Loan Apps Like Affirm, Klarna, PerPay, AfterPay

ElitePersonalFinance
Last Update: September 25, 2023 Loan Reviews Loans

BNPL and POS apps let you buy products today and pay for them over a few months or more. The apps on our list partner with some of the most popular brands in the marketplace, making it easier to shop at your favorite stores when you’re in between paychecks. In addition, BNPL apps typically require repayment over six weeks, and there is usually no interest or credit check. Conversely, POS apps have terms that range from a few months to a few years, and some companies charge interest. As a result, POS loans are more like personal loans, while BNPL loans are more like no-fee, no-interest payday loans.

BNPL loans are ideal for small purchases that you pay back over short durations. However, since you can’t use the funds to cover expenses, our guide on the best cash advance apps can help when you confront an emergency. Likewise, POS loans are great for large purchases like refrigerators and furniture that require longer repayment terms.

However, some personal loans offer better APRs. Also, our marketplace has options for borrowers of all credit scores, and applying doesn’t require a commitment and won’t impact your credit profile. As a result, you should shop around to obtain the cheapest rate.

Best POS Apps of February 2024

BNPL and POS apps offer affordable financing. Instead of waiting for your paycheck to arrive, you can receive an item today and pay for it at a later date. Many of the apps on our list also don’t charge any interest or fees, and most don’t have a minimum credit score requirement.

Institution:Loan Amount:APR:Terms:Min. Credit Score:Instant Approval:Money Down:Fees:Best For:Credit Check:
AffirmUp to $17,5000% – 30%1 – 48 months0NoNoNoClothing, Electronics, FurnitureNo
KlarnaVaries0% – 24.99%1 – 36 months0NoNoNoClothing, Makeup, Home DécorNo
SplititVaries0%3 – 24 months0NoNoNoFashion, Furniture, SportsNo
AfterpayVaries0%1.5 months0NoUp to 25%Late payment fee of up to $8 or 25% of purchaseClothing, Cosmetics, BabyNo
American Express$100+0%3 – 24 months700YesNoUp to 1.33% of the purchaseAll ItemsNo
Amazon$50+0%4 – 24 months0Yes4% – 25%NoQualifying ItemsNo
Best Buy$149.99 – $4,0000% if repaid in 90 days3- 12 months0NoTypically $59$59 in some statesElectronics, AppliancesNo
Zebit$1,000 – $2,5000%6 months0No25%18% fee on gift cardsElectronics, Fashion, FurnitureNo
HSNVaries0%2- 5 months0YesFirst payment + shipping + taxesNoAll ItemsNo
QVCVaries0%5 months0YesFirst payment + shipping + taxesNoAll ItemsNo
Microsoft$1,700 – $6,7000%12 – 18 months0NoNoLate payment fee of up to $38ElectronicsYes
PerpayVaries0%1 – 4 months0NoNoNoClothing, Electronics, KitchenNo

Affirm

Loan Amount:Up to $17,500
APR:0% – 30%
Terms:1 – 48 months
Min. Credit Score:0
Instant Approval:No
Money Down:No
Fees:No
Best For:Clothing, Electronics, Furniture
Credit Check:No
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Like Klarna, Affirm Pay in 4 lets you Buy Now, Pay Later with no credit check. There are no fees, and you repay the balance with four interest-free payments every two weeks. Moreover, Affirm partners with companies like Target, Walmart, Samsung, Lowe’s, Neiman Marcus, and Adidas. As a result, plenty of great brands are available on Affirm’s platform, and like Klarna, there is no minimum credit score requirement. However, if you want to borrow upwards of $17,500, with terms of three to 12 months, APRs of 10% to 30% typically apply.

Pros:

  • Like Klarna, Affirm provides BNPL and POS loans.
  • There is no interest when you Pay in 4.
  • There is no credit check.
  • There are no prepayment or late payment fees.
  • Affirm partners with some of the most popular stores and brands.

Cons:

  • Not all applicants are approved.
  • Affirm may or may not provide a high spending limit.

Who is the app best suited for?

If your credit score is less than stellar, Affirm may be more willing to give you an opportunity than oth