Flexible Buy Now, Pay Later (BNPL) options are in demand among shoppers worldwide. These platforms allow customers to split payments into smaller ones, allowing them to receive the goods now and pay for them later. Based on the latest data, the BNPL market has 360 million users, and their number will grow to 900 million by 2027. Apps like Affirm actively cooperate with major retailers and have become some of the biggest players in the sector.
In this article, we’ll look at the main features of such apps and analyze their pros and cons to choose the best Affirm alternatives. So let’s get started!
To begin with, let’s analyze the main Affirm features, compare it with its key competitors, and identify the pros and cons of this service.
Affirm is a leading app in the point-of-sale lending industry, founded in 2012 in San Francisco. The platform boasts 40 million customers since its inception and collaborates with over 245k merchants. Affirm offers short-term loans at the checkout and allows the terms of these loans to vary by merchant. Repayment plans include 3-, 6-, and 12-month options.
Affirm provides 2 payment methods:
For example, on a $500 purchase, you can pay $125 every 2 weeks without APR (Annual Percentage Rate) or choose monthly payments for 3/6/12 months at 0-36% interest.
Affirm charges no late, prepayment, annual, or account opening/closing fees. The standard limit for all Affirm services is $30,000.
Moreover, users can manage their accounts through the Affirm app or online and set up AutoPay to ensure timely payments. The app is available for iOS, Android and as a Google Chrome extension for the web.
Now, let’s briefly compare Affirm with its 5 main alternatives.
Affirm
245k
Pay in 4 & Monthly (3, 6, or 12 months)
Up to 36%
Afterpay
122k
Pay in 4 & Monthly (6 or 12 months)
Up to 35.99%
Klarna
500k
Pay now, in 4 or 30 & Monthly (6-24 months)
Up to 33.99%
PayPal
Millions (all sites where PayPal is accepted)
Pay in 4 & Monthly (6, 12, or 24 months)
Up to 35.99%
Sezzle
48k
Pay in 2 or 4 & Monthly (3-48 months)
Up to 34.99%
Zip
72.3k
Pay in 4 & Monthly (3-36 months)
Depends on the agreement
Affirm cooperates with 245 thousand merchants, giving it a strong position, but not as broad as Klarna or PayPal in 4. All 6 services offer a “Pay in 4” installment option for consumers looking for short-term financial solutions.
The APR limit is highest with Affirm and PayPal Pay in 4. Klarna, in turn, offers the lowest max APR – up to 33.99%, making it a more cost-effective option.
Based on the comparison above, let’s summarize the pros and cons of Affirm.
No late, prepayment, annual, or account opening/closing fees
High interest rates up to 36%
Flexible payment options, monthly payments start from 3 months
Limited choice of merchants
A virtual card feature for receiving a one-time credit card number that expires in 24 hours
Unable to reschedule payments
Now, let’s review every app, like Affirm, in detail. When signing in to such apps, especially when using public Wi-Fi networks, ensure the security of your data and funds and use a free VPN.
App Store: 4.9 (745.9K Reviews).
Play Market: 3.8 (155K Reviews).
Website: https://www.afterpay.com/
Afterpay is a popular buy now, pay later (BNPL) service. By the end of 2022, the service had 16 million active users and a network of 122 thousand sellers. Like Affirm, Afterpay offers interest-free payments in 4 installments and 6- and 12-month monthly plans.
Afterpay loans break down your purchase into 4 equal installments, each due every 2 weeks. The service automatically deducts each installment amount from your chosen payment method on the scheduled due date.
You can make payments anytime before your due date. This system lets you settle your balance faster and free up your credit limit for future purchases. You can choose one of the preferred Afterpay payment methods for automatic deductions. This can be a linked debit card or a bank account.
Afterpay charges no interest on your purchases as long as you make all payments on time. Missing Afterpay payments incur late fees of up to 25% of the order.
App Store: 4.8 (1M Reviews).
Play Market: 4.6 (574K Reviews).
Website: https://www.klarna.com/
Klarna is one of the largest point-of-sale companies, like Affirm, for those looking to buy now and pay later. The service connects over 150 million users with 500k merchants. Besides the usual “Pay in 4”, Klarna also offers an interest-free “Pay in 30 days” method and “Pay now” for the classic shopping experience.
