BNPL Loans of June 2024

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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
100.00 – 20000.00 $

Interest rate

from 0.05 %

Loan term for the financial product

5 days – 3 months

Buy Now, Pay Later (BNPL) is a contemporary financial tool that empowers consumers to procure goods and services immediately and defer payment to a later date, typically divided into a series of installments. This arrangement allows individuals to manage their cash flow more effectively and acquire desired items without the immediate burden of full payment. Upon selecting BNPL during a transaction, customers are typically required to make an initial payment at the time of purchase, followed by subsequent payments over a predefined period, often extending from weeks to months. BNPL services are widely accessible across various retail platforms, both online and in-store, offering convenience and flexibility to consumers seeking alternative payment options.

These payment plans, facilitated by BNPL providers, vary in terms and conditions, including potential interest charges and fees. While some plans offer zero interest, others may apply interest rates depending on the duration of the repayment period. Moreover, BNPL arrangements may entail additional charges such as late fees for missed payments or service fees for certain transactions. Despite the potential costs involved, BNPL can serve as a viable solution for managing expenses and budgeting effectively, offering consumers a structured approach to making purchases while spreading the financial commitment over time.


  1. Deferred Payment. BNPL enables consumers to defer payment for purchases, allowing them to acquire goods or services immediately and pay for them at a later date. This feature is particularly advantageous for individuals facing temporary cash flow constraints or seeking to manage their expenses more efficiently.

  2. Installment Payments. Instead of making a single lump-sum payment, BNPL divides the total purchase amount into smaller, manageable installments. This approach provides consumers with greater flexibility in managing their finances, as they can spread out the cost of a purchase over a predefined period, often allowing to pay monthly.

  3. Initial Payment. Upon selecting BNPL as a payment option, consumers are typically required to make an initial payment at the time of purchase. This initial payment represents a fraction of the total purchase amount and serves to initiate the installment plan.

  4. Interest-Bearing Plans. BNPL providers may offer longer-term payment plans that accrue interest over time. While these plans may extend the repayment period, consumers should carefully consider the associated interest rates and fees to assess the overall cost of financing.

Pros and Cons


No Interest Options. Many BNPL providers offer zero-interest payment plans, particularly for short-term repayment periods. This means that consumers can pay for their purchases in installments without having to pay interest charges, making BNPL a cost-effective financing option for certain transactions.

Flexible Repayment Periods. BNPL plans often offer flexibility in terms of repayment periods, allowing consumers to choose the duration that best suits their financial circumstances. Short-term plans may span a few weeks, while longer-term plans can extend for several months or even years.

Convenient Application Process. Applying for BNPL is typically a straightforward process, with many providers offering quick and easy online applications. Consumers may be required to provide basic personal information and consent to a soft credit check, which helps determine their eligibility for the payment plan.


Potential Fees. While some BNPL plans offer zero-interest options, others may charge fees such as late fees for a missed bi-weekly or monthly payment or service fees for certain transactions. Consumers should carefully review the terms and conditions of their BNPL agreements to understand the potential costs involved.

Impact on Credit Score. While BNPL transactions generally do not directly impact consumers' credit scores, late or missed payments could potentially have adverse effects. Consumers need to make timely payments to avoid negative consequences on their creditworthiness.

Overspending Risk. The convenience of BNPL can lead to impulse purchases and overspending if not used responsibly. Consumers should exercise caution and only use BNPL for necessary expenses to avoid accumulating debt beyond their means to repay.

How to Get a BNPL Loan

Apply for a loan

  1. Select a Retailer or Online Store. Begin by choosing a retailer or online store that offers BNPL as a payment option. Many major retailers and e-commerce platforms now partner with BNPL providers to offer this service to their customers.

  2. Add Items to Your Cart. Browse the retailer's website or visit the store to select the items you wish to purchase. Add these items to your shopping cart as you normally would when making a purchase.

  3. Proceed to Checkout. Once you've finished adding items to your cart, proceed to the checkout page to initiate the purchase process. At checkout, you'll typically see an option to pay with BNPL or other payment methods.

  4. Select BNPL as Payment Option. Choose the BNPL option during checkout to indicate that you'd like to pay for your purchase using a BNPL loan. This will prompt you to provide additional information and complete the application process.

  5. Complete Application. Fill out the required information to complete the BNPL application process. You may be asked to provide details such as your name, address, email address, date of birth, phone number, and sometimes your Social Security number. This information helps the BNPL provider assess your eligibility for the loan.

  6. Soft Credit Check. In most cases, the BNPL provider will perform a soft credit check to verify your identity and assess your creditworthiness. A soft credit check does not impact your credit score and is used solely for the purpose of evaluating your application.

  7. Approval or Denial. After submitting your application, the BNPL provider will review the information provided and determine whether to approve or deny your loan application. Approval decisions are typically made within seconds, and you'll receive notification of the outcome.

  8. Initiate Payment Plan. If your application is approved, you'll proceed to set up the payment plan for your BNPL loan. This may involve choosing the repayment period and providing a payment method, such as a debit card, credit card, or bank account.

