Best “Buy Now Pay Later” Companies with No Credit Check and Instant Approval 2021

ElitePersonalFinance
Last Update: September 4, 2021 Apps Loan Reviews Loans

Buy Now Pay Later Companies is a new and high-growing type of lending, offering people to get goods and pay for them later.

It definitely looks like a great option for many of us, but this also hides dangers for some of us. One is that Buy No Pay Later Sites often trick people into overspending. And if we have to be honest, they do it very well… In fact, that is one of the main reasons this business has been created. We have created a great guide for those who want to learn all about them in one place.

But things change when we talk about “Buy Now Pay Later No Credit Check” and “Buy Now Pay Later for Bad Credit” Companies. Many of these companies go further by offering people loans without checking their credit. This sounds great for people with bad credit having problems getting approved, but things do not always work well as we expected. In the end, many end up overspending and being unable to repay their loans on time. Some of them get payday loans to pay their BNPL loans. Others even end up in the debt cycle. All legitimate lenders are required by law to check your credit and require you to prove enough income to repay your loans, and there is a good reason for that. So be careful with these sites.

Like we said in our guide, we highly recommend people to check also personal loans. Personal loans don’t restrict people on how they will use their money. Even if they can be more expensive, their terms could be set for a longer repayment period of time, so even people with bad credit can have better terms.

We have all of them on our marketplace. Here are a few links that we recommend:

Best Personal Loan Comparison Sites 2021

Best Personal Loans for Banks 2021

Best Personal Loans for Credit Unions 2021

Best Personal Loans for Bad Credit 2021

Also, bad credit loans and payday loans are totally different things. People with bad credit can get cheaper loans than payday loans, even if they have bad credit.

So for people planning to learn more about the truth about bad credit loans or people who plan to use them to repay their no-interest BNPL fee.

Watch our video first and then visit our marketplace, or if you have any questions, ask us at our help center: https://www.elitepersonalfinance.com/loan-help-center/.


So, BNPL companies are not always the best choice for loans, if we have to be honest. They have their advantages vs. traditional personal loans, but also their disadvantages.

Here are all categories from our marketplace:


Now, let’s review the best of them.

Afterpay

Afterpay, with over 10 million customers, is one of the top Buy Now Pay Later lenders. The company offers you finance your purchases and allows you to pay for them in 4 equal installments – “Pay in 4 Plan”. The first of them, you will have to pay on the day that you get your stuff, and others are due every 2 weeks.

Afterpay is no credit check app, and they charge no interest fees. But there are catches.

The catches:

  • The approval isn’t guaranteed, although the company promotes them like no credit check type of lender.
  • Even if you’re approved, not always you can get the full amount that you requested.
  • There are late fees, capped at 25% of your purchase price. Not low at all!

Because of this huge late fee, we highly recommend that you use the company only if you are sure that you can pay your installments on time!

However, Aftrerpay allows people to change their payment date, but their requests are not always approved.

Afterpay considers different factors to approve you, including how often you use them, your repayment history, the purchase price, the open orders you have with them, etc.

Tip: If you want to increase your chance of working with the company and always get approved, start with cheap products and always pay them on time. After that, start increasing and be honest. Also, don’t offer too many products, although the company allows people to have multiple open orders.

The company partners with more than 25,000 online and in-store retailers. You can use them for various goods, including clothing, home decor, electronics and health, and beauty.

Pros:

  • There is no credit check, so people with bad credit can be approved.
  • No-interest loans.
  • Instant approval.
  • They partner with over 25,000 online and in-store retailers.
  • They help in financial hardship if you’re having trouble making payments due to unemployment or dealing with a natural disaster.
  • Allow promo codes.

Cons:

  • No options for longer repayments terms.
  • No grace period. The first installment has to be paid on the day of the purchase.
  • Huge late fee, of up to 25%.
  • No guaranteed approval.
  • Even if you’re approved, not always you can get the full amount that you requested.
  • Not a report for regular payments to the credit bureaus.

Visit Afterpay.

Affirm

Affirm is another big Buy Now Pay Later lender, having over 6.2 million customers and supporting purchases in over 6,500 merchants. Affirm partner with Walmart, Nordstrom, Nike, Best Buy, and many more.

Affirm offers up to $17,500, with an APR varying between 0% to 30%, determined mainly by where you shop. It’s not easy to get approved on 0% APR. Most customers report an APR of over 10%. An APR of 30% is high and close to the highest limit of 35.99% that personal loans offer. So, if your APR goes too high, and you are with good or fair credit, considering a personal loan (or at least shopping around for them) could be a better choice.

However, in terms of repayment plans and fees, Affirm is times better than Afterpay.

Affirm offers 3 main types of repayments: 3, 6, and 12-month plans. There are also repayment plans of less than 3 months and over 48 months, but not everyone gets approved. Affirm repayments are monthly. People who don’t get approved on the full amount will have to pay one time down payment.

There are no prepayment and late fees with Affirm. However, people would be careful with missing payments because the company can report them to all Experian.

And the good news for people looking for Buy No Pay Later for Bad Credit apps. The company doesn’t list any minimum credit requirements, but a soft inquiry will be performed. There are also no annual income requirements.

There are 3 main ways to apply with Affirm: at their site, using their app, and online stores.

Pros:

  • A big and reliable BNPL company with over 6.2 million customers.
  • Up to $17,500.
  • No minimum credit requirements.
  • No hidden prepayment and late fees.
  • Multiple repayment plans.
  • Works with many big stores.
  • Prequalification is available.

Cons:

  • High-interest fee, of up to 30%.
  • It could be more expensive than traditional personal loans for people with bad and fair credit, and in some cases, for those with bad credit.
  • Report to Experian for late payments.
  • No annual income requirements.

Visit Affirm.

Klarna

Klarna is a big, and high-rising Buy Now Pay Later company with over 90 million customers.

Klarna’s APR varies between 0 to 29.99%, although their standard APR is 19.99%. This should be in a range for people with bad credit, but people with good and fair credit definitely have to also search for regular personal loans.

The company doesn’t list any minimum credit score requirements, but there will be a credit check. In most cases, it will be soft, but it will be a hard inquiry in others. This also means that people who don’t pay regularly will have this reported to credit bureaus.

Klarna offers a few types of repayments:

  • Pay in 4: Pay in 4 is an interest-free repayment plan. People are required to repay their loans 4 times every 2 weeks. The first payment should be completed at the checkout. There is a late fee of $7.
  • Pay in 30: If you choose Pay in 30, you’ll have to pay the full amount at once in 30 days. There will be no interest over the amount and $0 at checkout. However, if you delay your payment, you could be considered in default.
  • Pay Now: With Pay Now, you pay the full balance instantly, and there is no interest fee. At first sight, this looks pointless, but it should make sense to build trust in Klarna.
  • Financing: Financing offer repayment between 6 to 36 months. But here, we have APR that varies between 0% to 29.99%. For standard purchases, you should expect 19.99%. There is no payment at checkout, but people should expect a $35 late fee.

Pros:

  • Large loans are available.
  • Some loans come with an APR of 0%.
  • Different repayment plans are available.
  • Low credit score requirements.

Cons:

  • Late fees.
  • Report to credit bureaus for late payments.
  • A high interest rate on some loans.
  • Hard credit pulls in some cases.
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