Monthly payments range from 6 to 24 months. Moreover, Klarna raises interest from 7.99% to 33.99% for this loan. If you don’t pay by the due date, the service will charge your account a late fee of $7 to $35.
Klarna conducts two types of credit checks: soft and hard. The first type applies when you need the “Pay in 4” or “Pay in 30” service. In this case, the company checks whether you pay your bills on time and doesn’t report it to the credit bureaus. In this case, it will not affect your credit score. But with other financial options, Klarna conducts stricter control, which will appear as an inquiry on your credit report.To keep your finances clear and neat you may use a bank statement extraction tool – this will minimize the risk of errors that could occur with manual data entry.
Please note that the monthly Klarna card fee is $4.99. The app can also charge a transaction fee per purchase.
App Store: 4.8 (6.3M Reviews).
Play Market: 4.3 (3.14M Reviews).
Website: https://www.paypal.com/ca/home
Besides its standard features, PayPal is one of the financing apps like Affirm for buy now, pay later services. One of the biggest benefits is that you can use this option on all websites that support PayPal, which is more than a million.
The company offers two payment models: Pay in 4 and Pay Monthly. You can use the first one for purchases from $30 to $1500. This way, you can make 4 payments in 6 weeks without interest. Autopay works for debit, credit card, or confirmed bank accounts. You can also use your PayPal Balance, but autopay is not available in this case.
For purchases from $199 to $10,000, you can use Pay Monthly. PayPal allows splitting the payment into 6, 12, or 24 installments. In this case, the interest rate ranges from 9.99% to 35.99%.
PayPal adds any missed payment amount to the next monthly installment. The service can report this to credit bureaus and charge a late fee of about $41.
App Store: 4.9 (145K Reviews).
Play Market: 4.6 (63.8K Reviews).
Website: https://sezzle.com/
Sezzle, one of Affirm-like apps, offers a flexible way to manage purchases. Now, this service has about 48 thousand sellers. You can split your buys into 4 payments over 6 weeks, 2 payments over 2 weeks with 0% APR, or pay monthly. Sezzle provides one of the widest monthly plans from 3 to 48 months. In this case, the interest rate is 5.99% to 34.99%.
Missing a payment incurs a $10 late fee. If your account lacks funds for automatic payment, it gets deactivated. Then, it requires a $15 reactivation fee to resume using the service. Sezzle can reschedule your payment for free once.
The minimum order amount is $20 for Pay-in-4 and $10 for Pay-in-2. Also, all Sezzle Premium brands have a maximum limit of 2 open orders. To make a third purchase, you will need to pay for one of them.
App Store: 4.9 (495.4K Reviews).
Play Market: 4.8 (50.8K Reviews).
Website: https://zip.co/us
Zip, formerly known as Quadpay, is one of the buy now, pay later apps like Affirm. In 2023, the platform had 6.2 million users and 72.3 thousand sellers. Zip requires your name, address, email, date of birth, a US mobile number, and a debit or credit card to sign up.
The Zip payment platform allows you to split your online orders into 4 equal installments. You pay 25% when you place your order and then 25% every two weeks, paying off your order within 6 weeks. The installment plan costs $4 for purchases from $35 to $99.99, $5 for purchases from $100 to $199.99, and $6 for purchases from $200 and above. The minimum purchase amount is $35. The interest rate is 0%. Moreover, there may be a late fee of about $7.
This platform also offers the Zip Money service. It is only available to approved applicants. Zip sets the credit limit from $1,000 to $5,000 based on verification results and may also charge a setup fee of $0 to $99. Also, the platform charges a monthly account fee of $9.95. Each transaction has a guaranteed 3-month interest-free period. For select merchants, Zip can increase the credit limit to $50,000.
App Store: 4.7 (16.3K Reviews).
Play Market: 3.1 (2.85K Reviews).
Website: https://paywithfour.com/
If you’re looking for a more flexible way to shop, Four App might be one of the best Affirm alternatives. With Four, you can also make interest-free purchases in 4 payments.
One of the best things about this platform is the 1 Click Checkout. You can easily select Apple Pay or Google Pay for your payment and receive confirmation at the moment. The platform doesn’t run credit checks, so these purchases don’t affect your score.
