BNPL are financial platforms that allow their users to buy clothes, home appliances, furniture, and much more, without the need to pay for their entire value in a single transaction.
These short-term financing methods continue to position themselves within the market as methods that make life easier for their users, since they offer payment and usage policies that, unlike loans from financial institutions, do not fill customers with stress and anxiety.
If you are looking for one that assures you instant approval, you should know that in one way or another, you must meet certain requirements for this to happen. Of course, they are not as demanding as banks or other forms of loans, but you do have to provide some information for approval.
Guaranteed Approval buy now pay later Apps
BNPLs have been gaining ground within fintech. They are a simple way to access loans while the user is shopping. Moreover, if the purchase is online and from their official platform, you can often take advantage of offers and discounts.
Fortunately, with some of these, it doesn’t matter if you have a negative credit history, so the instant approval goes either way, depending on your sharing with the platform.
I could go on listing the benefits of these apps, but I’d better tell you a little about the best ones on the market.
What’s the easiest buy now pay later to get approved for?
If you are not familiar with these platforms, the most recommended to get started in this world is Afterpay; with Afterpay, you can even buy furniture.
@meetcleo Buy now pay later can be helpful, as long as you read the fine print and actually remember the pay later part. #fintok #genzfinance #budgetingapp #roastmode #moneytok #personalfinace #budgeting #moneyhack #affirm #klarna #afterpay
Created in Australia, it has positioned itself as one of the easiest to use. Not only does it allow you to buy and pay weeks or months later, but you can also split the payments so that you can gradually adapt to its system. Keep in mind that the first payment will be the highest.
Furthermore, you can make purchases from their website or through the app for Android or Apple users, the latter is ideal to keep track of the expenses you make, as well as what you should pay. Similarly, you can associate your Afterpay account with Apple Pay and Google Pay.
You must know that you must pay on time and keep in good standing with the platform, as this will influence the amount of loans you can access. This also applies to the amounts. So before making any purchase in the associated stores do the following:
- Download the app
- Create your account
- Provide the data requested by the platform
- Wait for approval
- Make a purchase
If your account has enough funds and the first purchase does not exceed $400, be sure it will be approved. If it is more than that amount, you will have to pay the first installment and the app will complete the payment. This, according to your payment behavior, will increase in the next transactions.
Which buy now pay later app doesn’t check credit?
Many of these apps do not consider your bank or credit history, but they do evaluate whether the bank product you link to has sufficient funds to cover a portion of the purchase. Afterpay does not check credit history, and neither does PerPay.
This is a BNPL app created in Philly, which is ideal for making daily basis purchases in the most important companies in the country.
It does not perform credit checks because it allows you to establish automatic payments in the account where you receive your paycheck, allowing you to customize the limit of the purchases you make with this platform.
Just as Afterpay does not charge fees, PerPay does not charge fees either, but it does allow you to build your credit within the platform, which will allow you to access higher amounts. Another similar U.S. platform is Splitit.
This New Yorker app allows you to purchase products, paying only a first installment. This can be deducted currently if the purchase is in-shop or in a couple of days if it is online.
The rest of the payments will be deducted from the associated credit card and this will be executed monthly and instantly, exactly one month after the day you made the purchase.
This means that if you bought the item on July 21, the next 21, in August, they will make the discount. Unfortunately, you cannot change the payment date, so it is recommended that you have enough funds.
Which buy now pay later app is the largest in the market?
This fintech format has been positioning itself thanks to its practicality. Although the loans are not so large, for the most part, they continue to gain ground. Therefore, it will come as no surprise that you can take advantage of Klarna’s benefits in any store you go to.
Merchants avail lending through Klarna and partners and grow –> Klarna reaps benefits from merchants growing and thus builds on a network effect
— Sid Singh (@_siddsingh) July 1, 2021
Unlike the last two, this is a foreign platform that has been well received within the North American territory.
So, you can easily purchase the new Forever 21 or Versace collection with BNPL.
Moreover, thanks to its strategic alliance with Visa, you will be able to pay with your card in any store that accepts this financial company. In addition to all this, Klarna is one of the most used options for these features:
- Payment 30 days after purchase
- You can reschedule payments
- Four installments of equal amounts (if you make a $300 purchase, you will have four payments of $75)
- Rewards for in-app purchases
Like other BNPLs, you must maintain good standing to enjoy Klarna’s best services and benefits. In case of late payment, you will have to pay a late fee of $7. Nevertheless, this platform has well over 150 million active users in 45 countries.
Can anyone buy now and pay later?
Well, this will depend on the funds you have in your account or if you download a platform that does credit checks, you just have to review their terms of use and be certain you meet the profile.
For those who are PayPal users, there is Pay 4, which allows you to pay in four installments those purchases you make with this platform.
There is also Pay Monthly, which is for higher amounts that can be paid in up to two years and without late fees. With this, you will be able to access purchases from $199 to $10,000 and it will have an impact on your credit score.
References
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“44 Results for ‘First Purchase’ in I’m a Customer.” Help.Afterpay, https://help.afterpay.com/hc/en-us/search?utf8=✓&category=360001002192&query=first+purchase
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“About Us | Klarna International.” Klarna: Shopping Levelled-up on a Global Scale, https://www.klarna.com/international/about-us/
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Buy Now, Pay Later | Pay in 4 or Pay Monthly Options | PayPal US. https://www.paypal.com/us/digital-wallet/ways-to-pay/buy-now-pay-later
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“Buy Now Pay Later No Credit Check Instant Approval In 2024.” Linkedin, https://www.linkedin.com/pulse/buy-now-pay-later-credit-check-instant-approval-2023-itgust/
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“How Does Splitit Work? | Splitit.” Splitit, https://www.splitit.com/faq/shoppers/how-splitit-works/how-does-splitit-work/
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“How It Works.” Buy Now Pay Later with Afterpay, https://www.afterpay.com/en-US/how-it-works
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“How It Works | Perpay Help Center.” Perpay Help Center, https://help.perpay.com/en/articles/450206-how-it-works
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Lambarena, Melissa. “5 Things to Know About Splitit – NerdWallet.” NerdWallet, https://www.nerdwallet.com/article/credit-cards/5-things-to-know-about-splitit
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“Shoppers – FAQs & Help Center | Splitit.” Splitit, https://www.splitit.com/faq/shoppers/
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Veling, Jackie. “7 Buy Now, Pay Later Apps in 2024 – NerdWallet.” NerdWallet, https://www.nerdwallet.com/article/loans/personal-loans/buy-now-pay-later-apps