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Who is MoneyKey Best For?

Who is Perpay best for?

What is Perpay?

Pros and Cons of Perpay

How Perpay Compares

How Trustworthy is Perpay?

Frequently Asked Questions About Perpay

• Who is MoneyKey Best For?
• Who is Perpay best for?
• What is Perpay?
• Pros and Cons of Perpay
• How Perpay Compares
• How Trustworthy is Perpay?
• Frequently Asked Questions About Perpay

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Perpay Buy Now, Pay Later Shop now On Perpay's website Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25/5 Regular Annual Percentage Rate (APR)

0%

Fees

None

Recommended Credit

None

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No impact to your credit score when you apply
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Flexible number of payments
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No interest charges
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Able to build credit

Cons

• con icon Two crossed lines that form an 'X'. Limited marketplace to buy items
• con icon Two crossed lines that form an 'X'. Must pay via paycheck deduction

Product Details

• Repayment is split over interest-free installment payments that come out of your paycheck
• The amount of credit available to you depends on your income
• Perpay reports your payments to the credit bureaus, but only if you sign up for its Perpay+ service
• Need to be employed full-time and not self-employed

Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

The bottom line: Perpay is a great choice for borrowers who want to set their own repayment schedules. Other buy now, pay later companies have only a few repayment term options. With Perpay, you can choose payment plans up to six months. It's good for borrowers who are employed full-time, but not self-employed. Make sure you don't fall into the trap of using Perpay to buy items outside of your budgetary limits. 

See Insider's picks for the best personal loans >>

Who is Perpay Best For?

Perpay is best for borrowers who want more repayment flexibility than a standard buy now, pay later, "pay in four" option. With Perpay, you choose how many payments you want to make over time, and those payments are deducted automatically from your paycheck. 

Be careful. Buy now, pay later programs might entice you to buy something you may not realistically be able to afford. Just because the payments from each paycheck look small doesn't mean the total cost isn't still significant. Make sure you've made room in your budget for the item before making your purchase. 

Perpay Details

Perpay Buy Now, Pay Later is a buy now, pay later company that allows you to split a purchase into a series of payments that are automatically deducted from your paycheck after opting in. Your payments are due each time you get paid. 

There's no cost to use Perpay. There will be no impact on your credit score when you apply and gives you a spending limit based on your income. You split your purchase up into a number of payments, and you get to choose the number of payments.

Perpay requirements

To qualify for Perpay, you must meet the following requirements as you go through the Perpay approval process:

• Actively maintain full-time employment
• Have three months of continuous employment with your current employer
• Get paid through direct deposit
• Own a working mobile phone
• Have no current bankruptcies 
• Be in good standing for all financial obligations

You aren't eligible to use Perpay if you're an independent contractor, gig-economy worker, or are self-employed.

Stores that accept Perpay

You will use Perpay's online marketplace to shop from more than 1,000 retailers that allow you to use Perpay at checkout. Some popular companies include HP, Dyson, and PlayStation.  

Perpay Customer Service

Perpay doesn't list when its customer service team is available, but you can request you information, access, and deletion rights by emailing hello@perpay.com or by calling 215-398-1284.

Perpay Buy Now, Pay Later Shop now On Perpay's website Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25/5 Regular Annual Percentage Rate (APR)

0%

Fees

None

Recommended Credit

None

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No impact to your credit score when you apply
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Flexible number of payments
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No interest charges
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Able to build credit

Cons

• con icon Two crossed lines that form an 'X'. Limited marketplace to buy items
• con icon Two crossed lines that form an 'X'. Must pay via paycheck deduction

Product Details

• Repayment is split over interest-free installment payments that come out of your paycheck
• The amount of credit available to you depends on your income
• Perpay reports your payments to the credit bureaus, but only if you sign up for its Perpay+ service
• Need to be employed full-time and not self-employed

Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

Pros and Cons of Perpay

Pros

• No impact to your credit score when you apply. Your spending limit will be set based on your income. 
• Choose the number of payments you want to make. Payments are deducted from each paycheck after you order the item, and you can split the payments up over up to six months.
• Doesn't charge interest on purchases. You won't pay any interest to use Perpay's services.  
• No fees. Perpay doesn't charge fees for late or missing payments. 
• Easy to shop on the mobile app. Perpay's mobile app is well reviewed on both the Google Play and Apple stores. You're able to manage your payments from the app as well as browse products from different companies that are available in the Perpay marketplace.
• Build credit with Perpay+. You need to sign up for Perpay+ to have your payments reported to the three major credit bureaus (Experian, Equifax, and TransUnion). The add-on allows you to build credit on your purchases. Perpay+ is designed to help you improve your credit score — as long as you make on-time, reliable payments. 

