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Top 5 buy now, pay later apps to save money

Top 5 buy now, pay later apps to save money

Buy now, pay later (BNPL) apps help save money. People often use these apps to buy expensive products while paying for them later in smaller installments. Since there are many BNPL apps out there, finding one is easy. However, individuals must pick the right option for the best benefits in the long term. Those who find it hard to decide can consider these five most popular apps to save money.

Affirm
With numerous BNPL plans, Affirm is a top choice among those looking to save big. Its standard pay-in-four plan with zero interest is particularly popular among shoppers. Aside from this, monthly plans such as three-, six-, 12-, and 60-month repayment plans are also available. All of these have interest rates ranging from 0% to 36% APR. Besides, the app has partnerships with some of the most significant online and offline retailers, which makes it more attractive to consumers. The best part is that one does not have to pay fees to use Affirm!

Sezzle
Sezzle is great for those looking for BNPL apps that offer flexible payment plans. It lets customers push payments and get two extra weeks to pay back. Moreover, the first reschedule for every order costs practically $0. With attractive interest rates, Sezzle allows shoppers to save more. However, one must pay at least 25% of the cost during checkout. The rest of the three payments can be made every two weeks (or four weeks if one chooses to reschedule).

Klarna
Klarna stands out with its no-interest repayment options and simple qualification requirements. It offers three repayment options to give customers more flexibility. These include Pay in four (four interest-free payments every two weeks), Pay in 30 days, and monthly financing of up to 36 months. One does not have to pay fees or interest in the four- and 30-day financing options. However, the monthly financing plan has interest rates that may go beyond 20%. If payments are not made in time, all three plans charge late fees.

Afterpay
While BNPL plans are geared towards saving money, many shoppers still end up overspending. Afterpay is a useful app for those who feel they might spend more with BNPL. Its strict spending limits and late fees encourage responsible spending. The initial spending limit offered by Afterpay is around $600. When a customer builds up a responsible payment history, the limit increases. Besides, Afterpay has high late fees of around $10 for the first installment. So, many customers prefer to make the payments on time rather than pay the late fee.

Zip
Zip offers less flexibility than most of its competitors. It only has one pay-in-four plan that lets shoppers split their purchases into four equal installments. Each installment has to be paid every two weeks, with the first paid immediately at the checkout. Despite the lack of flexibility in payment plans, Zip offers easy usability. One can use the app in any store or retailer where Visa is accepted. Besides, the app directly partners with some leading stores across categories, so shoppers enjoy exciting deals and offers whenever they use it to purchase.

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