Four primarily focuses on fashion, beauty, and homeware. At the same time, the app constantly adds more accepted stores. Some popular participating stores include Shadesdaddy, Ralph Christian, and A.Soliani.
Missing a payment incurs a $7 late fee for each payment not made on schedule. However, if you pay all four installments on time, you won’t pay interest on your purchases.
Read also “15 Emerging Mobile App Trends to Watch in 2024“
App Store: 4.4 (718 Reviews).
Play Market: 3.2 (89 Reviews).
Website: https://www.postpay.io/
Postpay is one of the apps similar to Affirm in UAE that allows you to spread out your purchases over time. With Postpay, you can split your purchase into three equal installments. They are due monthly from the date of purchase. It has no interest charges when you make all three installments on time.
Not so long ago, Postpay added the option to split payments into 6 and 12 months. The platform doesn’t specify limits of interest charged in this regard, as it calculates it on an individual basis during verification.
If Postpay cannot reverse the payment on the scheduled day, it will attempt to do so the next day. If this attempt is also unsuccessful, a late fee applies. The platform reports missed payments to credit bureaus. Also, you won’t be able to continue using Postpay until you pay off your debt.
App Store: 4.9 (7.8K Reviews).
Play Market: 3.4 (3.4K Reviews).
Website: https://viabill.com/us/
ViaBill is a popular payment service that lets you split the cost of your purchases into interest-free installments. The platform offers two main payment plans: Standard and ViaBill+. In the first model, you get a limit of $300, which you can split into 4 fixed payments. The maximum duration of this plan is 1 year. Also, you can only use it in selected online stores.
ViaBill+ offers a credit limit of $1500 for a setup fee of $5.99 to $29.99. With this plan, you can split your payment from 4 to 24 flexible payments and use it everywhere, online and in brick-and-mortar stores. You’ll get a $29 charge for the first late payment, which may increase in the future.
Many online and in-store retailers accept ViaBill, just like other alternatives to Affirm. They are in many categories, including fashion, electronics, beauty, homewares, furniture, and travel. Retail giants that accept ViaBill include Amazon, Expedia, Kmart, Puma, AliExpress, Walmart, Rakuten, Zazzle, and many more.
App Store: 4.7 (2.3K Reviews).
Play Market: 4.1 (571K Reviews).
Website: https://www.uplift.com/
Uplift is one of the leading apps in Buy Now, Pay Later for travel. This platform doesn’t charge late fees or prepayment penalties. However, based on the purchase and credit history, you may pay interest from 0% to 36%.
Compared to apps like Affirm, one benefit of Uplift is its focus on travel purchases. They offer a large number of sellers among hotels, airlines, cruises, travel agencies, tickets, and so on. Among them are Air Canada, American Airlines, AeroMexico, and Atlantis. Uplift is currently available throughout the US and Canada.
App Store: 3.1 (95 Reviews).
Play Market: 3.2 (272 Reviews).
Website: https://preview.zebit.com/
Zebit is one of the loan apps that aims to help individuals with limited credit options. Zebit offers a buy-now-pay-later service. It lets consumers buy various products, from electronics and home goods to fashion. You can pay for over six months, and there are no hidden fees. The payment plans are flexible, and there is no impact on your credit score during the application process.
However, there are some important considerations to remember before using Zebit. Firstly, products on Zebit may be more expensive than those found elsewhere. Secondly, you will need demonstrable income to qualify for credit through Zebit. Also, Zebit doesn’t report payment history to credit bureaus, so it won’t help build your credit score. Lastly, unlike many retailers, Zebit doesn’t offer refunds or returns for unwanted items. Shipping may be slower and cost more than at other retailers.
App Store: 4.3 (743 Reviews).
Play Market: 3.7 (3.05K Reviews).
Website: https://www.spotii.com/account/signin
Spotii is one of the leading Affirm competitors in buy now, pay later services in the UAE, Bahrain, KSA, and Oman. With Spotii, you can break down the cost of your purchases into four equal installments. You’ll pay each installment every two weeks from the date of purchase. This enables you to spread out the cost of your purchase without incurring additional fees or interest charges.
