Founded in 2016 by Chris DiMarco, Perpay is a banking app that lets customers shop for items in their online marketplace and pay over time with their paychecks. The app also reports payment history to major credit companies so users can increase their credit score without a credit card.
Perpay has 1000+ brands in its marketplace, including Samsung, Marc Jacobs, PS4 and Kitchen Aid. It is affiliated with credit companies such as Experian, Equifax and Transunion. No credit check is required to join the app.
What is Perpay?
Perpay is a buy-now, pay-later banking service that lets users shop in their marketplace without paying upfront. Instead, the app deducts small payments from the customer’s paycheck over time. There is no credit card check, no security deposit and the even better news is you can increase your credit score while using the app.
Located in Philadelphia, Perpay believes that everyone deserves a path to financial stability. Their partners include major players in the financial industry like JP Morgan and Chase, Experian and First Round, and they house over 1000+ brands in their marketplace.
Is Perpay a Bank?
No, Perpay is not a bank. They are a Buy-Now, Pay-Later (BNPL) financial technology company accessible through the Perpay app. The service allows users to shop for items, pay later through small installments from their paycheck and build their credit score.
How Perpay Helps Build Your Credit
When you purchase Prepay, they send reports of your spending limit to major credit bureaus like Experian, Equifax and Transunion. These reports can help build your credit over time, with the average increase estimated at 39 points per user.
However, Perpay does not automatically send payment information to the companies. As a customer, you must complete four months of on-time payments exceeding $200. You should also activate the service by clicking the Perpay+ button on your dashboard.
Perpay Key Features
Perpay has many features that make it a successful buy-now, pay-later banking service, but five of the main ones are:
- Easy Payments: Payments in Perpay are made directly from your paycheck account, making it easy and convenient.
- Credit Building: With its product Perpay+, the app sends your payment history and spending limit to major credit card bureaus, which can help build your credit score. Your credit score may change depending on how you use Perpay.
- Fast Shipping: Perpay works with multiple suppliers and distributors to offer customers fast shipping at a minimal cost.
- No Interest, Minimal Fees: Perpay does not charge their customers interest or accrues. The only mode of payment is through small installments from your paycheck.
- Quality Brands: Perpay provides products from quality brands in the marketplace, allowing customers to get a hold of them without much hassle. They have partnered with some quality brands: Marc Jacobs, Samsung and KitchenAid.
What Are the Requirements to Join Perpay?
You do not need to pass a credit check or a security deposit to join the Perpay community. However, this does not mean that anyone can sign up to use the app. To qualify to be a member, you should:
- Be a US Citizen aged 18 years old and above.
- Have a full-time job with at least 3 months of income (independent contractors and gig workers are not legible).
- Be paid through direct deposit.
- Have a working mobile phone capable of installing the app.
- Have no existing debt with other companies.
- Have an excellent financial history with no active bankruptcies.
What are the Benefits of using the Perpay App?
As a Buy-Now, Pay-Later fintech app, Perpay has many benefits that its users enjoy. Some of them include:
- Ability to shop for items you want instantly and then pay later.
- Chances of increasing your credit score when the app sends your spending limit and payment history to the major credit card bureaus.
- Easy payment because money is directly deducted from your paycheck.
- No interest fees or accrues to pay.
- Access to quality brands and over 1000+ other brands.
How Does Perpay Compare to Other Credit Building Solutions?
Perpay is one of the few Buy-now, Pay-Later services, but among many credit building solutions. For example, using a credit card or saving money in your bank are the most common ways to build your credit. However, Perpay offers a better service than them because, with the app, there is no interest, no fees, and no credit card check.
With other BNPL platforms like Sezzle Up, Affirm and SplitIt, Perpay reviews fare well, with some customers praising the service while others prefer different platforms.
Is Perpay Right for You?
If you would like to buy items and pay for them later using your paychecks while increasing your credit score, then Perpay is right for you.
How to Get Started with Perpay
The first thing you should do before getting started with Perpay is to ensure that all your financial information is in order. If they are, then proceed to:
- Create a Prepaid Account profile by uploading your personal banking information to determine your spending limit.
- Browse the Perpay marketplace and add items to your cart.
- Submit the cart to the approvals section and wait for your order to be approved. The waiting time can be between a few hours to two business days.
- When approved, click the “pay later” button to get your items once you receive your paycheck.