These days, credit cards offer convenience for big purchases, but they generally come with high interest rates, which makes it that much more expensive. Perpay is a buy now, pay later (BNPL) platform that could help you spread out the cost of major purchases.
If you don’t have a lot of cash to spare, you may consider a BNPL option. It’s sort of a modern-day version of layaway, except BNPL is a type of short-term financing that lets you make the purchase now and pay for it later.
Explore our Perpay review and what the company has to offer.
- Perpay helps a purchase fit into your budget by spreading out the costs
- There is no credit check required
- You can shop over 1,000 brands through Perpay
Return Fee (for items returned)
$10 shipping & 5% restocking fee
Credit building option, with Perpay+ for $2 a month
What Is Perpay?
Perpay is an e-commerce marketplace that helps you avoid the budget pinch of a big purchase. The Philadelphia-based company works with popular brands to provide an enticing platform for many shoppers.
The company has produced over $22 million in revenue. With a small team of employees, this growing company is working to help American budgets.
What Does It Offer?
Perpay is an interesting platform. Here’s what it has to offer.
Pay For Purchases With Installments
The major feature of Perpay is that you can pay for your purchase with installments. So, instead of paying a few hundred dollars for an item all at once, you can break the cost up into smaller payments.
After you purchase an item through Perpay, the company will set up a small direct deposit linked to your paycheck cycle. Every time you receive a paycheck, Perpay will withdraw the agreed-upon installment payment.
The exact number of installments varies. But the company will ship out your item as soon as you make your first payment. Also, you can choose to pay for the item early with a linked bank account or credit card.
No Credit Check
If you are wary of a credit check, you won’t have to worry about that with Perpay. The company will set up a spending limit exclusively based on your income.
Once you have your spending limit set up, you can start shopping with Perpay. But keep in mind that the company requires its customers to make at least $15,000 to qualify for the service.
Shop Thousands Of Brands Without Needing A Lot of Upfront Cash
You can shop for thousands of brands through the Perpay marketplace. A few of the most popular brands on the app include Apple, Beats, Coach, KitchenAid, Micheal Kors, and Samsung.
Once you find an item you want to purchase, you can choose to break up the cost into small installments. And the best part is that you won’t have to pay interest on the payments.
Credit Building Service
Since you are making regular payments to Perpay, credit building is an option. According to the company, customers using Perpay+ see an average increase in their credit score of 39 points. That’s a big deal!
Keep in mind you’ll have to pay extra for this feature. But the company will report your spending limit as a line of credit and your payment history to the three major credit bureaus.
Are There Any Fees?
When you want to break up the cost of a purchase, it’s difficult to avoid interest charges. But when you work with Perpay, you won’t run into an attached interest rate.
Even with a 0% interest rate, there are still other costs involved.
The Perpay marketplace is full of items that the company bought directly from retailers. Perpay customers will have to pay a marked-up price. Plus, you’ll run into a late fee if you can’t make on-time payments.
Also, if you need to return an item, it can get expensive. You’ll pay a $10 return shipping fee and a 5% restocking fee. For those considering the credit building feature, Perpay+ costs an extra $2 per month.
Costs Involved With Perpay
$2 per month
How Does Perpay Compare?
Perpay isn’t the only Buy Now Pay Later service out there.
If you are looking for a service that offers more flexibility in the number of installments, then Perpay is a good option. But if you want to shop directly through a retailer, then Afterpay, Affirm, and Klarna might be a better fit. Also, if you tend to have buyer’s remorse, Perpay may not be a good fit for you.For a slightly different alternative, you may consider Zebit, which allows people to shop online using a no-interest, no-fee line of credit.
Pay Over Time
If you can't afford it now, Zebit lets you pay for it over 6 months.
How Do I Open An Account?
To sign up for Perpay, you’ll need to set up an account with your name and email.
After that, the company will ask about your employer, paycheck amount, and paycheck frequency. With that information, Perpay will set a spending limit.
From there, you can start shopping!
Is It Safe And Secure?
Perpay will not share your personal information with anyone, except law enforcement. If you choose Perpay+, they will also share your information with credit bureaus.
The company protects your data with industry-standard policies such as off-site storage and SSL certificate technology.
How Do I Contact Perpay?
There are limited options to speak to a customer service rep at Perpay—you have to use a contact form on their website.The business has earned an A+ rating from the Better Business Bureau. Also, it has earned 3.4 out of 5 stars on Trustpilot. Based on these reviews, it’s likely that you can expect a good experience with the company.
Is It Worth It?
Perpay is one of many ways to split up the cost of a purchase into multiple payments. Although this is an undeniably valuable service, it’s not the only way to split up your costs.
It’s a good idea to shop around for the best price on an item before committing to Perpay. You don’t want to overpay. That’s especially true when so many retailers are working with BNPL services directly on their site.
Perpay is a good choice if you’ve done your price comparisons and found the cheapest with Perpay. Or if you’re looking for a way to build credit through your purchases, then Perpay+ is worth considering.Ultimately, you need to make sure that the cost of the item is worth the convenience of a payment plan. If possible, save up to make the purchase all at once.
Pricing & Fees
Ease of Use
Return Policy for Items
Perpay is a buy now, pay later (BNPL) platform that helps you spread out the cost of major purchases. If you don’t have a lot of cash to spare, you may consider a BNPL with Perpay may be worth considering.
- Interest free purchases
- No credit check
- Repayment is automatic
- Item price may be marked up
- Late payment fees
- Fees to return items
Sarah Sharkey is a personal finance writer covering credit cards, mortgages and student loans. She has written for numerous finance publications, including MagnifyMoney, Business Insider and ChooseFI. Her blog, Adventurous Adulting, helps young adults get a handle on their finances.
Editor: Claire Tak