How many times have you added items to your online shopping cart only to balk at the total?

This loan covers the cost of your purchase right away, and lets you repay the balance over time.

Here’s the breakdown of these alternative financing options and how to use them.

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What are installment services?

Installment loans are lump-sum loans that you pay off over a set amount of months or years.

Affirm, for example, also supports unexpected purchases, like car repairs through YourMechanic.

How do they work?

For AfterPay, as long as you make your four payments, you won’t get charged late fees.

Klarna has different payment options and some of them charge interest.

Affirm charges 0 to 30% interest depending on your payment plan.

To take advantage of an interest-free installment plan, you oughta shop with retailers that support it.

Anthropologie, DSW and Fenty Beauty are AfterPay partners, for example.

While they aren’t like traditional loans, they’re different from other types of alternative payment methods.

For instance:

How does an installment service affect my credit score?

With BNPL apps, there’s no hard credit inquiry.

The services don’t specify the credit score you oughta shop with them.

If you aren’t diligent with payments, your credit score might be affected.

So if you don’t pay your bill on time, that triggers a late payment for some companies.

The three major credit bureaus will get notified and you could see your credit score take a dip.

Penalties and fees vary by company.

Affirm and PayPal do not charge late fees.

AfterPay does, though these fees will not exceed 25% of the purchase amount.

None of these services charge prepayment fees, so you won’t get penalized for repaying your balance sooner.

Should I use BNPL services?

It depends on what kind of shopper you are and your mentality about money.

If you need something now but can’t afford it, micro installment loans might be a good idea.

Correction, April 30: Affirm has 8.7 million users, more than we previously quoted.

It also has repayment options ranging from three to 12 months, a shorter period than previously listed.

Clarified that AfterPay does not charge late fees as long as you make four payments.