No Credit Check? No Problem! 9 Best Buy Now, Pay Later Options
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When you are ready to buy a new iPhone from Apple, you can finance the purchase over time, and with buy now, pay later, you can finance any purchase with ease. It is also known as point-of-sale loans, like the modern-day borrowing option. You can buy items online or in-store and then split the purchase over a few months with regular installment payments instead of paying the entire amount upfront. You can finance everything from clothes to travel and workout equipment.
The recent pandemic put a lot of financial stress on people. It led to several issues where many people had to seek financial assistance, which led to a surge in companies making the most of this. Because of this, many financial companies have emerged to capitalize on this growing demand. You will see offers for BNPL on the screen whenever you make online purchases. Once you opt for it, you can split the purchase into four fixed payments you make every two weeks until the amount is paid off in full. Most importantly, no finance or interest will be charged to you.
Buy Now, Pay Later is a deferred payment option to buy things without paying upfront. The purchase will be followed by installment payments making it convenient and easier to own things.
This credit option has become the first choice of many people, and some companies offer BNPL services without any credit check. This makes it easier for individuals with low or bad credit scores to enjoy the services. Let us look at the top buy now pay later companies that require no credit check.
In this article
Overview of the best buy now pay later no credit check companies
App | Best for |
Affirm | Large purchases |
Afterpay | Gift shopping |
Klarna | Repayment options |
Luthersales | Top brands |
PayPal | Widespread acceptance |
Quadpay | In-store purchases |
Splitit | Flexible repayment terms |
Stoneberry | Low monthly payments |
Zebit | 0% APR for first 6 months |
- Access up to $750 per pay period
- No interest, mandatory fees, or credit checks
- Over 15 million downloads and counting
The best no credit check buy now, pay later companies
Affirm
Affirm is a big BNPL lender and has more than 12 million customers. It partners with more than 207K merchants, including Nike, Walmart, Best Buy, and more. It offers an amount as high as $25,000 with an APR ranging from 0% to 36%. But it isn't easy to get approved for a 0% APR. There are two main types of repayments: Pay in 4 and monthly payments. The repayments are monthly, and those who do not get approved on the total amount will have to pay one time down payment.
Additionally, there are no late fees or prepayment charges. However, if you miss the payment, Affirm will report it to Experian. There are no minimum credit requirements, but a soft inquiry will be performed, and there are no annual income requirements.
Pros
- A high approval amount
- No late fees
- Multiple repayment options
- No minimum credit requirements
Cons
- High-interest
- Late payments are reported to Experian
Afterpay
Afterpay has more than 16.2 million customers and is one of today's top lenders. You can get finance to buy things, allowing you to pay the amount in four equal installments. In the first installment, you will have to pay on the day you buy the stuff, and the remaining will be due every two weeks. The no credit check app does not charge interest. However, approval is not guaranteed; even if you are approved, you will not always get the total amount you requested.
You also have to pay late fees, which are capped at 25% of the purchase price. They start at $10 initially, and there is a follow-up partial fee of up to $7 if the amount remains unpaid after a week. Use Afterpay only if you are sure that you can pay the installments. You can also change the payment date and have multiple open orders. They will consider different factors to approve you, including the purchase price, repayment history, and the number of available orders. To increase the chance of working with them, you can start with cheap products and always pay on time which will help build credit. Afterpay has more than 63,000 online and in-store retailers as its partners.
Pros
- Quick approval
- No credit check
- No interest
- More than 63,000 partners to choose from
Cons
- High late fee
- No grace period
- No guaranteed approval
Klarna
Klarna has more than 150 million customers and offers an APR ranging from 0 to 29.99%. The standard APR is 19.99%. There are no minimum credit score requirements, but there may be a soft credit check. It offers a four-installment repayment plan. You repay the loan four times every two weeks; the first payment is to be made when you make the purchase. There will be a late fee of $7 applicable to late payments. If you choose to pay in 30, you have to pay the entire amount in 30 days, and there is no interest over this amount. If you delay, it will be considered in default. The financing offer repayment will range from 6 months to 36 months, with a late fee of $35.
Klarna is now subscription-based, meaning you'll pay $7.99 per month for the convenience of using its BNPL services.
Pros
- 0% APR
- Large loans
- Multiple payment plans
Cons
- Late fees
- High-interest rates
LutherSales
LutherSales is a well-known name in the industry and has offered unique products and services to customers. You can buy anything from electronic devices, jewelry, fashion, furniture, and more. They do not have credit check plans, and no extra cost is applied. The lender will approve your application based on your work history, not your credit score. You will receive the approval on the day you make an application. All subscribers are welcome to select the brand products to meet their needs.
There is no credit check or down payment, allowing you to buy whatever you have set your eyes on. The payment will be automated once you link your bank account. You can get other payment options if you do not qualify for this program. This includes paying for something in full six months from the delivery date. You do not pay interest but 25% off the list price. If you pay for the order in full before delivery, you get a minimum discount of 10%.
Pros
- Instant approval
- No down payment
- No hidden fees
Cons
- Application approved on work history
- Automated payments
PayPal
PayPal is one of the top lenders in the industry for small purchases. It focuses on transactions ranging from $30 to $1500, and they have monthly payments in 6, 12, and 24 installments. It has been growing in-store and online purchase retailers for years and is one of the most reliable today. Pay in 4 is available for various merchants, including Vineyard Vines, Coach, Best Buy, and more.
If you want to pay in 4, you need a PayPal account or open one linked to the bank account. When you check out, you can select Pay in 4, and you will receive the approval decision in a few seconds. You make one down payment at the time of purchase and the remaining three every two weeks. However, Pay in 4 is not available to the residents of Rhode Island, South Dakota, North Dakota, New Mexico, Wisconsin, Missouri, Nevada, or any U.S. territories.
