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BNPL – Buy Now, Pay Later

More and more consumers are choosing to make "Buy Now Pay Later" purchases. This is partly due to an increased need to buy new, but just as much to the fact that over time it has become much easier and cheaper. We give you here the largest overview of e-commerce retailers / online stores that offer purchases in installments.

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Buy Now Pay Later (BNPL) - how?

As installments have become a more widespread form of payment, there have of course been correspondingly more providers. Therefore, as a consumer, it can be difficult to navigate around; especially because there are very large internal differences in installment agreements.

In some places, you pay with interest, in other places you get interest-free installments. In some places, you start paying off immediately, in other places your payment agreement only starts in three months.

Installment is a broad term that covers a wide range of different types of installment solutions that are either free or paid for via interest or fees. Purchases in installments are possible with Klarna, Clearpay, Laybuy, and Affirm online retailers. Some of the most common forms of installments are the following:

Buy Now Pay Later installments with interest

The vast majority of retailers that offer installments without a subscription take interest as payment. Installment is in itself a loan you take out to buy a product. It is paid off via monthly installments. Added to these installments is interest, which is your payment for the loan.

Purchase in installments with fee

Another form of installment payment is fees; typically a start-up fee when you enter into the installment agreement. There may also be a combination of start-up fees and subsequent interest payments. Depending on the terms of the installment agreement, there may also be fees associated with late payment of installments or outright breach of the agreement.

Interest-free installment

Do you buy in installments with a subscription, e.g. mobile or iPad, you will typically get interest-free installments. This means that the price of the product will simply be divided into smaller installments. As a starting point, interest-free installments are the same as free installments. However, be aware of the language used: if something is interest-free, it is not necessarily fee-free.

Interest and fee free installment

If you want to be absolutely sure that it is free to pay off, you should look for "interest- and fee-free installments". Typically, your "payment" will take place with a semi-expensive subscription, but you may also be lucky sometimes to find a retailer that offers free installments without a subscription.

Buy now - pay later

If you come across "buy now - pay later" it can mean two things: either you pay the full amount at a later and given time, e.g. the next time child benefit goes in, or your installment agreement starts at a later date, e.g. in a month or two.