Cons

• Can only buy items on Perpay's marketplace. While other BNPL companies allow you to use their service to shop on retailer's sites or in their in-person locations, you can only use Perpay to buy items on its site or app. 
• Must pay through automatic deductions from your paycheck. Perpay's payment structure requires you to pay off your purchase over the course of a predetermined number of paychecks. 

Perpay Competitors

Perpay	Afterpay	Affirm
Payment plans offered Split over a series of automatic payments from your paychecks until item is paid in full	Payment plans offered Split over four interest-free payments	Payment plans offered Split over four interest-free payments, six months with interest, or 12 months with interest
Late payment fee None	Late payment fee Late fee of $8 if you miss a payment by 10 days or more, cap on the total late fees on your purchase to 25% of the order's value	Late payment fee None
Perpay Buy Now, Pay Later	Shop with Afterpay	Shop with Affirm

Of  Perpay, Affirm, and Afterpay, only Afterpay charges late fees. Late fees may add to the total cost of your borrowing, so set up a proper budget to make sure you don't fall behind. 

Perpay doesn't have a set number of payments until you pay off your purchase, but instead takes an amount from each paycheck until you pay off your purchase based on the eligible timeline you select. The other two companies offer a "pay in four" option, meaning you pay for your item over four installments.

Additionally, each company has thousands of companies they have partnered with, making buy now, pay later accessible for many different types of purchases. 

Perpay Trustworthiness

Perpay has an A+ rating from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB evaluates companies by looking at their responses to customer complaints, honesty in advertising, and truthfulness about business practices. 

Perpay hasn't been involved in any recent controversies. Still, a top-notch BBB rating and a clean history doesn't guarantee you'll have a good relationship with the lender — make sure you ask your friends and family about their experiences before using the product. 

Frequently Asked Questions About Perpay

Does Perpay report to credit bureaus? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

You need to sign up for Perpay+ to have your payments reported to the three major credit bureaus (Experian, Equifax, and TransUnion). The add-on allows you to build credit on your purchases after completing four months of on-time payments exceeding $200.

Perpay+ is designed to help you improve your credit score — as long as you make on-time, reliable payments. Perpay+ costs $2 per month, though it's free while you aren't actively paying down an order. 

If you don't activate Perpay+, your payments won't be reported to credit bureaus.

Is Perpay good for credit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Perpay can be good for your credit if you sign up for Perpay+ and make consistent, on-time payments. 

Is Perpay legitimate? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Yes, Perpay is a legitimate company that allows you to spread out the cost of a purchase over a series of automatic payments from your paycheck. 

What happens if you don't pay Perpay? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

In Perpay's terms and conditions, the company states that you have no legal obligation to continue making payments if you lose your job, have a medical emergency, or face other unexpected financial challenges. Perpay only asks to "do your best to resume payments when you can." Perpay won't charge you any fees for missing or late payments.   

However, you won't be able to make any additional purchases while a payment remains due, and if you're signed up for Perpay+, your missed payments may be reported to credit agencies.  

Are Perpay payments weekly or monthly? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

PerPay payments are due each time you get your paycheck. If you get paid monthly, your payments will be due then, and if you get paid bi-weekly, that's when you'll have to pay.

Perpay Buy Now, Pay Later Shop now On Perpay's website Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25/5 Regular Annual Percentage Rate (APR)

0%

Fees

None

Recommended Credit

None

Pros

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No impact to your credit score when you apply
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Flexible number of payments
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No interest charges
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Able to build credit

Cons

• con icon Two crossed lines that form an 'X'. Limited marketplace to buy items
• con icon Two crossed lines that form an 'X'. Must pay via paycheck deduction

Product Details

• Repayment is split over interest-free installment payments that come out of your paycheck
• The amount of credit available to you depends on your income
• Perpay reports your payments to the credit bureaus, but only if you sign up for its Perpay+ service
• Need to be employed full-time and not self-employed

Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down. Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.  Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >> Read more Read less Elias Shaya Jr Compliance Associate Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate. He joined Insider in February 2022 as a fellow on the compliance team. Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends. Read more Read less

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