We all deserve to treat ourselves more often, especially to beautiful jewelry. With several options to buy now and pay later, saying “I can’t afford it” is no longer an acceptable excuse. But which financing partner is best for you? You can’t go wrong with LendFirm! See why it’s our top choice among other online lenders.
Klarna is one of the most popular companies to offer buy now, pay later financing options for specific retailers. It’s known for “pay-in-four” loans, where customers pay for their purchase in four installments. The first, upfront payment covers 25% of the item, and the remaining amount is divided into three payments that are expected every two weeks. Ideally, you should have your piece of jewelry fully paid in six weeks with no added fees or interest. Sounds simple, right? Not so fast.
Cons:
Klarna doesn’t disclose this information, but you’ll probably need a decent credit score to even get approved for a “pay-in-four” loan.
Klarna offers longer-term financing plans too, including a 36-month promotional period. To qualify, you’ll be subject to a hard credit check, which will show up on your credit report. Your current credit score and payment history will determine whether you’re approved.
If you miss a payment, Klarna will make an attempt to collect the amount. But if the payment still isn’t made, you’ll be expected to pay double plus a $7 fee for the next installment. Warning: Klarna may also notify the credit bureaus about missed payments, and this could negatively impact your credit score.
Available through thousands of retailers, Afterpay also offers “pay-in-four” loans with no added fees or interest when you make all of your payments on time. Just like Klarna, Afterpay requires an upfront payment and gives you six weeks to pay off your remaining balance. But unlike other buy now, pay later companies, Afterpay doesn’t require credit checks to approve your financing plan, and it doesn’t report missed payments to the credit bureaus. These are big perks, but beware of these additional terms.
Cons:
Some retailers that partner with Afterpay may require a minimum purchase amount before you can take advantage of your financing plan.
You may not be charged interest, but there is a fee for late payments. This fee could go as high as 25% of your purchase! If you miss multiple payments, these fees could really add up.
As punishment for late payments, Afterpay won’t allow you to make any new purchases with its service until you’re back on schedule. But even if things are rectified, Afterpay may still reduce your future spending limits.
Another popular company providing buy now, pay later terms, Affirm offers customers multiple financing options, from “pay-in-four” loans to promotional periods that last up to 36 months. This gives shoppers some control in choosing an ideal payment amount and interest rate. Affirm also helps finance items up to $17,500 and won’t hit you with late fees if you miss a payment. Everything sounds perfect, but there are some catches.
Cons:
While you can select the best payment plan for your budget, terms ultimately vary depending on the retailer and size of your purchase. That means you may have to pay interest on top of your scheduled payments.
Some retailers that work with Affirm require a down payment upon making your purchase.
To qualify for Affirm’s financing options, you’ll be subject to a soft credit check. Although this won’t appear on your credit report, your credit score could be affected by making a purchase through Affirm, your financial history with Affirm, the amount of credit you have already used, etc.
If you opt for one of Affirm’s longer-term loans, you’ll probably need to undergo a hard credit check. The credit bureaus are notified of these loans, which will therefore affect your credit score.
Affirm may not charge late fees for late payments, but it may report them to the credit bureaus, which could ultimately impact your credit score and ability to get approved for future loans.
LendFirm works with select retailers and offers financing on all grace von jewelry, from earrings to anklets. Applications are approved quickly, and we even offer financing to shoppers with poor credit. Sound great so far? There are no hidden fees, penalties, tricks or gimmicks. The price you see upon checking out is what you pay. We promise.
Pros:
100% financing
Financing as low as 4.95% APR for up to 24 months
We don’t subject you to hard credit checks, so you won’t negatively affect your credit score by shopping with us.
To apply for financing, provide us with a valid driver’s license or state ID; record of a direct deposit from your primary employer or benefit provider into a three-month-old checking account; and proof of a checking account that’s in good standing. It’s that simple!
Applications are typically approved in 24 hours, so you don’t waste any time shopping!
We directly link to your checking account and align your jewelry payment plan with your employer’s pay schedule. That way, you never have to worry about missing a payment – and incurring a late fee – due to insufficient funds.