9 Best Buy Now Pay Later Options in Singapore

Kevin Miles
August 30, 2023
Personal Finance

Buy now, pay later. We’ve all heard the phrase, but is actually using BNPL companies or apps as easy as it sounds?

In a word, yes – though there are a few caveats recently highlighted by the likes of The New York Times. Put simply, BNPL apps can help you immensely with managing cash flow, but hidden fees, monthly payment plans, interest, and other factors need to be carefully considered first.

Despite this, BNPL companies remain hugely popular in Singapore – and with good reason, too. PR Newswire recently noted that the BNPL industry in the city-state has seen “strong growth” of late, and this comes as no surprise – because living costs are rising, and BNPL offers a straightforward solution to short term financing hiccups. So, without further ado, here’s a guide on how they work and which apps are best.

What are BNPL Apps?

Whether you’re worried about paying toward impending debts or bills, or you just want some extra cash to splash on your favorite brands, BNPL apps offer consumers like you a simple solution – buy now pay later.

Of course, this basically involves short-term borrowing that enables you to make purchases now and then pay for them via smaller payments over a set period of time. In this way, BNPL companies are a bit like credit card companies or installment Payment Plans (IPPs), but of course they are app-based and much less hassle. They’re usually also available on an interest free basis. Win.

In a nutshell, BNPL allows for one-time late payments, sometimes with participating retailers, sometimes wherever you please. For example, GrabPayLater might let you pay for online shopping, taxi rides, or deliveries today and settle one or more of the above in your Grab App via monthly payments or installments later down the line. Another provider might give you more flexibility than this.

One thing worth noting is that BNPL apps are not the same as IPPS – and it’s important to understand the differences between each if you’re currently weighing up both borrowing options. Here’s how the two compares:

	Buy Now Pay Later	Instalment Payment Plan
What is it?	A short-term financing plan that allows you to, literally “buy now pay later”	A method of breaking up your larger purchases into smaller payments via your credit card
Who is it offered by?	Specific BNPL companies and apps	Banks and credit card companies
Is it interest free?	Yes, usually	Yes, though “processing fees” of up to 5% may apply
Easy approvals?	Generally, quick and easy approvals	Approval at bank or credit card companies’ discretion
Who bears the credit risk?	The BNPL provider	The bank / credit card company
How long are repayment periods?	Short – usually 3-4 months	Long – usually 12-36 months
What is it most suitable for?	Smaller or mid-priced items and costs	Larger or more expensive items or costs

Both of the above are installments-based plans, and their function is to essentially break the cost of your purchases down into smaller payments. They’re also both typically interest free.

That said, you’ll need a credit card for an IPP (which means a $30,000 minimum income), whereas Buy Now Pay Later can be attained much more easily without one – albeit with a lower credit limit and a much shorter repayment period. Of course, late or admin fees will apply to both.

Does Using a Buy Now Pay Later App Affect Credit Scores in Singapore?

We have more good news for you – using BNPL apps usually won’t affect your good credit score one jot. That said, there are, of course, a few caveats here. In short, there is a chance you might upset the credit bureaus if:

You rack up an unfavorable late payment history.
You simply don’t pay.

This is still much less strict than IPPs, where missing just one payment could see your credit score impacted by way of comparison.

Pros and Cons of BNPL Apps – From Better Cash Flow Management to High Late Fees

Buy Now Pay Later is hot right now. Real hot, in fact. A recent IDC report carried out by 2C2P found that BNPL spending is expected to skyrocket by almost $8 billion by 2025 in Southeast Asia alone. But why is it so popular? And what are its downsides? Here’s some handy pros and cons for you to note down:

Pros

Quick and easy to get approved for.
Convenient – BNPL companies are usually app-based.
Interest-free.
Your credit score ordinarily won’t be affected.

Cons

Lower credit limit than an IPP.
Easy to lose track of your installments.

Buy Now Pay Later Apps and Platforms in Singapore – In Brief

The best Buy Now Pay Later apps on the Singaporean market right now are, for sure, Atome, Rely, Payslowslow, ShopBack PayLater, SingTel PayLater, LatitudePaySG and Hoolah. Let’s jump into what makes each stand out, and why you might want to consider these easy-to-use apps over loans and other financial services.

We’ll start with a handy table regarding what you need to know about installments and key features, then jump into reviews of individual lenders.

	Payment Frequency	Late Fee	Payment Method	Interest rates (on purchases)
Atome	3x interest-free payments – 1x at the point of purchase, 2x 30-days apart	$15-$30 admin fee for each late bill payment	Most major credit/debit cards	0% interest
Rely	4x interest-free payments due every two weeks	$1-$40	DBS, POSB, UOB, OCBC and more	0% interest
PaySlowSlow	4x no-interest payments	$15 a month with $150 cap	All credit/debit cards	0% interest
ShopBack PayLater	3x monthly instalments due over 3 months	$5-$30	Singapore-issued VISA and MasterCard cards	0% interest
SingTel PayLater	6 weeks to 36 months	$10-$40 across all apps	Credit card or eNETS	0% interest
Grab PayLater	4x monthly instalments	$10-$30	Credit/debit cards and PayPal	0% interest
LatitudePaySG	Choose from 3, 6 or 12 monthly payments	$5 or 1.5% of the purchase value	Singapore-issued credit and debit cards	0% interest
Hoolah	Instalments are due 30 and 60 days after your purchase.	$5-$30 on each missed payment	Debt and credit cards	0% interest

Buy Now Pay Later Apps in Singapore – In Detail

By this point, you’re probably feeling pretty confident about using Buy Now Pay Later services, right? But wait – before you decide on which BNPL financing provider is right for you, check out these mini reviews first:

Atome – The Best Buy Now Pay Later App Overall

With Atome, you can split your next purchase into three or more payments – each of which can be easily tracked via their app. But where can you shop? Well, take your pick. Shein, Sephora and other big-brand retailers are eligible, and, with some of your favorite brands, you’ll have the option to secure more time for your repayments if needed, too.

