A new phone can be expensive, especially the latest models. To help finance it, one can avail of several buy now, pay later (BNPL) plans. These plans make big-ticket purchases more affordable. They let individuals get what they want and pay for it later while charging zero interest and minimal fees in many instances. Read on to learn more about the five top BNPL providers and how they can help users finance their next phone.

Affirm
Buyers can use Affirm to finance their phone purchases. Before approving the claim, the company may perform a soft credit check and consider the individual’s payment history, debts, income, and bankruptcies. Affirm partners with several major retailers and offers pay-in-four and monthly plans to its customers. While its pay-in-four plans are interest-free, the monthly options may have an interest between 0% to 36%.

Afterpay
Afterpay offers plans that are similar to Affirm’s. Buyers can avail of an interest-free pay-in-four plan or opt for a monthly plan of either six or twelve months for payments larger than $400. Interest rates on the monthly plans may vary between 6.99% and 35.99%.

Klarna
Klarna is another famous company that has BNPL plans. It tends to be lenient with past customers who have favorable payment histories or ratings. The provider offers two interest-free payment plans: the pay-in-four (equal installments) and the pay-in-30 days. Apart from these, customers can also opt for monthly payments, which may be charged with an interest rate between 7.99% and 33.99%. Please note that the company does charge for late payments, which may damage credit scores.

Sezzle
With Sezzle, buyers can find pay-in-four plans and long-term financing options for phone purchases at major retailers. Sezzle allows customers to reschedule a payment for free once per purchase and also provides an option to boost credit scores with on-time payments, which can be beneficial. While the pay-in-four plans are interest-free, the monthly payment plans may charge an interest rate between 0% and 34.99%.

Zip
BNPL plans by Zip can be used at any store where Visa is accepted, making a phone purchase much simpler. Based on a soft credit check, Zip offers standard pay-in-four plans. While these are interest-free, the platform charges a $1 convenience fee per installment. It may also charge a $7-10 late fee in case of missed payments.