Cash App Afterpay Buy Now, Pay Later Review
Here’s what you should know:
pros and cons
There are tons of BNPL sites and apps to choose from, so it can take some time to find the one that’s best for you. Reviewing the pros and cons might help you decide.
Pros
- No interest for Pay-in-4 plan
- Can pay over six or 12 months for larger purchases (in most states)
- No impact to your credit score
Cons
- Could lead to overspending
- Can only contact customer service via web form (no phone number or chat)
- Will not help you build credit
- Charges late payment fees
requirements
Unlike most personal loans, many BNPL apps use a soft credit hit to determine your eligibility. As a result, it doesn’t have a minimum credit score requirement.
That said, if you’ve been a customer for less than six weeks, might only let you make one order at a time, and at a lower limit. After you’ve shown that you can use the app responsibly, it may allow you to finance more often, and in larger amounts.
You must also meet the below requirements to finance with online and in stores.
| Minimum credit score | No minimum credit score |
| Residency | Available in all 50 states, plus the District of Columbia |
| Age | Must be at least 18 years old |
| Administrative requirements | Must have a valid U.S. address, email address and cell phone number |
| Other eligibility requirements |
|
If you meet the benchmarks listed above, your purchase must also meet additional requirements. While does allow borrowers to use its funding for a variety of purposes, there are certain expenses it will not finance. Also, to use , the retailer you’re shopping with must accept it as a payment method.
| Afterpay CAN be used for… | Afterpay CANNOT be used for… |
|---|---|
Clothing, shoes, accessories and cosmetics Amazon purchases Household items like mattresses, furniture and dishes Food items from participating retailers (including DoorDash) | Gift cards Weapons, ammunition, fireworks, vapes and other dangerous goods Alcohol Prescription drugs Gambling Personal services like haircuts and housekeeping |
As a BNPL company, ’s options might not work for your borrowing needs. If you think a personal loan is a better fit, shop around for a lender that can offer you the best-fitting rates, terms and amounts.
How to shop with
There are three ways to use : via mobile app, online through your web browser and in-store.
How to use online via mobile app
- Download the mobile app.
- Create an account.
- Start shopping.
- Complete your purchase with your desired financing option.
How to use online through your web browser
- Check out
How to use in-store
- Download .
How compares to other BNPL companies
Even if you believe stacks up against similar personal loan lenders.
Frequently asked questions
Out of all the users we surveyed, our BNPL study shows that is the third most-used BNPL app, behind PayPal and .
One of the biggest drawbacks of , specifically, is that it does not report your payments to the credit bureaus. Although that means late payments won’t drop your credit, the lack of credit reporting means on-time payments won’t help you, either.
Splitting up payments on retail purchases can make them seem cheaper than what they are. You might be tempted to make impulse purchases. According to LendingTree’s BNPL tracker, 35% of BNPL users are only somewhat confident that they can pay back their BNPL loans on time.
does not affect your credit score. On-time payments won’t help you, and late payments won’t hurt you. If you’re looking to build credit through borrowing, consider some BNPL alternatives, like a credit card or personal loan.
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