I’m looking for apps similar to Klarna because I frequently shop online and enjoy the convenience of splitting payments. Can anyone recommend trusted alternatives or share their experiences with such apps?
1. Afterpay (https://www.afterpay.com/)
Pros:
- Interest-free payment plans.
- Fast approvals, simple user interface.
- Widely accepted by online retailers and in physical stores.
Cons: - Late fees can add up quickly if not careful.
- Smaller transaction limits for new users.
Features:
- Splits payment into four equal payments over six weeks.
- No credit checks during the application process.
- Handy app to track payments and manage spending.
User Reviews: Users find Afterpay highly beneficial for routine purchases like clothing and electronics. However, they caution about falling into payment complexities if one struggles with budgeting.
Verdict: Highly trusted and widely used, Afterpay is great for smaller, frequent purchases. Just remember to stay on top of the repayment schedule to avoid penalties.
2. Affirm (https://www.affirm.com/)
Pros:
- Offers a wide range of payment terms.
- No hidden fees or penalties for early payoffs.
- Works with major retailers (e.g., Amazon, Peloton).
Cons:
- Interest rates can be high depending on your creditworthiness.
- Not all merchants offer it as a payment option.
Features:
- Loans can stretch up to 36 months.
- Borrowers can check their eligibility without affecting their credit scores.
- Transparent cost estimates during checkout.
User Reviews: Customers praise Affirm for its clear communication and flexible terms, though some criticize the high interest rates for longer-term loans.
Verdict: Fantastic for larger purchases where you want spread-out payments, but always compare interest rates with other financing options.
3. Sezzle (https://sezzle.com/)
Pros:
- Interest-free payments.
- Payments are rescheduled easily if needed (up to two adjustments).
- No hard credit check during sign-up.
Cons:
- Rescheduling fees after the initial free adjustment.
- Limited merchant network compared to competitors.
Features:
- Payment splitting into four installments over six weeks.
- Eco-friendly approach with focus on sustainable shopping practices.
- Virtual Sezzle Card for in-app shopping convenience.
User Reviews: Users love its no-interest model and flexibility but express disappointment in its relatively small merchant base.
Verdict: A dependable choice for users who value simplicity and flexibility. Bonus points if you shop with Sezzle’s partner stores.
4. PayPal Pay in 4 (https://www.paypal.com/)
Pros:
- Fully integrated with the widely trusted PayPal platform.
- No interest or extra fees.
- Accepted at countless stores worldwide.
Cons:
- Only available for purchases between $30 and $1,500.
- Limited repayment flexibility compared to some alternatives.
Features:
- Splits payments into four installments, paid every two weeks.
- Rewards existing users of PayPal with easier setup.
- Excellent buyer protection policies.
User Reviews: PayPal users appreciate the ease of use and seamless integration but find its limited scope (e.g., no long-term payment plans) restrictive.
Verdict: Ideal for those already using PayPal regularly, especially for mid-sized purchases.
5. Zip (Formerly QuadPay) (https://zip.co/)
Pros:
- Wide merchant network, including major US retailers.
- Credit card compatibility for transactions.
Cons:
- Service fees may apply to every payment installment.
- Difficult approval for bigger purchases if you’re new.
Features:
- Split payments into four interest-free installments.
- A handy browser extension for seamless desktop shopping.
- Virtual card feature for easy offline purchases.
User Reviews: The flexibility and usability of Zip’s app are applauded, but users dislike the recurring service fees.
Verdict: A solid solution with broader merchant support, though fees chip away at the overall value.
6. Splitit (https://www.splitit.com/)
Pros:
- No added interest or third-party credit checks.
- You’re essentially using the credit you already own.
Cons:
- Requires an active credit card for transactions.
- Limited collaboration with smaller stores.
Features:
- Works on available credit card limits to split payments.
- No registration process.
- Premium options for businesses to offer Splitit directly at checkout.
User Reviews: Users in control of existing credit lines find Splitit stress-free but recommend caution for those without substantial credit availability.
Verdict: Perfect if you’d rather use your existing credit without triggering loans or fees but may feel restrictive for large payments requiring high limits.
7. Perpay (https://www.perpay.com/)
Pros:
- Credit-building assistance is built into its service.
- No credit checks or interest charges.
Cons:
- Payments tied to your paycheck.
- Limited pool of supported stores on their platform.
Features:
- Simplified shopping directly on Perpay’s online marketplace.
- Delivers free credit score improvements with consistent payments.
- Geared towards budget-conscious consumers.
User Reviews: Many users benefit from Perpay’s financial simplicity while others dislike being limited to only its curated list of retailers.
Verdict: Great for building credit while managing payments responsibly, despite being tethered to Perpay’s shop options.
8. Openpay (https://www.openpay.com/)
Pros:
- Extended payment plans for healthcare, education, or home financing.
- Customizable installment options beyond just four payments.
Cons:
- Late payment fees can accumulate easily.
- Limited presence outside specific markets like Australia, the UK, and the US.
Features:
- Flexible terms catered to specialized industries.
- Allows negotiations directly with vendors for tailored financing.
- More professional-use targeted.
User Reviews: Rated highly for its flexibility, especially for non-traditional purchases like health or dental services. Complaints mostly target its limited retail usability.
Verdict: A niche pick for high-value services and purchases beyond e-commerce.
9. Klarna (https://www.klarna.com/)
Pros and feedback align with the premise of this thread, already widely used. Existing benchmarks, loyal users, etc. Move forward with others instead!.