Klarna made our list for its 24/7 customer service options, wide range of repayment options, and its credit limit (or lack thereof). Good for those who want to finance a larger purchase. Klarna representatives can be reached 24/7 via phone or chat. The lesser of $7 or up to 25% of your total purchase amount may be charged if any scheduled payment remains unpaid after 10 days. APR: 0% Loan terms: 4 interest-free payments, paid automatically every 2 weeks Late fees KlarnaĪbout: Klarna was founded in Stockholm, Sweden, in 2005 and now serves 150 million consumers across the globe, across more than 500,000 merchants in 45 countries. For customers who are looking to finance a larger purchase, this could put a strain on their budget. When using this service, customers will split their purchase up into four installments over the course of six weeks. This platform did have the shortest repayment timeline out of all of the platforms we reviewed. Using Zip has zero impact on your credit score and you can use the service almost anywhere Visa is accepted. The app also boasts an average mobile app rating of 4.4 on Google Play and the App Store. Zip ranked highly on our list for its interest-free model and for having one of the lowest late fees on our list. Good for those who want to pay off their purchase sooner, rather than later. EST, as well as via live chat Monday through Sunday from 7:00 a.m. Customer supportĬustomer support representatives can be reached via phone every day of the week between 8:00 a.m. If your installment payment is late, you may incur an initial late fee of $7. APR: 0% Loan terms: 4 installments over 6 weeks Late fees The platform currently offers interest-free credit across a directory of more than 18,500 merchants. ZipĪbout: Zip was founded in Australia in 2013, and provides BNPL services to consumers, merchants, and businesses across the globe. Sezzle has an average rating of 4.75 across both app stores and had one of the highest customer service scores on our list. That month-end standing is then reported to the credit bureaus. At the end of each month, the platform will review the overall standing of your account, including your outstanding balance and payment status. When you upgrade from a standard Sezzle account to “Sezzle Up,” your payment history will be reported to all three major credit bureaus-Equifax, Experian, and TransUnion. Sezzle not only offers the longest repayment option on our list, but it also offers a unique perk that most BNPL platforms do not: the ability to have your payment history reported to the credit bureaus. If you fail to make a scheduled payment, you may be charged a reactivation fee of up to $15 should that payment be late by more than two days. APR: 0%–29.99% Loan terms: 3 months–48 months Late fees SezzleĪbout: Sezzle was first launched in 2016 and offers BNPL services to more than 40,000 merchants, offering both in-store and online payment options for customers hoping to boost their purchasing power. (Note: eligibility requirements, fees, and other numbers in our list below are up to date as of March 24, 2023, and are subject to change.) 1. Here’s our rundown of the top 5 BNPL apps and services, including the key figures you should know before you use one. The 5 best ‘buy-now, pay-later’ platforms of 2023
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