5+ Best BNPL apps to pay off your big purchases over time

Sezzle is the only BNPL app with the potential to help improve your credit score. The trick is that on-time payments allow you to upgrade to Sezzle Up. Sezzle's basic plan is a standard Pay in 4 options at zero interest and a six-week installment schedule. With this plan, Sezzle doesn't report payment history to the credit bureaus. But Sezzle Up does report your purchases and payment history, and you may receive a credit line increase.

Sezzle has also partnered with Ally to provide long-term financing solutions. These loans come with interest but allow for much larger purchases over much longer periods.

With over 3 million members, Perpay was named the fifth-fastest growing private company by Inc. Magazine in 2019. Perpay doesn't screen users based on their credit history, but it does enact checks and balances to ensure it doesn't lose money. One of the ways it does this is by limiting a user's spending budget based on their income level. 

Perpay allows you to connect your paycheck instead of linking a credit or debit card to your account to make the installments. Your payment schedule will be based on the date you receive your paycheck from your company. Each time you receive your paycheck, an installment will get automatically sent to the BNPL service.

Founded in 2015, Klarna currently has 145 million active customers and over 4,00,000 merchants across 45 countries. Popular stores that accept Klarna for BNPL are Adidas, Lenovo, H&M, and more. 

Using the Klarna app, you can choose to make four interest-free payments or pay the complete balance within 30 days without interest. If your account defaults, the service provider could use a collection agency to recoup their money. In case of larger purchases, you can opt for six- to 36-month financing. This longer-term option does charge interest.

Affirm, one of the best apps to buy now pay later, helps you buy almost anything from any merchant that accepts Visa. When you are ready to buy a product, select the provider at checkout. If pre-qualified, you can see your payment options in terms of interest rate, payment amount, and the number of payments. 

Most loans can be repaid in three, six, or 12 months without any additional charges (only interest). Longer terms (up to 36 months) may also be available in some situations. Moreover, there are no service fees, late payment fees, or prepayment penalties.

Afterpay, one of the best pay later apps, has a simple and fast application process that may or may not include a soft credit check. They offer a zero percent interest rate and don't report purchases and payment history to the credit bureaus. 

But what makes Afterpay shine are the features designed to prevent overspending and reward smart spending habits. For instance, your purchase limit keeps growing with your history of good payments. The app also features automatic payment reminders to ensure you never miss an installment.

Established in 1998 in California, United States, PayPal has allowed its users to make purchases safely through websites and mobile apps and send money domestically and internationally. The company provides 'Pay in 4' installment services for BNPL. This feature is available for PayPal users who are 18 years or older with an account in good standing. 

With PayPal's Pay in 4 feature, you can split your purchase into four easy payments. You need to make the first payment at the time of purchase and then subsequent payments every two weeks until the purchase has been entirely paid off. Once you checkout using PayPal, you'll know if a purchase is eligible for Pay in 4 or not.

No interest is charged for purchases made using the Pay in 4 services, which can be used for purchases between $30 and $1,500.

Lazypay's buy now, pay later is getting increasingly popular as a payment method. This feature is available for a large number of products, including cabs and food deliveries. Lazypay has an extremely user-friendly interface, which simply requires you to register by providing a few financial and personal details. 

Lazypay presents its users with flexible EMI options, ranging from 3 to 12 months if the transaction exceeds $10,000. Also, you have the option of paying within 15 days and saving on interest.

Zip (formerly Quadpay) also offers interest-free pay in four installment options for customers. With this one of the best BNPL apps, customers have more control over their repayment schedule. They can set up weekly, biweekly, or monthly payments. 

On Zip, you can only spend up to $1,500 (but maximum amounts vary by retailer). Like the other BNPL providers, Zip doesn't report these loans to the credit bureaus. Also, it doesn't perform any credit checks before approving customers for a loan.

Zip is connected to over 50,000 merchants globally, including Apple, Zara, and ASOS. Customers can also use the app or the browser extension to shop at retailers not integrated with Zip.

One of the major drawbacks of using Zip is that it charges a convenience fee. Zip charges customers $1 per payment you make or a $4 fee for your order.