Some popular apps for advances and buy now and later
pay offers short-term loans with no interest, but may incur fees
charges that may increase the amount you must repay.
Introductory financing offers that have a 0% APR for
promoting a certain period often have a catch: if you
pay late, miss a payment, or fail to pay your balance in full before the
promotional period expires, the lender can accrue interest retroactively
Can you get an interest free
get a loan?
You may be able to get an interest-free loan. Requirements
vary based on loan type - and some borrowers may not come
eligible. In some cases, interest-free loans
introductory offers that offer 0% APR for a certain period of time.
You can find this type of financing on a car loan
dealer, but you usually need a good credit score to qualify
come. In addition, car financing offers often vary by model and
can they change based on manufacturer and dealer incentives so 0%
APR financing is not always available.
If you turn to a quick cash advance app before your
next paycheck, your credit scores may be less important because
lenders may not check your credit. However, you usually have one
need current account with positive balance and fixed salary to let
see that you can pay back what you borrow.
Some lenders who buy now and pay later are feeding
conduct a soft credit inquiry to assess your credit status. If you
To make a purchase using a buy now, pay later app, you must have a linked
have a checking account, credit or debit card to pay back what you borrow.
Best for Low Cost: Earning
- Why Earning stands out:
Earning allows you interest-free receive cash advances of up to $500 per pay period while you wait on your next paycheck. Earning does not charge any mandatory cost standard bank transfers, which take one to three business days. If you need money sooner, you might be able to get it in minutes with using Lightning Speed for a fee of up to $3.99.
Earning does not check your credit, but you have a fixed salary, a direct deposit into a checking account and a fixed work location required to use the app.
- Tips. Earning gives users the option to tip, but not required.
Protection against overdraft.
Users receive low balance alerts and you can automatically transfer up to $100 to your linked checking account so you avoid overdraft fees
Best for managing
of your finances: Money Lion
- This is why Money Lion stands out:
of Money Lion allows you to track your finances, buy cryptocurrency, your loose change invest and earn rewards for purchases you make with the debit card from Money Lion.
- Loan amounts.
Receive interest-free advances cash up to $250 without a Roar Money account or $1,000 when you have a Roar Money checking account opens with recurring deposits - none credit check required.
To receive cash advances from Money Lion you need a checking account with recurring income deposits and a positive balance that has been open for at least two months.
Money Lion delivers your money for free within 48 hours. If you need your money sooner, pay $4.99 for it delivery to an external account and $3.99 for delivery to a Roar Money account.
peer-to-peer lending: Chime
This is why Chime stands out: with Chime Instant Loans can go in
eligible members get a loan starting at $100, though there is a
fee is. You can also receive loans from family and friends (even
if they don't have a Chime account) without using cash apps like Zelle or Venmo
as long as you have a valid debit card or Chime checking account.
There are costs associated with Chime Instant Loans but no money transfer fees. Chime checking accounts have no monthly, minimum balance or overdraft fees.
- Protection against
Chime's Spot Me feature covers up to $200 on Chime debit card purchases and cash withdrawals without charging overdraft.
Financial products and services.
also offers a secured credit card, high interest savings accounts and access to over 60,000 free ATMs.
Best for Buy Now,
pay later: confirm:
This is why Affirm stands out: Affirm is a company that
retailers to offer installment loans before they
to settle. If available, you may be able to use Affirm as
payment method on the participating retailer's website or app. The
Affirm's pay-in-four option may be 0% APR for some retailers. Larger
Loans offered through Affirm may not be interest free.
Affirm's pay-in-four option can be a good option for
those who want to spread out payments instead of paying in full
some retailers. You can set up automatic bimonthly payments
without affecting your credit score.
Best for building
from credit: Sezle
This is why Sezzle stands out: Sezzle is a company that you now
buy and pay later, which allows you to split your purchase at checkout
and which includes thousands of retailers such as Touch of Modern, Bass Pros Shops and
After paying an order on time or earlier, you can
Upgrade Sezle users to Sezzle Up. When you upgrade your account,
Sezzle reports your payments to the credit bureaus, giving you a positive
build payment history when you pay on time.
Sezle uses multiple factors to determine your spending limit, including
how long you've been a Sezle shopperare, your credit history and your
Sizzle order history. You must have one minimum purchase of $35 to use
Free payment rescheduling.
You can get one with each order
transfer payment for free.
Sezle brings failed payment and rescheduled payment fees (if you make more
than one payment per reschedule order). The company also charges a
convenience fee when you use a credit, debit or prepaid benefit card for
scheduled payments. You can avoid convenience fees by adding the app to your
bank account link.
What to watch out for
for interest-free loans:
Loans without interest can be a good alternative to expensive payday loans
when you are short on cash or have a big purchase coming up to pay off the
time. But there are a few things you should know before purchasing one
Interest-free loans may have fees that increase the amount you have to pay back.You can add some fees, including late fees, failed fees, and avoid urgent payments by planning ahead. Others, such as possible subscription costs cannot be avoided.
Introductory financing that is 0% APR promises for a certain period of time often come with deferred interest. Interest accrue accrued over your monthly balance, but the lender looks during the action period from. You avoid paying interest if you pay your balance in full pay before the promotional period ends. If you don't, or too late pay or fail to make a payment, you are responsible for all accrued interest during the promotion period.
- Repayment timeline.Interest-free loans often have short repayment terms.
Consequences for your
Some lenders who offer no-interest loans report missed payments to the credit bureaus, which can negatively impact your credit rating.
If an interest-free loan is not right for you, you want
maybe consider a 0% APR credit card. You can use it to buy
what you need and pay for it over time. You don't have interest
payable if you pay on time and have a $0 balance when the
promotion period ends.
How we get these loans
We have more than a dozen advances and apps for now
buy and pay later reviewed that offer interest free loans. We have
our choices made based on eligibility requirements, fee structure,
repayment terms, the ability to build credit and the
availability of tools to help manage your finances.