Quadpay Review: A ‘Buy Now, Pay Later’ Service That Simplifies Making Interest-Free Payments

GOBankingRates Score

4.7
Our take: There are times when you need to make a larger purchase. You could charge the amount to your credit card and pay the balance over time, but the interest rate may be high and your credit score could be affected if you're close to the credit limit. Quadpay makes it simple for you to buy now and pay later by breaking down your purchases into smaller payments. You can pay for larger transactions in four installments over six weeks without the expensive interest charges.
  • Ease of Use
    5.0
  • Mobile App
    4.8
  • Customer Service
    4.6
  • Fees
    4.5
How did we calculate this?

Pros

  • Pay 25% down and the remainder in three additional installments
  • Interest-free payments
  • No credit check
  • The Quadpay mobile app works at any retailer that accepts Visa 

Cons

  • You'll need approval for each purchase
  • Installments only — no early lump-sum payments
  • Late payments cost $7-$14 per order

What Is Quadpay and How Does It Work?

Quadpay started in 2017 as an alternative to credit cards and installment loans. The payment platform allows you to apply for installments on purchases, scheduled as an upfront payment of 25% of the balance and three additional interest-free payments over the next six weeks.

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Quadpay charges $4 for each purchase. That’s $1 per installment instead of the interest charges you’d typically pay using a credit card or loan. You’ll need to apply each time you want to pay later by choosing the platform as your form of payment, but you’ll receive an answer instantly. Multiple installment plans are possible, as long as you can afford them.

When you use Quadpay, you won’t have to worry about hard credit pulls affecting your credit score. Quadpay doesn’t check your credit to approve your installments.

There are two ways to use Quadpay. Here’s a look at each option.

Quadpay for Chrome

The Chrome extension tells you how much each installment is during the checkout process. You’ll need to follow these steps:

  1. Provide your cellphone number to receive a confirmation code.
  2. Enter the code.
  3. Enter some personal information to verify your identity, such as your date of birth.
  4. Wait for approval of the purchase.
  5. Once approved, enter your credit or debit card details for repayment so your installments can be automatically charged to the card provided.

Sponsors of

Quadpay Mobile App

Using the mobile app expands the possibilities of where you can shop. You can buy items online or in-store anywhere Visa is accepted. When you’re out shopping, follow these steps to get started:

  1. Open the app.
  2. Choose whether you’re paying online or in-store.
  3. Enter the retailer’s name.
  4. Tap on “Create a Card.”
  5. Enter a total for the purchase request based on how much you think you’ll need for the purchase.

Keep in mind that it’s better to overestimate the amount — you’ll only be charged the amount you ultimately spend. Otherwise, your request will be denied.

You’ll receive a decision right away. Your Quadpay Visa card, which you’ll use to make the purchase, will appear in your mobile wallet. The first installment of 25% will be charged to your payment card at the time of purchase. The other three installments will be spread out over the next six weeks.

User Experience

Quadpay is a good way to break up larger transactions into budget-friendly payments. You won’t have to worry about high interest rates or late fees unless you provided a credit card that declines — the process is automated and your payments will be charged to the credit or debit card you provided over the next six weeks.

Sponsors of

Customer Service

If you need help with a transaction or need to reach out to customer service, you can:

  • Reach out to a representative via live chat. Assistance is available seven days a week, from 9 a.m. to 9 p.m. ET.
  • Submit a request
  • Email support@quadpay.com

Mobile and Digital Experience

The mobile app is the best way to access all your favorite retailers and manage your installments. It has high reviews from both Android and iOS users.

Convenience and Ease of Use

Getting an installment plan for your shopping spree is simple, but you’ll need to request the service for each purchase. Because each transaction is reviewed for approval, you may not always receive positive news. You can have multiple purchase installments open — as long as you can afford to repay the items back over six weeks, you shouldn’t have an issue.

Quadpay Fees

Although the biggest selling point of using Quadpay is the interest you’ll save, you’ll need to watch out for a couple of fees:

Sponsors of
  • Installment fee: $1 per installment payment, $4 total per purchase
  • Late fee: $7 for every seven days late, for a maximum of $14 per purchase

Quadpay vs. Competitors

Quadpay isn’t the only platform providing installment payments for purchases. Compare how Quadpay measures up.

Platform Best For
Quadpay Interest-free payments
Affirm Longer repayment periods
Afterpay No fees
Klarna Flexible payment options

Quadpay vs. Affirm

Both companies provide you with the option to pay for your purchases in installments, but Affirm offers longer terms — usually up to 12 months. The issue is that Affirm works more like a credit card, charging you interest of up to 30% APR. Quadpay’s flat-rate pricing is a better deal if you can repay your balance in six weeks.

Quadpay vs. Afterpay

Afterpay also sets up your purchases into four installments. The main difference is that Afterpay won’t charge you any fees, so you’ll save yourself the $1 per installment you’ll pay when you choose Quadpay. Don’t be late on your payments with Afterpay — you’ll get hit with a late fee of up to 25% of your order’s value.

Sponsors of

Quadpay vs. Klarna

Klarna has a similar setup to Quadpay and its own list of participating retailers, but it gives you more options. You can pay back your purchase in four installments; choose to pay the full balance in 30 days after the item is delivered; or go with up to 36-month traditional financing like a credit card or loan — if you don’t mind paying interest.

Final Take

The concept of shop now, pay later isn’t new, but it’s definitely more innovative today. Quadpay makes it simple and affordable to pay back your purchase by applying for installments. You don’t have to worry about forgetting to make payments or keep up with the multiple purchases you’ve set up for Quadpay — the installments will be charged to your credit or debit card when they’re due.

Editor’s Favorite

The Quadpay mobile app is the best feature. You can get instant approval through the app before you go shopping by providing an estimate of how much you’ll need. Best of all, you won’t be limited to certain retailers — the app will work anywhere Visa is accepted.

Quadpay FAQ

Here are the answers to some commonly asked questions about Quadpay.
  • How does Quadpay make money?
    • Quadpay doesn't charge a penalty in the form of high interest. Instead, you'll pay $1 for each installment payment. And if you're late, there's a penalty of $7 for every seven days, for a maximum of $14 per approved purchase.  
  • What stores accept Quadpay?
    • You can shop with Quadpay at any store that accepts Visa.
  • How long do I have to repay my Quadpay purchase?
    • Quadpay automatically sets up four installments when you apply. You'll need to provide a credit or debit card number for the installments. The first 25% is charged at the time of purchase and the remaining three will be scheduled over six weeks. 

About the Author

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.
Quadpay Review: A ‘Buy Now, Pay Later’ Service That Simplifies Making Interest-Free Payments
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