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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
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.
Pros and Cons of Perpay
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
Does Perpay report to credit bureaus?
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.
Is Perpay good for credit?
Perpay can be good for your credit if you sign up for Perpay+ and make consistent, on-time payments.
Is Perpay legitimate?
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.
What happens if you don't pay Perpay?
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.
Are Perpay payments weekly or monthly?
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.