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- No credit check required
- Flexible payments
- free
- No interest
- You can build credit
- Items will only be shipped after your first payment
- Limited market for purchasing items.
- You have to pay via AutoPay via your salary
- Repayments are divided into interest-free installments that come out of your salary
- The amount of credit you have depends on your income
- PerPay reports your payments to credit bureaus, but only if you subscribe to their PerPay + service.
- Must be hired full time, not self-employed
What is PeruPay?
PerPay is a postpaid company that allows you to split your purchase into a series of payments and automatically deduct them from your salary. Your payment should be paid each time you are paid.
Use PerPay’s online marketplace to shop at over 1,000 retail stores that have PerPay available at checkout. Popular companies include HP, Dyson, and PlayStation.
Compare interest rates on personal loans
How does PayPay work?
Use of PerPay is free. PerPay does not check your credits when you request use, but instead offers a usage limit based on your income. It divides your purchase into several payments and you can choose the number of payments.
To qualify for PerPay, you must meet the following conditions:
- Actively maintain full-time employment.
- Continue to hire your current employer for 3 months
- Receive payment by direct deposit
- Have a mobile phone that works
- No bankruptcy pending
- Keep all your financial obligations up to date
If you are an independent contractor, gig economy worker, or self-employed, you are not eligible to use PerPay.
Your purchase will not be shipped until your first payment is cleared, and it will be deducted from your next salary after the item is ordered.
PerPay’s strengths and weaknesses
Who is PerPay for?
PerPay is ideal for borrowers who want more payment flexibility than the standard “buy now”, “pay later” and “pay four times” options. With PerPay, if you choose the number of payments you want to make over time, those payments will be automatically deducted from your salary.
Be careful.. A program that buys now and pays later can trick you into buying something that you can’t really buy. Just because each salary payment looks small does not mean that the total cost is not important. Before you buy, make sure you have a budget for your item.
Comparison of PerPay with other post-purchase apps
Of PerPay, Affirm, and Afterpay, only Afterpay charges late fees. Late fees can add to the overall cost of your loan, so be sure to budget properly so you don’t be late.
PerPay does not have a fixed number of payments until you pay for your purchase, but you will receive an amount from each salary until you pay for your purchase. The other two companies offer a “four-pay” option. This means that you will pay for the item in four installments.
In addition, each company has thousands of partners, so you can buy now and pay for different types of purchases later.
How reliable is PerPay?
PerPay has received an A + rating from Better Business Bureau, a non-profit organization focused on consumer protection and trust. BBB evaluates companies by looking at customer complaints, advertising integrity, and business practice integrity.
PerPay has not been involved in the recent debate.
Still, a high BBB rating and a clean track record do not guarantee a good relationship with the lender. Always ask friends and family about their experiences before using the product.
Frequently Asked Questions
Does PerPay report to a credit bureau?
You must subscribe to PerPay + for payments to be reported to the three major credit bureaus (Experian, Equifax, and TransUnion). With this add-on, you can accumulate purchase credits after making a four-month lump sum payment of over $ 200.
PerPay + is designed to help you improve your credit score as long as you make fast and reliable payments. PerPay + costs $ 2 a month, but it’s free unless you actively pay for your order.
If you do not enable PerPay +, your payment will not be reported to the credit bureau.
Is PerPay legal?
Yes, PerPay is a legitimate company that can spread your purchase costs across a series of automatic payments from your salary.
What if I don’t pay PerPay?
PerPay’s Terms of Service do not have a legal obligation to continue to pay in the event of loss of employment, medical emergency, or other unforeseen financial problems. PerPay only wants to “do everything possible to resume payments when possible”. PerPay does not charge for late payments or shortages.
In a nutshell, if you don’t pay PerPay, almost nothing happens. However, no additional purchases can be made while payment is pending. Also, if you are registered with PerPay +, payment delays may be reported to your credit bureau.
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