With so many financing options available, getting that new couch or that new dress shouldn\u2019t be so hard. Whether it is bad or zero credit, you can still buy what you want with modern financing solutions.<\/p>\n\n\n\n
Companies like Klarna and Quadpay bring your wishlist closer to you with a variety of installment plans so you can easily afford more items. They allow consumers to make convenient purchases by offering POS or point-of-sale loans. POS loans are loans offered at the point of purchase. These are available when you checkout online or when you pay at the cash register of a retailer\u2019s physical store.<\/p>\n\n\n\n
You may have heard of these two providers and may have wondered which one is right for you.<\/p>\n\n\n\n
Let\u2019s take a look at both to find out.<\/p>\n\n\n\n
To get started you only need to download the app or make an account on their websites.<\/p>\n\n\n\n
With Klarna<\/a>, you can purchase an item by choosing the Klarna option at checkout, after which you go through a quick affordability assessment. Once approved, you can go ahead and finish purchasing the way you normally would.<\/p>\n\n\n\n If you\u2019re using Quadpay<\/a>, you\u2019ll need to sign up for an account and link your credit or debit card to it before using it. There are, however, a few restrictions in creating an account with Quadpay. <\/p>\n\n\n\n Klarna does a soft credit check on your financial history which won\u2019t affect your credit score.<\/p>\n\n\n\n Quadpay is even simpler as you only need to be a U.S. citizen and be above 18 years of age to qualify.<\/p>\n\n\n\n Once you\u2019re done with signing up and are approved, you can make purchases through their websites, via their apps, or in-store.<\/p>\n\n\n\n Klarna has three payment options while Quadpay only has one. Let\u2019s take a closer look at these.<\/p>\n\n\n\n Pay in Four Plan<\/strong><\/p>\n\n\n\n With this plan, you can pay in four installments without any interest. The first installment is due when your order is shipped and the rest are scheduled every two weeks for the next six weeks. You get two chances to make the payment. If they don\u2019t receive payment the second time, an additional $7 in late fees is applied.<\/p>\n\n\n\n Pay in 30 Days Plan<\/strong><\/p>\n\n\n\n This plan requires you to pay the loan amount within 30 days from the date of purchase. It allows shoppers to try the product and return it if they don’t like it. As long as you return the item within the first 30 days, you won\u2019t be charged anything. This is a great option if you want to try a product out without paying anything until you\u2019ve decided to keep it.<\/p>\n\n\n\n Pay in 6 to 36 Months Plan<\/strong><\/p>\n\n\n\n With this plan, you get a one-time-use card offered by WebBank<\/a> in partnership with Klarna. To qualify for this plan, you need to complete an application. Upon approval, you receive a card that you can use. It is much safer to use as the card protects users against identity theft and scams.<\/p>\n\n\n\n The payments are scheduled for six to 36 months with a fixed interest rate, payment amount, and due date. Klarna does, however, charge a 19.99% interest rate for missed payments. Don\u2019t worry, the interest rate is only applicable if you miss a payment. There are no annual fees either.<\/p>\n\n\n\n Pay Now<\/strong><\/p>\n\n\n\n There is a fourth payment method that Klarna offers, the Pay Now option. You can use it to make full payments but at lower prices when using the Klarna app.<\/p>\n\n\n\n Four Installments Plan<\/strong><\/p>\n\n\n\n Quadpay\u2019s plan allows shoppers to pay for in-store or online purchases in four installments over six weeks. The first installment is collected at purchase and the rest after the first month. However, Quadpay doesn\u2019t charge any interest rates or fees on these installments other than if you miss a payment.<\/p>\n\n\n\n In case of missed payments, Quadpay does charge a $5, $7, or $10 fee which is based on where you live. Quadpay also doesn\u2019t ask for any extras fees if you end up prepaying your loan.<\/p>\n\n\n\n We compare these two providers side-by-side so it\u2019s easier to weigh them.<\/p>\n\n\n\n Pros<\/strong><\/p>\n\n\n\n Cons<\/strong><\/p>\n\n\n\n Pros<\/strong><\/p>\n\n\n\n Cons<\/strong><\/p>\n\n\n\n Klarna is a better option than most online lenders due to its many payment plans. It doesn\u2019t charge interest or hidden fees. If you miss your first due date while under its Pay in Four Plan, they give you a second chance to make a missed payment.<\/p>\n\n\n\n The 30-day plan is also a nice touch for shoppers who want the assurance of an easy return without putting any money on the line. Shoppers who are looking for a more secure way to purchase items will appreciate the one-time-use card.<\/p>\n\n\n\n Quadpay offers only one payment plan. It\u2019s a plan suitable for those who are confident in their ability to pay the installments on schedule. It is also great if you\u2019re looking to build up your credit score.<\/p>\n\n\n\n The four installments are spread out over six weeks and is ideal for those needing a short-term financial fix. However, if you can\u2019t stay on top of the installments, you may end up paying much more in late fees.<\/p>\n\n\n\n If you are tired of asking Google, \u201cIs Klarna better than Quadpay<\/strong>?\u201d or \u201cWhat point-of-sale loan provider can I qualify for?\u201d then we\u2019ve hopefully cleared it up for you.<\/p>\n\n\n\n If you\u2019re trying to decide between using your credit card<\/a> or Klarna and Quadpay, we\u2019ve just made your life easier by listing the pros and cons of each. Take a look below.<\/p>\n\n\n\n Pro<\/strong>s<\/p>\n\n\n\n Cons<\/strong><\/p>\n\n\n\n Pros<\/strong><\/p>\n\n\n\n Con<\/strong> <\/p>\n\n\n\n POS loans are better than credit cards or personal loans in a lot of ways. For consumers with poor spending habits or those who frequently miss scheduled payments, they are less advantageous since Klarna and Quadpay both penalize late payments.<\/p>\n\n\n\n However, if you\u2019re diligent with handling your finances and keeping up with payment schedules then the four, six, and even 12-month installment plans can work in your favor.<\/p>\n","protected":false},"excerpt":{"rendered":" With so many financing options available, getting that new couch or that new dress shouldn\u2019t be so hard. Whether it is bad or zero credit, you can still buy what you want with modern financing solutions. Companies like Klarna and Quadpay bring your wishlist closer to you with a variety of installment plans so you …<\/p>\nHow to Qualify?<\/h3>\n\n\n\n
Payment Options: Klarna Vs. Quadpay<\/h3>\n\n\n\n
Klarna Payment Plans<\/h4>\n\n\n\n
Quadpay Payment Plan<\/h3>\n\n\n\n
Pros and Cons<\/h3>\n\n\n\n
Klarna<\/h4>\n\n\n\n
Quadpay<\/h3>\n\n\n\n
Klarna Vs. Quadpay: The Verdict<\/h3>\n\n\n\n
One Payment Option With Quadpay<\/h4>\n\n\n\n
Klarna and Quadpay Vs. Credit Cards<\/h3>\n\n\n\n
Credit cards<\/h4>\n\n\n\n
POS Lending (i.e. Klarna and Quadpay)<\/h4>\n\n\n\n
<\/h2>\n\n\n\n
Final Word on POS Lenders<\/h2>\n\n\n\n