Perpay Review: Is It Worth Using For Online Shopping?

Perpay is a financial platform that allows you to buy your favorite products while paying over time through payroll direct deposit and building your credit along the way.

These days, credit cards offer convenience for big purchases, but they generally come with high interest rates, which makes it that much more expensive.

If you don’t have a lot of cash to spare, you may consider a BNPL option like Perpay. It’s sort of a modern-day version of layaway, except BNPL is a type of short-term financing that lets you make the purchase now and pay for it later. 

Explore our Perpay review and what the company has to offer. 

What Is Perpay?

Perpay is a financial e-commerce marketplace where you can buy products, pay over time, and build your credit. The Philadelphia-based company works with popular brands to provide an enticing platform for many shoppers. With a small team of employees, this growing company is working to help American budgets.

What Does It Offer?

Perpay is an interesting platform. Here’s what it has to offer.

Pay For Purchases With Installments

The major feature of Perpay is that you can pay for your purchase with installments. So, instead of paying a few hundred dollars for an item all at once, you can break the cost up into smaller payments.

Once your order is approved you can set up your payment. Perpay will only accept payments through your payroll direct deposit. You can login to your payroll provider within the Perpay experience to set up your direct deposit or you can have your employer set it up if you are unable to access your payroll portal.

The exact number of installments varies. But the company will ship out your item as soon as you make your first payment. Extra payments can be made with a credit card, but to process an order for shipment we must receive the direct deposit payment.

No Credit Check

If you are wary of a credit check, you won’t have to worry about that with Perpay. When signing up, you will receive a spending limit on average of $1,000. Your spending limit is generated based off of your net income.

Once you have your spending limit set up, you can start shopping with Perpay. 

Shop Thousands Of Brands Without Needing A Lot of Upfront Cash

You can shop for thousands of brands through the Perpay marketplace. A few of the most popular brands on the app include Apple, Beats, Coach, KitchenAid, Micheal Kors, and Samsung. 

Once you find an item you want to purchase, you can choose to break up the cost into small installments. And the best part is that you won’t have to pay interest on the payments.

Credit Building Service

Since you are making regular payments to Perpay, credit building is an option. According to the company, customers using Perpay+ see an average credit score increase of 36 points in the first 3 months!

To enroll in Perpay+, the credit building feature, it will be a $3 monthly fee. They’ll report your credit history once you have at least 4 months of on-time successful payments, that exceed a total of around $200.

Once you qualify for credit building, they will start reporting to 3 major bureaus (Experian®, Equifax®, and TransUnion®)

Are There Any Fees?

When you want to break up the cost of a purchase, it’s difficult to avoid interest charges. When working with Perpay, there is no interest charge. 

Even with a 0% interest rate, there are still other costs involved.

The Perpay marketplace is full of items that the company bought directly from retailers. Perpay's prices are generally comparable, but may be higher than a typical retail store. However, they provide a unique shopping experience, offering the convenience of paying over time, and the ability to build your credit. While there is a small convenience factor, they do not charge interest or fees, and ship the order after only one payment!

For buyers remorse returns there will be a $10 shipping fee and 5% restocking fee. For those considering the credit building feature, Perpay+ costs an extra $3 per month.

How Does Perpay Compare?

Perpay isn’t the only Buy Now Pay Later service out there. 

If you are looking for a service that offers more flexibility in the number of installments, then Perpay is a good option. But if you want to shop directly through a retailer, then Afterpay, Affirm, and Klarna might be a better fit. Also, if you tend to have buyer’s remorse, Perpay may not be a good fit for you.

How Do I Open An Account?

To sign up for Perpay, you’ll need to set up an account with your name and email. 

After that, the company will ask about your employer, paycheck amount, and paycheck frequency. With that information, Perpay will set a spending limit. 

From there, you can start shopping!

Is It Safe And Secure?

Perpay will not share your personal information with anyone, except law enforcement. If you are enrolled in Perpay+, they will also share your information with the credit bureaus to report your payments.

The company protects your data with industry-standard policies such as off-site storage and SSL certificate technology.

Contact

There are limited options to speak to a customer service rep at Perpay—you have to use a contact form on their website. 

Is It Worth It?

Perpay is one of many ways to split up the cost of a purchase into multiple payments. Although this is an undeniably valuable service, it’s not the only way to split up your costs. 

It’s a good idea to shop around for the best price on an item before committing to Perpay. You don’t want to overpay. That’s especially true when so many retailers are working with BNPL services directly on their site. 

Perpay is a good choice if you’ve done your price comparisons and found the cheapest with Perpay. Or if you’re looking for a way to build credit through your purchases, then Perpay+ is worth considering. 

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