it ideal for buyers looking to use BNPL at a wide variety of retailers. You can shop at your favorite store and pay over a six-week period. In addition, Afterpay does not charge any interest.
Here are some online stores and retailers that accept Afterpay BNPL:
- Forever 21
- Ulta Beauty
- MAC Cosmetics
- Tory burch
- Urban outfitters
- Bed bath and beyond
- Finishing line
- Platform 1
Four is a buy now pay later app that lets you shop in different stores and pay over time. There is no credit check, and Four doesn’t charge interest either.
Here are some of the retailers that accept BNPL funding from Four:
- Go get glasses
- Hungry clothes
- 22 days of nutrition
- Poly and bark
- The scarf bar
If you make large purchases and want to pay in installments, Klarna is your first choice. It works with multiple brands in different categories including electronics, fashion, beauty, home and more. Klarna’s BNPL program offers a flexible payment option and does not charge any interest.
Here is the list of the best online stores that accept to buy now and pay later through Klarna:
- Bed bath and beyond
- GUESS factory
- Calvin klein
- Tommy hilfiger
Zip’s Buy Now Pay Later app offers two different interest-free introductory programs: ZipPay and ZipMoney. However, the latter is only irrelevant for the first three months. You can use ZIP BNPL at many online and in-store retailers, including:
- Famous shoes
- TJ Maxx
- Ulta Beauty
If you are looking for BNPL application without credit check, Splitit is your go-to choice. Splitit uses your existing Mastercard and Visa credit cards to help you make purchases, unlike other loan apps which often issue their own cards. With Splitit, you can continue to use your existing credit card to make purchases while benefiting from Splitit’s interest-free BNPL program. .
Here are some of the main participating Splitit stores and online retailers:
- Glasses United States
- Exterior United States
- Secret laboratory
- Carats and grams
- Inspired by the house
Buy now, pay later vs credit cards
BNPL apps may seem similar to credit cards, but the two payment options are distinct, each with their own advantages and disadvantages. One of the main differences is that credit cards charge interest while BNPL services offer interest free transactions.
Additionally, getting a credit card approved is not easy as the bank or credit union must check your credit history and confirm that you meet specific requirements depending on the card you are applying for. On the other hand, you can often get approved for BNPL services within minutes, sometimes even without a credit check.
Buy now, pay later vs. in-store finance
In addition to the BNPL options above, some stores offer in-store financing to their customers to pay for their purchases in installments.
Most store finance options give you a designated store credit card to help you buy now and pay later over a specified time period. If the repayment period ends and you have not made payment, you will owe interest on the purchase.
While the Buy Now Pay Later loan agreement typically allows you to spread payments over 4 to 5 installments, store financing is often up to 24 months and sometimes longer.
Store financing is a good idea if you are making large purchases and want to spread the payment over a longer period of time. However, it can get very expensive if you can’t keep up with the payments.
The number of retailers and online stores accepting the buy now pay later financing arrangement is increasing daily. While BNPL is a flexible option, make sure you understand:
- The number of payments you will make
- The amount of each payment
- The conditions under which interest can run
- How BNPL Loans Can Affect Your Credit Score
Understanding the terms of buy it now and pay later will help you take advantage of the flexible payment option while preserving your credit.
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