Spotii may charge you a late fee of either 25% of the order value or $11 (whichever is lower) if you miss a payment. Regarding payment terms, Spotii’s consistent schedule facilitates budgeting and ensures predictable payments. They assign individual spending limits based on your creditworthiness and usage history.
App Store: 3.9 (39 Reviews).
Play Market: 3.2 (60 Reviews).
Website: https://www.cardless.com/
The Cardless also provides long-term credit payment plans like Affirm. This card offers a range of rewards and benefits that could make it a valuable addition to your wallet.
This credit card has a crucial advantage: the rewards program. It lets you earn miles on your purchases. You can earn 2 miles per dollar on hotels, car rentals, and rideshare. You earn 1 mile per dollar spent on all other purchases. You can redeem these miles for flights, upgrades, and other travel-related expenses.
The interest rates vary from 21.24% to 31.24%. Late payment fees are up to $30. Also, the TAP Miles&Go American Express and LATAM Airlines World Elite Mastercard have annual fees of $79 and $99, respectively.
App Store: 4.9 (15.4M Reviews).
Play Market: 4.2 (745K Reviews).
Website: https://venmo.com/
Venmo is one of Affirm’s competitors for those who looking for a credit card that offers rewards and flexibility. The APR can vary from 11.99% to 20.99%. Your rate depends on your credit and account type.
Also, late payments can result in a fee of up to $41. Returned payment will cost up to $29. Cash advances come with a $10 or 5% of the transaction value, whichever is greater. Foreign transactions don’t carry a fee.
However, if you can pay your balance on time and avoid these fees, you can take advantage of the card’s rewards program. You can earn 3% cash back on your top spending category, 2% on the next biggest spending category, and 1% on all other eligible purchases. Furthermore, the Venmo Credit Card is a Visa. So, you can use it in online stores and physical retailers worldwide.
App Store: 4.9 (193.4K Reviews).
Play Market: 4.7 (215K Reviews).
Website: https://www.varomoney.com/
The Varo Believe Secured Credit Card is an excellent option if you’re looking for loan apps like Affirm. One of the most significant benefits of this card is that it has no interest rate (APR). This means you won’t be charged any interest on your purchases, even if you carry a balance.
With the Varo Believe Secured Credit Card, you set your spending limit. You move money from your Varo bank account to your Varo Believe secured account. There are daily caps of $2,500 per day for purchases, $1,000 per day for cash advances, and $10,000 per billing cycle total. This helps prevent overspending and ensures you stay within your budget.
This card doesn’t affect your credit score, but the platform reports your payment history to the credit bureau. To get this card, you must be a Varo Bank customer and have received $500 on your balance in the last 90 days.
App Store: 4.6 (5.5K Reviews).
Play Market: 3.8 (4.89K Reviews).
Website: https://perpay.com/
PerPay is one of the BNPL apps like Affirm that allows customers to make purchases and pay for them over several months. The service has no interest charges on purchases, no late fees for missed payments, and a choice of payment terms for up to six months.
PerPay automatically deducts payments from the customer’s chosen payment method. Spending limits depend on income, and purchases are available on the PerPay marketplace.
The service offers an optional add-on called PerPay+. After activating the service, the platform will start reporting payments to credit bureaus to help customers build their credit rating. However, this requires on-time transactions exceeding $200 within 4 months.
That wraps up our list of the 15 apps like Affirm. All in all, these platforms provide many flexible payment options – from splitting the purchase into a few payments to long-term loans of several years. When choosing this method, though, ensure that these terms are right for you. Otherwise, it can often lead to overspending and high interest rates.
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CONTACT USBuy now, pay later (BNPL) is a payment option that allows you to split the purchase cost into smaller installments that you can pay over a fixed period. Often, you can make these payments with little or no interest.
BNPL in-store uses a virtual card generated by the app at the checkout. This card works with your credit limit and allows you to split the cost of your purchase into parts. Often, apps like Affirm have a list of merchants that can accept these cards. Once you purchase, you can manage your payment plan through the BNPL app.
According to C+R Research, users choose BNPL apps because of ease of purchase (45%), flexibility (44%), lower interest rates compared to credit cards (36%), and easy approval process (33%).