  9. Make Initial Payment. As part of the BNPL agreement, you'll be required to make an initial payment at the time of purchase. This payment represents a portion of the total purchase amount and initiates the installment plan.


  1. Age Requirement. Borrowers must typically be at least 18 years old to qualify for a BNPL loan. Some providers may have higher age requirements, so borrowers should check the eligibility criteria before applying.

  2. Valid Identification. Borrowers must have a valid form of identification, such as a driver's license or passport, to verify their identity during the application process.

  3. Stable Income. While BNPL providers may not require proof of income, borrowers should have a stable source of income to ensure they can afford the repayments. This may include employment income, government benefits, or other sources of regular income.

  4. Bank Account or Payment Method. Borrowers must have a valid bank account or payment method, such as a debit card or credit card, to set up the BNPL loan and make payments.


  1. Zero-Interest Plans. Many BNPL providers offer zero-interest payment plans for short-term repayment periods, typically ranging from four to six weeks. These plans allow borrowers to make purchases and repay the loan amount in equal installments without incurring any additional interest charges.

  2. Flexible Repayment Periods. BNPL providers offer flexibility in terms of repayment periods, allowing borrowers to choose the duration that best fits their financial situation. Repayment periods may range from a few weeks to several months, depending on the provider and the total purchase amount.

  3. No Minimum Credit Score Requirement. Unlike traditional loans or credit cards, BNPL loans typically do not require a minimum credit score for approval. This makes BNPL accessible to a broader range of consumers, including those with limited or poor credit history.

  4. Quick Approval Process. BNPL applications are processed quickly, often providing instant approval decisions within seconds. This allows borrowers to complete their purchases without delay and enjoy the benefits of BNPL financing immediately.

Ways to Get the Money

  1. Virtual Card. Some BNPL providers issue virtual cards that can be used to access the loan amount. These virtual cards function similarly to debit or credit cards and can be used for online purchases or in-store transactions, depending on the provider's policies.

  2. Mobile Wallet. Certain BNPL providers offer integration with mobile wallet apps, such as Apple Pay or Google Pay. You can link your BNPL account to your mobile wallet and use it to make purchases at participating retailers, both online and in-store.

  3. Payment to Retailer. In some cases, BNPL providers may disburse the loan amount directly to the retailer or merchant from whom you're making a purchase. This method allows for seamless payment at the point of sale, without the need for additional steps to access the funds.

Best Places to Get a BNPL Loan

  1. Afterpay is a BNPL provider that offers interest-free installment plans for online and in-store purchases. With Afterpay, customers can split their total purchase amount into four equal payments, payable every two weeks. Afterpay partners with a variety of retailers across different industries, including fashion, beauty, electronics, and home goods.

  2. Klarna is a BNPL platform that allows shoppers to buy now and pay later in interest-free installments. Klarna offers flexible payment options, including pay in 4, pay in 30 days, and longer-term financing plans with fixed monthly payments. Klarna partners with numerous online retailers worldwide, offering a seamless shopping experience and convenient payment solutions.

  3. Affirm provides transparent and flexible financing options for online and in-store purchases, allowing customers to split their payments into manageable installments with clear terms and no hidden fees. Affirm offers personalized loan terms based on the purchase amount, allowing borrowers to choose from various repayment options and pay over time with fixed monthly payments.

  4. Sezzle offers interest-free installment plans for online purchases, enabling customers to split their total order amount into four equal payments over six weeks. Sezzle does not perform hard credit checks, making it accessible to customers with varying credit backgrounds. With Sezzle, shoppers can enjoy budget-friendly payment options and enhanced affordability.

Things to Pay Attention To

  1. Interest Rates and Fees. Be sure to carefully review the interest rates and fees associated with the BNPL loan. While some providers offer zero-interest plans for short-term repayment periods, others may charge interest or fees for certain transactions. Understanding the cost of financing will help you make informed decisions and avoid unexpected charges.

  2. Repayment Terms. Pay close attention to the repayment terms of the BNPL loan, including the duration of the repayment period and the frequency of payments. Ensure that the repayment schedule aligns with your budget and financial obligations to avoid missed payments or late fees.

  3. Late Payment Policies. Familiarize yourself with the BNPL provider's late payment policies, including any penalties or fees for missed or late payments. Understanding the consequences of late payments will help you prioritize timely repayment and avoid additional charges.

  4. Impact on Credit Score. While BNPL transactions generally do not directly impact your credit score, late or missed payments could potentially have adverse effects. Be mindful of your payment history and strive to make timely payments to maintain or improve your creditworthiness.

  5. Customer Support. Evaluate the quality of customer support offered by the BNPL provider, including access to assistance and resolution of any issues or disputes that may arise during the loan term. Prompt and responsive customer support can help address concerns and ensure a positive experience.

