Perpay Review 2023

• Who is MoneyKey Best For?
• Who is Perpay best for?
• What is Perpay?
• Pros and Cons of Perpay
• How Perpay Compares
• How Trustworthy is Perpay?
• Frequently Asked Questions About Perpay

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

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• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No impact to your credit score when you apply
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Flexible number of payments
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No interest charges
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Able to build credit

• con icon Two crossed lines that form an 'X'. Limited marketplace to buy items
• con icon Two crossed lines that form an 'X'. Must pay via paycheck deduction

• Repayment is split over interest-free installment payments that come out of your paycheck
• The amount of credit available to you depends on your income
• Perpay reports your payments to the credit bureaus, but only if you sign up for its Perpay+ service
• Need to be employed full-time and not self-employed

The bottom line: Perpay is a great choice for borrowers who want to set their own repayment schedules. Other buy now, pay later companies have only a few repayment term options. With Perpay, you can choose payment plans up to six months. It's good for borrowers who are employed full-time, but not self-employed. Make sure you don't fall into the trap of using Perpay to buy items outside of your budgetary limits. 

See Insider's picks for the best personal loans >>

Who is Perpay Best For?

Perpay is best for borrowers who want more repayment flexibility than a standard buy now, pay later, "pay in four" option. With Perpay, you choose how many payments you want to make over time, and those payments are deducted automatically from your paycheck. 

Be careful. Buy now, pay later programs might entice you to buy something you may not realistically be able to afford. Just because the payments from each paycheck look small doesn't mean the total cost isn't still significant. Make sure you've made room in your budget for the item before making your purchase. 

Perpay Details

Perpay Buy Now, Pay Later is a buy now, pay later company that allows you to split a purchase into a series of payments that are automatically deducted from your paycheck after opting in. Your payments are due each time you get paid. 

There's no cost to use Perpay. There will be no impact on your credit score when you apply and gives you a spending limit based on your income. You split your purchase up into a number of payments, and you get to choose the number of payments.

Perpay requirements

To qualify for Perpay, you must meet the following requirements as you go through the Perpay approval process:

• Actively maintain full-time employment
• Have three months of continuous employment with your current employer
• Get paid through direct deposit
• Own a working mobile phone
• Have no current bankruptcies 
• Be in good standing for all financial obligations

You aren't eligible to use Perpay if you're an independent contractor, gig-economy worker, or are self-employed.

Stores that accept Perpay

You will use Perpay's online marketplace to shop from more than 1,000 retailers that allow you to use Perpay at checkout. Some popular companies include HP, Dyson, and PlayStation.  

Perpay Customer Service

Perpay doesn't list when its customer service team is available, but you can request you information, access, and deletion rights by emailing hello@perpay.com or by calling 215-398-1284.

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• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No impact to your credit score when you apply
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Flexible number of payments
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No interest charges
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Able to build credit

• con icon Two crossed lines that form an 'X'. Limited marketplace to buy items
• con icon Two crossed lines that form an 'X'. Must pay via paycheck deduction

• Repayment is split over interest-free installment payments that come out of your paycheck
• The amount of credit available to you depends on your income
• Perpay reports your payments to the credit bureaus, but only if you sign up for its Perpay+ service
• Need to be employed full-time and not self-employed

Pros and Cons of Perpay

Pros

• No impact to your credit score when you apply. Your spending limit will be set based on your income. 
• Choose the number of payments you want to make. Payments are deducted from each paycheck after you order the item, and you can split the payments up over up to six months.
• Doesn't charge interest on purchases. You won't pay any interest to use Perpay's services.  
• No fees. Perpay doesn't charge fees for late or missing payments. 
• Easy to shop on the mobile app. Perpay's mobile app is well reviewed on both the Google Play and Apple stores. You're able to manage your payments from the app as well as browse products from different companies that are available in the Perpay marketplace.
• Build credit with Perpay+. You need to sign up for Perpay+ to have your payments reported to the three major credit bureaus (Experian, Equifax, and TransUnion). The add-on allows you to build credit on your purchases. Perpay+ is designed to help you improve your credit score — as long as you make on-time, reliable payments. 

Cons

• Can only buy items on Perpay's marketplace. While other BNPL companies allow you to use their service to shop on retailer's sites or in their in-person locations, you can only use Perpay to buy items on its site or app. 
• Must pay through automatic deductions from your paycheck. Perpay's payment structure requires you to pay off your purchase over the course of a predetermined number of paychecks. 

Perpay Competitors

Of  Perpay, Affirm, and Afterpay, only Afterpay charges late fees. Late fees may add to the total cost of your borrowing, so set up a proper budget to make sure you don't fall behind. 

Perpay doesn't have a set number of payments until you pay off your purchase, but instead takes an amount from each paycheck until you pay off your purchase based on the eligible timeline you select. The other two companies offer a "pay in four" option, meaning you pay for your item over four installments.

Additionally, each company has thousands of companies they have partnered with, making buy now, pay later accessible for many different types of purchases. 

Perpay Trustworthiness

Perpay has an A+ rating from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB evaluates companies by looking at their responses to customer complaints, honesty in advertising, and truthfulness about business practices. 

Perpay hasn't been involved in any recent controversies. Still, a top-notch BBB rating and a clean history doesn't guarantee you'll have a good relationship with the lender — make sure you ask your friends and family about their experiences before using the product. 

Frequently Asked Questions About Perpay

You need to sign up for Perpay+ to have your payments reported to the three major credit bureaus (Experian, Equifax, and TransUnion). The add-on allows you to build credit on your purchases after completing four months of on-time payments exceeding $200.

Perpay+ is designed to help you improve your credit score — as long as you make on-time, reliable payments. Perpay+ costs $2 per month, though it's free while you aren't actively paying down an order. 

If you don't activate Perpay+, your payments won't be reported to credit bureaus.

Perpay can be good for your credit if you sign up for Perpay+ and make consistent, on-time payments. 

Yes, Perpay is a legitimate company that allows you to spread out the cost of a purchase over a series of automatic payments from your paycheck. 

In Perpay's terms and conditions, the company states that you have no legal obligation to continue making payments if you lose your job, have a medical emergency, or face other unexpected financial challenges. Perpay only asks to "do your best to resume payments when you can." Perpay won't charge you any fees for missing or late payments.   

However, you won't be able to make any additional purchases while a payment remains due, and if you're signed up for Perpay+, your missed payments may be reported to credit agencies.  

PerPay payments are due each time you get your paycheck. If you get paid monthly, your payments will be due then, and if you get paid bi-weekly, that's when you'll have to pay.

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None

None

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No impact to your credit score when you apply
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Flexible number of payments
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No interest charges
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Able to build credit

• con icon Two crossed lines that form an 'X'. Limited marketplace to buy items
• con icon Two crossed lines that form an 'X'. Must pay via paycheck deduction

• Repayment is split over interest-free installment payments that come out of your paycheck
• The amount of credit available to you depends on your income
• Perpay reports your payments to the credit bureaus, but only if you sign up for its Perpay+ service
• Need to be employed full-time and not self-employed

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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