Pros
- Four equal payments
- Well-known name
- Interest-free payments
Cons
- Transaction limit of $1,500
- Not available in all states
Splitit
Another lender in the industry, Splitit does not require a credit check and allows you to split the payments into 24 installments. They will be charged on a credit card with no interest or late fees. When you make the purchase, the entire amount will be charged to your credit card, showing as a pending transaction. You will be charged on the card on the due date. However, the credit card you use for purchase will be charged interest and late fees. This is one factor to keep in mind. You get to earn rewards like cash back.
Pros
- No interest on the purchase
- The amount can be split into 24 installments
- Earn rewards
Cons
- Credit cards will be charged with interest and late fees
StoneBerry
StoneBerry is another place to get a range of products, from bedding items to furniture, electronics, and home decor. You can have a credit account and buy whenever you want from the website. There are no membership fees, additional fees, or bills to be paid. The minimum price you can repay in monthly credit payments is $5.99, making it a highly affordable option for many. But it works just like a credit card; if you fail to make the payment within 25 days of the statement date, you will have to pay an additional finance charge of up to 23.99%. It will be based on the state you live in.
Pros
- Low monthly payments
- No additional fees
Cons
- Very high finance charge in case of non-payment of dues
Quadpay
Quadpay offers you to break the purchase into four smaller segments. It does not charge any interest. You can pay off the purchase in six weeks. Quadpay will not perform a hard credit check but will charge a $1 convenience fee on each purchase you make. The late fee will vary from state to state, ranging from $5 to $7 or $10.
If you continue with a late payment, you could get more than one late fee. A drawback with Quadpay is the approval procedure. You will have to make a new request with each purchase, and if you are not initially approved for the service, it will not keep you from purchasing another payment method. However, you must always request it, and it may or may not be approved.
Pros
- Option to break the purchase into smaller segments
- Interest-free payments
- No annual fees
Cons
- Late fees
- A higher late fee in case of consistent default
- Convenience fee on each purchase
- Refunds are complicated
Zebit
Zebit is a great shopping option for shoppers who often have trouble qualifying for a personal loan and need a few months to pay for a big purchase. If you do not want a hard credit inquiry, consider Zebit for a buy now, pay later plan. You can purchase any household or electronic item. It is a good way to minimize credit card or personal loan interest charges, raising the overall purchase cost.
Zebit will not run the credit check but report the payment history to credit bureaus. You can purchase up to $2,500 with 0% APR financing for six months. You need to make semi-monthly payments till the balance is paid off. However, you need an annual income of over $16,000 and a Social Security number to be eligible.
Pros
- Flexible payment plans
- No interest or fees
- Several brands to choose from
- Simple application process
Cons
- Reports to the credit bureau
- High annual income requirement
- Not available in Washington, D.C.
- Access up to $750 per pay period
- No interest, mandatory fees, or credit checks
- Over 15 million downloads and counting
Best buy now, pay later no credit check companies summary
Not sure how these companies stack up against one another? Here’s what they look like side-by-side.
App | Installments | Late fees | Interest | Downpayment |
Affirm | 4 | None | 0%- 36% | Varies |
Afterpay | 4 | 25% of purchase price | None | Amount of first installment |
Klarna | 4 | 7% | 0 to 29.99% | Amount of first installment |
Luthersales | 3 payment options | $0 to greater than 5% of the payment or $20 | None | Varies on order size |
PayPal | 4 | Varies | 0% | 25% |
Splitit | 3-24 | None | 0% | Varies |
Stoneberry | Monthly | 23.99% | None | Varies on order size |
Quadpay | 4 | 5%, 7%, or 10% | None | 25% |
Zebit | Semi-monthly over 6 months | None | None | 25% |
FAQs
Can you build credit using Buy Now, Pay Later Apps?
If the Buy Now, Pay Later app reports to the credit bureaus, then the positive history will reflect on the credit score and you will be able to build a good credit score. But many BNPL loans are generally short term in nature and they do not create a repayment history that is long enough to be reported to the credit bureaus.
Do Buy Now, Pay Later Apps offer immediate approval?
If you already have a strong repayment history with the app, you will enjoy an immediate approval for the purchase. In most cases, you do enjoy an instant approval. However, there are exceptions. With Afterpay, an approval is not guaranteed and with Quadpay, you need to make a new request for each purchase you make.
Is there an alternative to buy now pay later?
When used correctly, buy now pay later is a very convenient way to own an item without having to make an upfront payment. But an alternative to it is a credit card. You can apply for a card with an interest free deal on purchases. It will allow you to spread the cost of paying for items over a long period without paying any interest. You can also use it in most stores and make more than one purchase at a time.
- Access up to $750 per pay period
- No interest, mandatory fees, or credit checks
- Over 15 million downloads and counting
The bottom line
Some of the best BNPL apps are gaining high popularity among consumers. You can purchase anything you want in an interest-free manner. The repayment structures are simple and keep you from getting into financial trouble.
Your credit history might limit you on what to buy, but it is not an excuse for not buying the best product. These companies will allow you to explore the world of shopping without affecting your credit score. You can make big purchases using these options.
Buy Now Pay Later is ideal for those who regularly pay their debt, but it can sometimes lead to overspending. Although you do not need to worry about a credit check, you need to repay on time. Make sure the late fees or penalties do not eliminate the benefit of zero interest. Buy now pay later works for some and might not work for many others.
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Editor
Vandita Jadeja is a financial writer and editor at Joywallet. She loves to read and write about money and brings a decade of experience from the financial industry.
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