Payment Structure and Info

Three interest free installments.
Longer pay later options are available if you need them.
Most credit/debit cards are accepted.
$15-$30 admin fee on late payments.

Reviews

“Superb, prompt service” – Dennis Lim
“A very good app to use and pay with” – Lim Kim Tian

Rely – The Best Buy Now Pay Later App for Rewards

Recently acquired by fellow buy now pay later Service Pace, which isn’t quite so popular as this one among users and past customers, Rely sets interest rates at zero, charges no hidden fees, and lets you link credit and debit cards to boost your rewards-earning potential.

Payment Structure and Info

Pay for your purchase via four no-interest payments.
Installments due every two weeks.
Pay via DBS, POSB, UOB, OCBC and more.
Get instant approval.

Reviews

“I feel secure using Rely” – Nur Farah
“Convenient for monthly earners like me” – Mike Casiles

Payslowslow – The Easiest Buy Now Pay Later App for First-Timers

You can track your spending history, split purchase costs across 4 hassle-free payments, and even claim a $10 discount with your first purchase with Payslowslow. Their motto is “take it easy, pay it breezy” and their app honestly couldn’t be simpler to use even if it tried.

Payment Structure and Info

Pay your first installment with debit/credit card.
Maintain sufficient funds every 30 days to swerve late fees.
All major credit/debit cards accepted.
$10 discount available with code “<FIRSTIME>”.

Reviews

“Fast approval – easy to use” – Vincent Chen
“Good customer service” – Elise Shaw

ShopBack PayLater – Best Buy Now Pay Later App for Interest

You’ll pay 0% interest charges on purchases so long as you pay in three months with ShopBack PayLater. Their app packs in great tracking tools, and you can start shopping at JD Sports, Nike, Sephora, Pomelo, and other popular stores and brands once you sign up.

Payment Structure and Info

Pay in three monthly installments.
Singapore-issued VISA and MasterCards are accepted.
Pay over three months.
$30 max cap on late payment fees.

Reviews

“You won’t regret using this app” – Muhd Hazmi
“Easy to use” – Vaster Orlando Maverick

SingTel PayLater – The Best Buy Now Pay Later App for Tech Purchases

Singapore Citizens and Permanent Residents looking to stock up on the latest tech can apply for SingTel Pay Later – another of our absolute favorite buy now pay later apps. Though of course, this being a SingTel service, you can only really use it on smartphones, AirPods and whatever other tech gadgets they have in-store.

Payment Structure and Info

Pick instalments frequencies from 6 weeks to 36 months.
Pay via credit card or eNETS.
Late fees of $10-$40.
Great for gadgets.

Reviews

“Awesome staff” – Douglas Kang
“Always a great experience” – Lee Mel

Grab PayLater – The Best Buy Now Pay Later Service for Existing Grab Users

If you already have the super-convenient Grab App, you’ll find GrabPayLater incredibly easy to get started with. Better yet, you can earn GrabRewards Points at a rate of 1.2% whenever you use their buy now pay later payment service on rides, deliveries, and more.

Payment Structure and Info

Pay 4x monthly installments.
Pay only ¼ of the total bill upfront.
Get 1.2% back in GrabRewards Points.
$30 cap on late fees.

Reviews

“A great experience” – Adele
“I highly recommend to anyone” – Lee Jun Wei

LatitudePaySG – Best Buy Now Pay Later Service for Flexibility

Ranked #38 in Finance on Apple’s App Store right now, LatitudePaySG is a truly awesome Buy Now Pay Later App. Particularly so if you value flexibility, as they’ll let you choose between three, six, and 12 monthly installments. No interest is charged, either, but admin fees may apply – so do watch out for these.

Payment Structure and Info

3-12 monthly payment options are available.
Singapore-issued credit cards are accepted.
Late fees of $5 or 1.5% of the purchase value apply.
0% interest always.

Reviews

“Making payments is swift and sweet” – 沁柒
“Simple and easy to use” – Njunde

Hoolah – Best Buy Now Pay Later Service if You’re on a Budget

If you’re on a tight budget, Hoolah is a super-attractive option. You can enjoy 0% interest installments when you use buy now pay later to shop with super-popular partners. Purchases can be split across three installments, with the first due the day after your purchase and the next 30 and 60 days later, respectively.

Payment Structure and Info

0% interest.
Instalments due 30 and 60 days after your purchase.
Pay via credit/debit card.
Late fees are $5-$30 on each missed payment.

Reviews

“Convenient and hassle-free” – Shiela Irwan
“Such excellent service” – Loo Aik Ong

Final Takeaway – Here’s What to Consider Before Downloading BNPL Apps

So, in summary, then – a buy now pay later app acts as a quick and easy short term financing solution when you need cash. In essence, these apps let you buy today and worry about paying later down the line, with payment plans, fees, and charges varying from app-to-app. But which BNPL service is right for you? Consider the following before you decide:

Buy now pay later is faster, easier to grab hold of, and usually better from an interest standpoint when compared to the likes of IPPs, but repayment periods tend to be way shorter – which won’t always suit your needs.

Some apps offer more buy now pay later options, repayment plans, and general all-round flexibility than others.

Depending on the buy now pay later service you choose, users might be limited to spending at specific eligible shops or services – and late fees may apply if you miss a payment. A good credit score could be hindered if you miss a lot of payments.

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