Buy Now Pay Later Video Game Consoles
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Gaming has taken a new dimension over the past two years. Having spent much time indoors, we seek video consoles that entertain and offer a unique gaming experience. The gaming industry is huge and will only expand in the coming years. Sony’s PlayStation 2 will likely be the best-selling video game console ever. The company has seen the tremendous success of the PlayStation 5 and is many units away from overtaking its top position with another gaming console. Nintendo Switch (and Nintendo Switch Lite) is on track to overtake Wii soon and become Nintendo’s top-selling home console.
While PS4 and Switch remain at the top, there are the rest-Microsoft and many others. There is Xbox Series X, Xbox One, and PlayStation 5 gaming systems to add to the list. If you want to gift yourself or your loved ones a digital console, consider the buy now pay later service to make the purchase easy and convenient.
Buy Now Pay Later is a deferred payment service many in the financial world offers. It is not a new concept and has gained popularity lately. It allows you to break the payments into smaller, easily-manageable chunks and has been around for a long time. The purchase amount is divided into equal installments you pay over the tenure. There is no hard credit check, and many companies offer interest-free payments if you stick to the repayment schedule. BNPL is ideal if you need to make purchases and don't want to use a debit card or apply for personal loans.
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Overview of the best Buy Now Pay Later video consoles
BNPL Company | Best for |
Affirm | Top retailers |
Afterpay | Gaming Accessories |
Klarna | Low monthly payments |
LutherSales | Best video game consoles |
PayPal | Widespread acceptance |
Quadpay | All video console brands |
Sezzle | Payment scheduling |
Zebit | 0% financing first 6 months |
Flexible Financing
Pay for your purchases in 4 installments over 6 weeks with 0% interest, or choose to pay monthly.
No Hard Credit Check
Sign up for Sezzle today with no impact on your credit, and get an approval decision within seconds!
For Merchants
Offer a responsible way for customers to pay later, driving increased basket sizes and incremental conversions.
Best Buy Now Pay Later video consoles
Affirm
A very popular Buy Now Pay Later service provider, Affirm is a preferred choice of many. It is available at several retailers, including Amazon and Walmart. It offers extended payment options and lets you choose three, six, or 12-month installment plans.
The purchases cannot exceed $17,500, and it will pull your credit score for an approval decision. You can choose the video console from Amazon or Walmart and opt for Affirm BNPL service.
You can get the PlayStation 5 Console for $449 and the Xbox Series X video game console- 1TB for $584. This payment can be made into different installment plans and as low as $48 for Xbox in a 12-month payment plan.
Pros and cons
Pros
- Available at top retailers including Target, Walmart, and Amazon.
- No late fees
- Convenient repayment plans to choose from
- Ideal for large purchases
Cons
- Credit will be used for approval
Afterpay
Afterpay is a well-known name in BPNL and allows you to pay for over six weeks. However, you will have to make a 25% down payment when you purchase. The balance amount has to be paid bi-weekly. Afterpay has no credit check and will not charge any interest if the payment is made within six weeks.
In case of late payments, late fees go as high as 25% of the purchase. You could be disappointed if you want to buy video consoles from Afterpay. It does not have major stores like Sony or Microsoft, so you must look for an alternative option. However, it does offer game accessories under BNPL.
Pros and cons
Pros
- No credit check
- No interest
Cons
- Very high late fees
- Does not have major stores like Microsoft or Sony
Klarna
Klarna has several stores where you can browse and look for the video console of your choice. You can choose the store you want to visit from the homepage and then look for the products. With Klarna, you can buy an Xbox Series S console for $268, and when you break it down into four installments, it will come down to $67 to be paid every two weeks. You can customize the console per your preferences by adding accessories and games. Klarna allows you to divide the purchase into four, including the down payment.
The payment will be made every two weeks, and no interest will be charged to them. You can also consider the Pay in 30 option, which allows you to make zero down payment and then pay the balance in full in 30 days. However, Klarna charges a subscription fee of $7.99 per month, and the monthly installment option will come with interest for larger purchases. Klarna has no credit check or interest if you make timely payments. In case of a default, there is a late fee as high as $35.
Pros and cons
Pros
- Flexible repayment plan
- No interest
Cons
- High late fees
LutherSales
LutherSales offers the best deals for video consoles, and if you are a gaming pro, this is where you will get the video console you have set your eyes on. You will find everything here whether you want the PlayStation 5, Nintendo, or Xbox.
You will get a pricing schedule based on the state and payment frequency you choose when you purchase. You can choose to pay bi-weekly, semi-monthly, or make a monthly payment. The approval will be based on your work history, not your credit report.
Pros and cons
Pros
- Your credit history is not considered
- Flexible repayment terms
- Purchase big-ticket items
- Best collection of video consoles
Cons
- You must be employed for one year at the current place of work
Flexible Financing
Pay for your purchases in 4 installments over 6 weeks with 0% interest, or choose to pay monthly.
No Hard Credit Check
Sign up for Sezzle today with no impact on your credit, and get an approval decision within seconds!
For Merchants
Offer a responsible way for customers to pay later, driving increased basket sizes and incremental conversions.
PayPal
A familiar name in the industry, we all recognize PayPal, and it has a handy Buy Now Pay Later service. You can enjoy Xbox deals, game passes, and accessories deals. You can also find a range of video game consoles at the Walmart store.
