afterpay
Another recognizable name in the BNPL space is Afterpay. Unlike Affirm, your only option is to pay over six weeks with Afterpay. Once you select the item, you put down 25% and then make smaller payments bi-weekly.
With Afterpay, there is no credit check required, so it won’t penalize you for using the service. Plus, you won’t pay any interest if you pay off the balance within six weeks. If you are late, though, be careful. Afterpay will charge up to 25% of the purchase price for a late payment fee.
Pros
With Afterpay, there is no credit check required, so it won’t penalize you for using the service. Plus, you won’t pay any interest if you pay off the balance within six weeks. If you are late, though, be careful. Afterpay will charge up to 25% of the purchase price for a late payment fee.
Pros
- No interest if paid off within six weeks
- No external credit check
- Available with thousands of retailers, though mostly with gift and fashion purchases
- Hefty late-payment fee
- Limited to purchases within the featured categories