Buy Now, Pay Later & Build Credit: Perpay

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Key takeaways

Buy Now, Pay Later (BNPL) apps let consumers spread out the cost of a purchase over time with little to no fees and no credit check.
Perpay is unique in that it’s also a credit builder app that debits your payments from your direct deposit so you never have to worry about missing a due date.
Perpay is ideal for consumers who cannot access traditional credit cards, need to build credit, and want to pay for large purchases in installments with no interest.

Credit cards are a convenient way to finance big purchases when you don’t have enough cash in your bank account. The problem is, that they tend to come with sky-high interest rates, which can make that purchase very expensive if you’re unable to make all your monthly payments on time and in full.

Buy now, pay later (BNPL) apps offer a solution. These apps have surged in popularity in recent years as an alternative to credit cards because they let users spread the cost of a large purchase over several months interest-free.

Perpay is the latest BNPL app that not only allows customers the flexibility of paying for a product over time but also helps build credit!

Ready to dive in and see all that Perpay has to offer? Let’s get started.

What is Perpay?

Perpay is a buy now, pay later platform with a twist – it’s also a credit builder app and has its own e-commerce marketplace. Users can shop top brands – Apple, Nintendo, Coach, and KitchenAid, to name a few – and make purchases with manageable installment payments, similar to other BNPL apps. However, Perpay goes the extra mile with Perpay+ by helping users build their credit history while they shop.

“We make everyday purchases more accessible and help you build credit along the way.” Perpay

How does Perpay work?

The process is simple and user-friendly. Here’s how it works:

Create an account

Shop Perpay’s Marketplace

Submit your order to Perpay’s Approvals Team

Select how many payments you’ll make

Make payments automatically from your paycheck each payday until your purchase is paid off

Perpay ships your order as soon as you’ve made your first payment

Enjoy your items when they arrive

Creating a Perpay account is straightforward and does not require a credit check or a security deposit. Simply enter your employer information, how much you make, and how frequently you are paid. Perpay will then give you a spending limit, typically between $500 to $2,000 and you’re free to go shopping on their marketplace.

When you’re ready to check out, you’ll have to submit your order to Perpay’s Approvals Team for review. The process usually only takes a few minutes but it can be as long as 2 business days. Once approved, they will help you set up direct deposit. Perpay’s installments are flexible. You can choose to make 2, 4, or 5 payments.

The beauty of Perpay is that your payments are automatically deducted from your direct deposit paycheck so you’ll never miss a payment. If you’re a Perpay+ member, these payments will be reported to the three major credit bureaus, helping you build a positive payment history and improve your credit.

Best Selection & Helps Your Credit

“Absolutely love this place. They have helped me get large amount items now and pay over time. I now own a 55 inch TV, newest xbox, rug scrubber and now a ps5. I would recommend it to anyone and it also helps your credit as you pay the items off. Amazing!!!” Ashley Russell, Google Play Review

Who is eligible?

To become a Perpay member you do have to meet a few requirements:

Be over 18 years old
A legal resident of the United States
Be employed full-time (disability income is accepted)
Get paid via direct deposit
Have three months of continuous employment with your current employer
Own a working mobile phone
Have no active bankruptcies
Be in good standing with all financial obligations

Unfortunately, Perpay is unable to accept independent contractors, gig workers, or people who are self-employed at this time due to their reliance on direct deposits to automatically make payments.

What can you get on Perpay?

Perpay offers a diverse range of products from top brands, including Apple, Dyson, Gucci, Ray-Ban, Sony, and more.

Electronics: From smartphones to laptops, Perpay has the latest tech gadgets.

Appliances: Upgrade your home with new kitchen appliances or a washer and dryer.

Fashion: Stay stylish with clothing and accessories from exclusive brands.

Home decor: Spruce up your living space with furniture and decor items.

Fitness equipment: Achieve your fitness goals with exercise machines and accessories.

And more: Perpay’s inventory continues to expand to meet various consumer needs.

Who is Perpay best for?

Perpay is an ideal solution for people who have limited or no access to traditional credit cards, need to build credit, and want to pay for large purchases in installments without accruing high-interest charges.

Perpay stands out among other BNPL apps because it aims to help members improve their credit and offers more flexible repayment plans. A lot of other BNPL apps limit you to a “pay in four” option. With Perpay, members can choose how many payments they want to make and these payments are automatically deducted from their paycheck so there’s no fear of missing payments, incurring late fees, or paying interest.

SO EASY

“Set it and forget it! Didn’t even miss the money! Cause i never had it in my hands. SO EASY! Paid off an AC unit… my credit score sky rocketed! Now… I’m buying a fridge!” Katherine Bell, Trustpilot Review

How much will Perpay+ rebuild your credit?

Perpay+ has helped members raise their credit score by 39 points in as little as 6 months! Individual outcomes will of course vary.

Perpay+ is successful at building credit because it helps establish a positive payment history, increases members’ credit limit (lowering their credit utilization ratio,) lengthens their credit history, and adds to their credit mix. All of these are important factors in determining credit score.