However, its BNPL service is worth noting. PayPal will offer a credit line, and if approved, you will have six months to make the payment interest-free. You do not have to pay any late fees or interest as long as you pay in full within six months.
Pros and cons
Pros
- Widely recognised
- Interest free
Cons
- Will have a credit check
- No Sony or Nintendo store
Sezzle
Sezzle has a convenient way to shop. You simply choose Sezzle at checkout and then pay in four installments. There are more than 48,000 brands to choose from. You can get the Xbox Series S console at the Target store for $299, choose from the many video consoles on GameStop, and buy gaming headsets from Walmart... gamers have no limits. They can use the financing options they want for an affordable payment method.
You pay in six weeks, and there is no interest rate or late fees. However, Sezzle allows you to push the bi-weekly payment if you have a financial emergency. You can then move the payment one more week without any extra charge, but you will have to pay $5 for each push-out if you continue.
Pros and cons
Pros
- Ideal for in-store purchases
- Several retailers
- Allows you to push out the payment
- No interest
Cons
- Pay in 4 is the only available option
Quadpay
Quadpay (previously Zip) offers a buy now, pay later service. It will provide you with a virtual Visa card for checkout, and you can buy from anywhere and choose Zip at checkout. If Zip is not available, you can use this Visa card. The payment will be made in four equal installments, and there is no interest.
You will be charged $1 as installment fees. The first installment will be your down payment. The late fees are as high as $10. You can simply download the app and shop from the retailers. With Zip, you can buy Microsoft Xbox consoles, Sony Playstation, and Nintendo Switch and pay in installments.
Pros and cons
Pros
- Interest-free
- Ideal for online and in-store purchases
- All video consoles available
Cons
- High late fees
Zebit
An ideal option for those who enjoy online shopping and find trouble qualifying for a personal loan, Zebit has many retailers you can choose from. It has no hard credit inquiry and allows you to buy Microsoft Xbox, Nintendo Switch, and Sony PlayStation through the BNPL service. However, it is not available in Washington, D.C.
Zebit will report the payment history to the credit bureaus, allowing you to purchase up to $2,500. You also get 0% APR financing for the initial six months. Simply make semi-monthly payments until the balance is paid off. To be eligible, you must have a Social Security number and an annual income of over $16,000.
Pros and cons
Pros
- No interest or fees
- Flexible installment payments
Cons
- High annual income requirement
Summary of the best Buy Now Pay Later companies for video console
BNPL Company | Microsoft Xbox | Sony PlayStation | Nintendo Switch | Payment Tenure | Credit Check | Interest |
Affirm | Yes | Yes | Yes | 3, 6 and 12 month | No | 0%, 10% and 30% |
Afterpay | No | No | No | Pay in 4 installments | No | No |
Klarna | Yes | No | Yes | Pay in 4 installments | No | Up to 29.99% |
LutherSales | Yes | Yes | Yes | Up to 36 months | No | No |
PayPal | Yes | Yes | Yes | Pay in 4 or monthly | Yes | No |
QuadPay (formerly Zip) | Yes | Yes | Yes | Pay in 4 installments | No | No |
Sezzle | Yes | Yes | Yes | Pay in 4 installments | No | No |
Zebit | Yes | Yes | Yes | Semi-monthly over 6 months | No | No |
FAQs
What will happen if I fail to pay BNPL?
If you do not make the BNPL amount on time, you will incur a huge amount of debt since the company will charge interest on the amount you have to pay. Additionally, it will also attract late fees. When the company reports it to the credit bureau, you will see a decline in the credit score and it will make it difficult to get a loan in the future.
Are layaway and buy now, pay later the same?
Buy now, pay later and layaway is different. They involve making installment payments but in layaway, you receive the purchased item when you pay in full. In BNPL, you get it as soon as you make the initial down payment.
Can I purchase anything using the BNPL service?
Yes, a lot of retailers allow you to buy anything through BNPL including electronics, home decor items, handbags and more. However, based on the company you choose to work with, you can take a look at their store directory. Many companies offer online and in store purchases, making it easier for you to buy products.
Flexible Financing
Pay for your purchases in 4 installments over 6 weeks with 0% interest, or choose to pay monthly.
No Hard Credit Check
Sign up for Sezzle today with no impact on your credit, and get an approval decision within seconds!
For Merchants
Offer a responsible way for customers to pay later, driving increased basket sizes and incremental conversions.
The bottom line
Do not let your credit history limit you on what you can purchase. You can get the best video console in the market with these BNPL companies. You no longer need to worry about personal loan approval or use a credit card for this purpose. If you want to buy a video console, you have several options. BNPL service providers have flexible payment plans and do not charge interest. However, some companies do have a soft credit check.
Buying a video console with BNPL is easy and convenient. You simply need to choose the BNPL option at the time of checkout. However, timely repayment is important. If you fail to pay the monthly installments, it could attract interest, late fees, and some lenders may also report to the credit bureaus. This is why BNPL works for some and doesn’t work for others. It is an excellent way to make purchases if you can handle the monthly payments and always pay your debt on time. You could also be tempted to buy more than you can afford, and it is best to consider your financial situation before making a move.
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Writer
Vandita Jadeja is a financial writer and editorial assistant at Joywallet. She loves to read and write about money and brings 7 years of experience from the financial industry. She loves coffee, mountains and sunsets.
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