Buy Now Pay Later Payment Options

List of all Buy Now Pay Later Payment Options

March 13, 2022 / Manage Money

What does “Buy Now Pay Later” mean? As the words suggest, it means to buy something now and pay for it later by making payments. Buy now pay later (BNPL) payment plans have been around for years, but they have increased in popularity during the pandemic when more people started shopping online.

I’ve been following and blogging about the BNPL movement for over a decade. When I first started researching buy now pay later companies, it was online stores such as Fingerhut and Gettington that attracted people with bad credit or no credit and offered them financing on name-brand items they wanted with very high-interest rates. QVC and Home Shopping Network (HSN) followed suit.

When PayPal founder Max Levchin founded the financial lender Affirm in 2012, many online stores hopped on board to offer Affirm installment loans for consumers to use at the point of sale to finance their purchases. But Affirm wasn’t the first fintech company to provide such financial services; Klarna was actually founded in 2005 in Stockholm, Sweden.

Since then, several buy now pay later financial services have popped up offering interest-free payment options for purchases at most major retailers online. Ten years ago, I would’ve told anyone that “buy now, pay later” is a bad financial decision due to the high-interest rates, but now most BNPL companies offer low or no-interest options that don’t affect one’s credit.

Buy Now Pay Later Payment Options

We’ve compiled a list of all buy now pay later payment options currently available as well a brief synopsis of each (terms, APR interest rate, late fee) and the top stores that utilize those payment options. We are listing them in alphabetical order to now show favoritism.

OptionWebsite LinkAvailabilityTermsStores
Acceptance Nowacceptancenow.comAcceptance Now is now Acima.See Acima.
Acima Leasingacima.comUS (not available in MN, NJ, WI, or WY)Lease-to-OwnBest Buy
Affirmaffirm.comUSVaries by retailerWalmart
Afterpayafterpay.comUS, Canada, UK, Australia, New ZealandPay-in-4Reebok
Barclay'sLinkUKPersonal loan for big purchasesWayfair
Behalfbehalf.comUSB2BLenovo
Breadbreadpayments.comUSPay-in-4 or MonthlyeLuxury
CareCreditcarecredit.comUSHealthcare financingRite Aid
ChargeAfterchargeafter.comUSPersonalized financing from multiple lendersLenovo
Clearpayclearpay.co.ukUK (same company as Afterpay)Pay-in-4Wayfair
EasyPayeasypayfinance.comUSFinance up to $5,000 with $0 down; 90-days pay off. Furniture & Tire stores
Elo Payelo.com.brBrazil
FlexShopperflexshopper.comUSLease-to-OwnElectronic Express
Fortiva Financingmyfortiva.comUSOptions for less than perfect creditElectronic Express
Fourpaywithfour.comUSPay-in-4Designer Eyes
FuturePayfuturepay.comUSLine of credit with flexible monthly payments
Genesis Creditmygenesiscredit.comUSRevolving line of credit up to $4,000Electronic Express
iDealideal.nlNetherlandsProenza Schouler
Katapultkatapult.comUSLease-to-Own, automatic approval up to $3,500Ghostbed
Klarnaklarna.comAustralia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, UK, USPay-in-4Saks Fifth Avenue
Kueskikueski.comMexico, Latin America
Mocasamocasa.comPhillipines
Laybuylaybuy.comAustralia, New Zealand, UK, USPay-in-6Firebox
Partial.lypartial.lyUSFlexible payment plansShops
PayBrightpaybright.comCanada (same company as Affirm)Pay-in-4 or monthly options for larger purchasesThe Source
PayFortLinkPayFort was acquired by Amazon Payment Services.
PayPal Creditpaypal.comInternationalNo Interest if paid in full in 6 months on purchases of $99 or moreJCPenney
Perpayperpay.comUSNo credit check required. Helps build credit.1,000+ top brands
Progressive Leasingprogleasing.comUS (Not available in MN, NJ, VT, WI, WY)Lease-to-OwnBest Buy
Quadpayquadpay.comQuadpay is now ZipSee Zip.
SetPayLinkUSInstallment loan by SynchronyElectronic Express
Sezzlesezzle.comUSPay-in-4Bass Pro Shops
ShopPayshop.appUSPay-in-4Herve Leger
Snap Financesnapfinance.comUSLease-to-OwnElectronic Express
Sofortsofort.comSofort is now KlarnaSee Klarna.
Splititsplitit.comUS0% interest. No late fees. Choose your # of monthly payments.Nectar
Store CardVariesVariesVariesShop Disney
Synchronysynchrony.comVariesVariesT.J.Maxx
Upliftuplift.comUS, CanadaFixed monthly installments with no late fees.Funjet Vacations
Zibbyzibby.comZibby is now KatapultSee Katapult.
Zilchpayzilch.comUK, USPay-in-6 interest-feeAnywhere Mastercard is accepted
Zipzip.coAustralia, Canada, Mexico, New Zealand, Singapore, UK, USPay-in-4Revolve
OptionWebsite LinkAvailabilityTermsStores

BNPL Key Terminology

APR = Annual Percentage Rate – this is the actual interest rate of your loan.

B2B = Business to Business. In BNPL instances, the financing would be for businesses instead of consumers.

BNPL = Buy Now Pay Later

Lease-to-Own = An agreement where you (the lessee) make payments to the financial institution (lessor) and the lessee does not actually own the asset until all payments are made and the lease term expires.

Pay in 4 = Pay 25% of the purchase price upfront (1st payment), then make 3 additional equal payments every two weeks, so you make a total of 4 payments. There are usually no fees associated and no interest added.

BNPL Fast Facts

1. BNPL has grown 85% in 15 months

According to PYMNTS.com the Buy Now Pay Later (BNPL) industry has grown an impressive 85% in 15 months time span. And that article was written in August 2021. I presume the percentage is much higher now.

2. BNPL is popular among millennials

Younger Americans with lower wages are increasingly seeking new ways to buy high ticket items, and buy now pay later platforms allow them to do just that. Read more at CNBC.

3. Top BNPL items purchased

As stated above, people want to buy big-ticket items with buy now pay later financing options. The tops categories purchased with BNPL platforms are BNPL mattresses and BNPL luxury items such as designer apparel and handbags.

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