Your Guide To Buy Now, Pay Later Apps

Find out what you need to know about this popular checkout option.

Someone using a tablet to online shop.

Buy Now, Pay Later (BNPL) apps have exploded in popularity, offering shoppers the ability to split purchases into smaller, usually interest-free payments. While these apps can be convenient, they also come with important considerations.

Buy Now, Pay Later Apps

How It Works

While the details will vary by provider, most BNPL programs boast about not charging fees or interest, as long as you pay as agreed in the terms and conditions. Here’s a list of the most popular providers and an overview of their terms.

It’s important to note that BNPL activity is beginning to factor into new credit scoring models. Paying on time could help your credit, while missed or late payments may work against you. Always review the terms and be sure the payments fit your budget.

Providers and products are mentioned for educational purposes only. This in no way constitutes an endorsement or approval by A+FCU. Refer to the external organization’s site for the most up-to-date information as their products and terms are subject to change.

Advantages

There are a number of perks that come with most BNPL options. Here are some of the most notable:

A woman holding a cell phone and a credit card.
Life Guidance for:

Debt

To get out of debt, you need to be intentional with your money. Reach your goals faster with our tools for evaluating your debt load, developing a repayment strategy, and staying committed.

Disadvantages

It’s important to note that availability may vary by state. Here are some more noteworthy drawbacks:

Considerations

As always, it’s important to do your research before agreeing to anything. When it comes to evaluating your options, refer to the legal terms, FAQs, or help center, for information on how the account works, possible costs, and credit implications.

 

*APR=Annual Percentage Rate

A couple sits on the floor looking at blueprints.
Fund Your Plans

Apply For A Personal Loan

Enjoy more freedom with your money. Use an A+ Personal Loan for your personal expenses at a great low rate.

Related Articles