Zebit Review: Is It a Legitimate Way To Buy Now, Pay Later?
GOBankingRates Score
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Application Process
4.8
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Spending Limits
4.3
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Payment Process
4.8
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Variety of Product Types
4.3
Pros
- No interest or hidden fees charged
- No application fee
- Six-month repayment term
Cons
- Higher spending limits available elsewhere
- Wider product selections available elsewhere
About Zebit
Zebit is one of the entries in the “buy now, pay later” genre. Without using a credit card or putting an item on layaway, a shopper can buy something from Zebit’s marketplace and use it immediately, dividing the payments into installments over the next six months. In fact, Zebit and its competitors are becoming increasingly popular among consumers. On Black Friday 2021, 5.6% of in-store purchases were made through a buy now, pay later service, according to payment tracker PYMNTS.com. Online, the number reached 8.2%.
Zebit launched in 2015 with the goal of bringing 0% financing to people who are underserved by traditional credit providers. Its mission is to make online shopping available to everyone, no matter what their financial history.
Zebit’s Application Process
Using Zebit requires filling out an online registration form. You’ll start with your email address, then enter a few other pieces of information, including your Social Security number. Zebit won’t pull your credit score, and the company says the credit inquiry it makes won’t affect your score. Instead, it takes information gleaned from credit reporting agencies and applies it to the criteria it uses to determine your creditworthiness through other sources. Zebit’s website notes that not all who apply will be approved for credit.
At the time of application, Zebit will verify your identity, income or employment. You must be at least 18 for consideration.
Pros:
- Easy application process
- No impact to credit score
- Credit available to those who aren’t traditional credit candidates
Cons:
- Application can be denied
How Much Will You Be Allowed To Spend on Zebit?
If you’re approved for a Zebit account, you’ll receive a spending limit — a line of credit, in other words. The Zebit spending limit is a maximum of $2,500.
It’s important to note that the spending limit you are given is a conditional amount granted at your time of application. The final approval for purchases is done at the time you check out.
Other buy now, pay later options offer higher spending limits. With Affirm, for example, some customers could have a limit as high as $17,500. But with Affirm, interest can be charged, too, depending on factors surrounding your purchase. With Zebit, there is no interest charged. The price of the product is what you’ll pay.
Your spending limit can change with Zebit. Your repayment history will have an influence on whether the limit goes up or down.
Pros:
- No interest
- Up to $2,500 spending limit
- Spending limit can increase
Cons:
- Other providers might offer higher spending limits
- Spending limit can decrease
Zebit’s Payment Process
When you’re ready to make your purchase and check out, you’ll be asked to make a down payment. That payment typically will be between 20% and 30% of the purchase price and paid via debit or credit card. You’ll then tap into your spending limit to pay the rest, and the payment card will be kept on file to make your installment payments.
Before you finalize the purchase, you’ll receive an installment contract, which will show you the amount of each payment and the due date. Zebit offers a six-month payment schedule.
Pros:
- Six-month repayment contract
- Clear installment contract
Cons:
- Down payment up to 30%
- Must have debit or credit card to make payment
What Can You Buy With Zebit?
When you buy using Zebit, you’re buying from Zebit, too. The company doesn’t offer short-term financing for you to make a purchase at, say, Staples. Instead, you’re buying some of the more than 175,000 products Zebit has acquired on its own.
The product categories are extensive. Through Zebit, you can buy electronics, furniture, jewelry, accessories, fitness gear, beauty items and products for the kitchen and home —even groceries.
Plenty of name-brand items are available. Zebit lists the following products among its bestsellers: Apple AirPods, a 70-inch Samsung television, Nintendo Switch, the iPhone 12, the Ring Video Doorbell 4 and the Amazon Echo Show 8.
Pros:
- Variety of product types
- Highly rated merchandise
Cons:
- Limited item selection
Is Zebit Legitimate?
If you’re wondering whether Zebit is legitimate, you can take comfort in knowing that the company has been accredited by the Better Business Bureau since 2015. The Better Business Bureau gives the company an A+ rating.
Zebit also has a score of 4.4 out of 5 and a rating of “excellent” on Trustpilot, based on reviews from over 4,000 users.
Final Take
If you want the option of buying now and paying later without interest, Zebit is an option for you. Zebit has easy repayment terms, so even if you have access to a credit card, you might prefer Zebit because what you buy won’t get mixed into your credit card balance if you use a debit card to make payments. Zebit gives you a way to guarantee your item will be paid off quickly and won’t linger on your credit card.
Information is accurate as of April 26, 2022.
Editorial Note: This content is not provided by Zebit. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Zebit.