How to Repay a BNPL Loan

  1. Review Loan Terms. Begin by reviewing the terms of your BNPL loan agreement to understand the repayment schedule, including the duration of the repayment period and the frequency of payments. Familiarize yourself with any applicable fees or penalties for late or missed payments.

  2. Set Up Payment Method. Ensure that you have a valid payment method linked to your BNPL account, such as a debit card, credit card, or bank account. This payment method will be used to automatically deduct payments according to the repayment schedule.

  3. Automatic Deductions. Many BNPL providers offer automatic deductions for monthly payments, meaning that the installment amounts will be automatically deducted from your linked payment account on the scheduled payment dates. Verify that automatic deductions are enabled for your BNPL account to ensure timely payments.

  4. Manual Payments. Some BNPL providers may offer the option to make manual payments instead of automatic deductions. If you prefer to make manual payments, log in to your BNPL account and initiate the payment process by selecting the payment amount and method.

Reasons for Getting Rejected for a BNPL Loan

  1. Insufficient Income. BNPL providers may require borrowers to have a minimum level of income to ensure their ability to repay the loan. If your income does not meet the provider's requirements, your application may be rejected.

  2. Poor Credit History. While BNPL loans typically do not require a minimum credit score for approval, providers may still consider your credit history as part of the application process. A history of late payments, defaults, or other negative marks on your credit report could result in rejection.

  3. High Debt-to-Income Ratio. BNPL providers assess your debt-to-income ratio, which compares your monthly debt payments to your monthly income. If your debt-to-income ratio is too high, indicating that you may struggle to afford additional loan payments, your application may be denied.

  4. Recent Credit Inquiries. Multiple recent credit inquiries or applications for credit can raise red flags for BNPL providers, as it may indicate financial instability or a higher risk of default. If you've recently applied for several loans or credit cards, it could impact your chances of approval.


  1. Credit Cards. Credit cards offer a flexible and convenient way to finance purchases with the option to pay off the balance over time. Many credit cards offer rewards, cashback, or other incentives for spending, making them an attractive alternative to BNPL loans. However, it's essential to manage credit card usage responsibly to avoid accumulating high-interest debt.

  2. Personal Loans. Personal loans are installment loans that allow borrowers to borrow a fixed amount of money and repay it over a specified period, typically with a fixed interest rate. Personal loans can be used for various purposes, including large purchases, debt consolidation, or unexpected expenses. Unlike BNPL loans, personal loans may require a credit check and have stricter eligibility criteria.

  3. 0% APR Promotional Offers. Some credit card companies and retailers offer 0% APR promotional financing offers for a limited time, allowing consumers to make purchases without accruing interest charges during the promotional period. These offers can be an attractive alternative to BNPL loans for individuals who qualify and can repay the balance before the promotional period ends.

  4. Installment Plans. Many retailers offer their own installment plans for purchases, allowing customers to pay for items in equal installments over time. These installment plans may have fixed or variable interest rates, depending on the retailer and the terms of the agreement. While similar to BNPL loans, installment plans offered by retailers may have different eligibility requirements and repayment terms.

Editorial Opinion

Buy Now, Pay Later (BNPL) services offer consumers a convenient and flexible way to finance purchases, breaking down the cost into manageable installments without accruing interest in some cases. This payment option has gained popularity for its accessibility and ease of use, particularly among younger demographics and online shoppers. However, it's important for consumers to carefully consider the terms and conditions of BNPL agreements, including potential fees and late payment penalties, to ensure responsible financial management. While BNPL can be a helpful tool for budgeting and managing cash flow, individuals should weigh the benefits against the potential risks and explore alternative financing options that best suit their needs and financial circumstances.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional resources


Is BNPL bad for the customer's credit score?

The impact of Buy Now, Pay Later (BNPL) services on credit varies depending on several factors. While BNPL transactions typically do not directly impact credit scores, missed or late payments can have negative consequences. Although BNPL providers generally do not report payment history to credit bureaus, accounts that fall into default or are sent to collections may eventually be reported, leading to a decline in credit score. Therefore, while BNPL can offer short-term convenience, borrowers must exercise caution to ensure timely payments and avoid detrimental effects on their creditworthiness.

Is BNPL a good thing?

The merits of BNPL hinge on individual financial circumstances and responsible borrowing practices. For some consumers, BNPL represents a convenient and accessible means of managing expenses, especially for larger purchases or unexpected costs. It can provide flexibility in budgeting and offer interest-free financing options, particularly for those who can make payments on time. However, for others, BNPL may encourage overspending or lead to financial strain if repayment obligations are not carefully managed. Thus, whether BNPL is a positive or negative financial tool depends on the borrower's ability to use it responsibly within their means.

Does buy now, pay later require a credit check?

While many BNPL providers do not require a traditional credit check for approval, some may conduct soft inquiries to verify applicants' identities or assess creditworthiness. These soft checks typically do not impact credit scores and are used for risk assessment purposes only. However, eligibility criteria may vary among BNPL lenders, and some may require additional financial information or background checks depending on the amount of the loan or the borrower's credit history.