New apps offer buy-now, pay-later feature

Klarna buy now, pay later app logo. Photo Courtesy: Klarna

Want that new purse you’ve been eyeing for this upcoming homecoming? Or those new boots to wear Friday night, but you don’t get paid until next Friday?

Look no further because Affirm, Afterpay and Klarna are here to help.

A new generation of “shop now, pay later” startups have developed in recent years, including Affirm, AfterPay and Klarna.

These companies, which provide a variety of payment installation options, are a fresh take on the traditional notion of layaway, which is a payment plan in which customers pay for their purchase in installments and may only retrieve the item from the merchant once it is fully paid off.

Darrell Collins, a sophomore mechanical engineering student at Florida A&M University, thinks Affirm, Afterpay, and Klarna are a blessing and that everyone should utilize them.

“I use both Afterpay and Klarna,” Collins said. “Best part about using them is that I don’t have to wait until I pay off my balance to receive the stuff I ordered, I receive it like a normal purchase. I also like that they split the total balance into four easy payments. Plus they always send notifications about your next upcoming payment. You can adjust the days you pay too,” Collins said.

Mikel Grant, a freshman business administration student, thinks Affirm, Afterpay and Klarna are the best things going right now because the holidays are around the corner and they’re easy to use.

“With Thanksgiving and Christmas both approaching, this new buy-now, pay-later method will help me get everyone a decent gift without breaking my pockets all at once,” Grant said. “The four payments make it a little easier to budget.”

It’s fairly easy to use Affirm, Afterpay and Klarna. Anyone over the age of 18 who has a credit card, debit card or bank account can use the BNPL service.

For faster shopping with participating shops, create an account with the service of your choice or just pick the option at checkout; however, all services use encryption technology to keep your information safe and secure.

Affirm, Afterpay, and Klarna are all quite similar in terms of their offers, terms and processes, but each has its own unique features, terms and processes that may make one more enticing than the others.