For members to build credit, they do have to sign up for Perpay+. They can signup right away but it will not start reporting to the credit bureaus until they have completed 4 months of on time payments the total of which must exceed $200.

With Perpay+ members get credit building, credit monitoring, unlock smaller payment options, can apply early for the Perpay credit card, and access a higher spending limit over time.

Boosted my Credit

“Awesome app love that it gave me credit when nobody else would. I’ve been able to buy the things I want and my credit have increased 43 points since starting with them.” Steven Nieto, Google Play Review

Want to build credit?

Check out the best ways to build credit with a credit card.

Introducing Perpay on the go

Perpay recently introduced the Perpay Credit Card to further help members improve their credit scores. Use the card on the go, anywhere Mastercard is accepted, not only on the Perpay Marketplace.

There is no hard credit check when customers apply for Perpay’s credit card. Instead, the company approves applicants based on their employment, income, and Perpay payment history. This makes it one of the easier credit cards to be approved for.

Perks of the Perpay credit card:

Swipe anywhere Mastercard is accepted

Applying will not impact your credit score

3% rewards to use on the Perpay Marketplace

Credit lines starting at $500

At the end of the month, payments are automatically deducted from the user’s bank account. This is very similar to when members shop on the Perpay Marketplace. It helps establish a positive payment history therefore raising their credit scores. Of course, you need to have enough money in your bank account so it doesn’t overdraw.

While the credit card lets customers shop anywhere and build credit, it is limited. They cannot use it for ATM withdrawals, cash advances, or balance transfers. Otherwise, it is a low fee helpful credit-building card with the buying power of Mastercard.

Awesome App

“This app is awesome. It lets you finance just about anything without credit. In fact, it builds your credit. My score went up 80 points in 1 year. You just set the payment and forget it. And your item ships after the first one. Before you know it, it’s paid off. Yeah, the items might have a slight mark up, but they don’t charge interest. So that’s just their fee. And they’re entitled to it. They buy the item for you and have it shipped to your house. And you pay them back in payments.” Jacob Ferguson, Google Play Review

Pros and cons of using Perpay

Pros:

No credit check
Flexible payment plans
Builds credit if you sign up for Perpay+
Wide range of products
No interest on purchases
No fees for late or missed payments
Easy to shop on the mobile app
Payments are automatically deducted
Easy approval process

Cons:

Automatically deductions from paycheck
High prices compared to retail stores
Potential for overspending and impulse buying
Can only buy items on Perpay’s marketplace
Have to be employed to use the service
Items only ship after your first payment is made

Is Perpay worth it?

Perpay is absolutely worth it if you want to build credit without a credit card or are interested in a BNPL app where you don’t have to worry about due dates. The BNPL app will effortlessly help you raise your credit score by reporting your on time payments to the credit bureaus. If you don’t like credit cards or don’t trust yourself to use them responsibly then Perpay+ is a valuable credit building alternative.

On the other hand, Perpay’s automatic deductions from your direct deposit paycheck mean that you’ll have less money each payday. For some people it’s worth it, for others it’s a concern. Consumers have also pointed out that some items on Perpay’s Marketplace are more expensive than at other stores. This is the cost of credit building and needs to be taken into account.

Frequently asked questions

1. Does Perpay report to credit bureaus?

Perpay reports to credit bureaus if you sign up for Perpay+. By making on-time payments through Perpay+, users can potentially build or improve their credit scores. This reporting can be beneficial for individuals with poor or no credit history, offering a way to demonstrate responsible payment behavior and positively impact their credit profiles.

2. Is Perpay good for credit?

Perpay+ can be good for credit as it reports on-time payments to credit bureaus, helping users build or improve their credit scores. This is particularly beneficial for those with poor or no credit history. Regular Perpay does not report, so it will not hurt or help your credit.

3. Is Perpay legitimate?

Yes, Perpay is a legitimate company that offers a buy now, pay later service. It allows users to purchase products and pay for them through automatic deductions from their paychecks. The company is known for its no credit check policy and for reporting on-time payments to credit bureaus, which can help users build or improve their credit scores.

4. Are Perpay payments weekly or monthly?

Perpay payments are deducted automatically from your paycheck, aligning with your pay cycle, which can be weekly, bi-weekly, or monthly. This automatic deduction helps ensure timely payments, but the specific frequency depends on your employment’s pay schedule. This flexibility allows users to manage their payments according to their income flow.

Bottom line

If you want to make purchases in installments and build your credit at the same time, Perpay+ may just be the answer you’re looking for. The innovative buy now, pay later app doesn’t charge mandatory fees, interest, or conduct a credit check. It even helps you pay off your loan responsibly with automatic deductions. This makes managing your payments a breeze and can help you build credit. If your considering a BNPL app, give Perpay a try.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

7. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

8. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

9. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

10. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

11. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

12. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

13. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

14. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

16. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

17. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

18. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

19. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

21. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

22. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

23. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

24. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

25. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

26. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

27. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

28. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

29. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

30. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

31. Tipping or not tipping has no impact on your eligibility for SpotMe®.

32. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

33. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

34. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

35. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

36. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

37. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

Buy Now, Pay Later & Build Credit: Perpay

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