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What is Klarna and how does it make you “buy now, pay later”?
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(Pocket-lint) – Several retailers have started offering flexible financing and monthly payment plans through third-party ‘Buy now, pay later’ apps such as Klarna, Affirm, Afterpay and even PayPay has its own solution called Pay in 4. In this guide, Pocket-Lint specifically covers how Klarna works, the sites and stores that accept it, what you can buy with it (like AirPods or Apple Watches), and if it has any credit requirements, fees. hidden and interest.
What is Klarna?
Klarna is a ‘buy now, pay later’ service (or point-of-sale financing service) founded in Sweden in 2005. It is available in almost 20 countries and used by around 90 million buyers. With Klarna, you can get small loans at checkout for online and in-store purchases through the Klarna mobile app. It works with popular retailers, such as Apple, Macys, Etsy, Foot Locker, and Sephora, allowing you to make affordable payments on big-ticket items.
How does Klarna work and is a credit check required?
First, download the Klarna app from the Apple App Store or the Google Play Store.
How to start
- Open the latest version of the Klarna app. You will see the option to create an account.
- Select “create an account” and enter your email address.
- You will be asked to verify your identity with a code sent to your email address.
- Klarna will then ask you for a phone number to log into your account.
- Again, it will send you a code to verify your identity.
- Klarna will then ask for your permission to follow you. You can deny it.
- You will be taken to a page to find stores that accept Klarna in-store payments.
- Press the Back button to go to the home screen and start exploring the Klarna app.
How to navigate in the Klarna app
- When you open the Klarna app, you land on the Klarna home screen.
- From the home screen, you will see several buttons to different pages:
- Buy online
- At the store
- Single use cards
- Payments
- Purchases
- Deliveries
- Everything is recorded
- Offers
- Awards
- My store
- Story
- Invite friends
- Mailbox
- And more, resulting in CO2 emissions, help and settings
- A search bar is at the top and a navigation bar is at the bottom of the home screen.
- The navigation bar has tabs for Home, Registered, and My Klarna.
How to buy online with the Klarna app
- From the Home screen, tap the Buy online option.
- Find a retailer you want to buy from online, like Amazon or Walmart.
- You may be asked to log into your account at the retailer.
- When you have all the items you want to purchase in your shopping cart, press the pink Klarna button.
- Klarna will then create a secure single-use card.
- Approve the amount and other details like shipping and taxes. Tap continue.
- Klarna can perform a gentle credit check that doesn’t affect your credit score .
- Klarna will also ask for your permission to add a surcharge to cover shipping costs and taxes.
- Enter your contact details for Klarna, such as name, date of birth and address.
- Accept the terms and tap confirm and continue.
- You will also need to select the payment plan you prefer. For example, you can see:
- 4 payments every two weeks at 0% APR
- 6 monthly payments with interest.
- Once you’ve chosen a plan and hit Continue, add your bank or credit card information for Klarna.
- Save your card information, review your plan, then tap confirm and continue.
- Klarna will then allow you to copy the details of your Klarna Single Use Card.
- When done, exit the Klarna app pop-up to return to the retailer.
- Keep in mind that all the steps you perform are performed directly in the Klarna app.
- From the retailer’s payment screen in the Klarna app, add a new payment method.
- Klarna will then offer to paste / apply your one-time card information, or you can do it manually.
- Whichever you choose, add the card, choose your billing address and place the order.
- That’s it!
How to buy in-store with Klarna
- From the Klarna home screen, tap the In store option.
- Keep in mind that all the steps you will be performing are performed directly in the Klarna app.
- You will be asked to configure your card in store.
- This is a one-time process that requires a valid debit or credit card.
- Your card needs at least 25% of the total amount you expect to spend.
- Amex and prepaid cards are not accepted.
- Once setup is complete, your in-store card will be available in Apple Wallet.
- You can then make your purchases on any terminal that accepts Apple Pay.
- Press the Yes button, I’m ready to go.
- Enter the amount you want to spend, then continue.
- Klarna can perform a gentle credit check that doesn’t affect your credit score
- Klarna will also ask for your permission to add a surcharge to cover shipping costs and taxes.
- Klarna will offer their “Pay in 4” payment plan option with a link to see more details.
- You may be prompted to enter your bank or credit card information for Klarna.
- If you’ve already done so, just review your plan and hit confirm and continue.
- Klarna will create your card in store and allow you to add it to your Apple Wallet.
- Click Next and agree to the terms.
- Klarna will show you how to use Apple Pay and tell you how long the card is valid for.
- Most cards are only valid for 24 hours.
What are the differences between Klarna’s US payment plans?
Klarna offers four payment options, but the thousands of retailers that offer Klarna financing have the discretion to decide which ones may be available to their customers. Here’s a handy chart that details the differences between each U.S. plan, including terms, amount owed in the fund, interest, and late fees.
Payment plans | terms | To be paid at checkout | Interest | Late charge |
Pay in 4 | Pay four equal installments – due every two weeks. See legal notices. | Your first payment is due. This is the balance divided by four. | Of no interest. | Up to $ 7 |
Pay in 30 | Pay nothing for 30 days, then pay the full balance. See legal notices. | $ 0 | Of no interest. | No late fees. But if you don’t make the full payment, you may be in default. |
Funding |
Pay with a small loan ranging from 6 months to 36 months. See legal notices. | $ 0 | 0% to 29.99%; 19.99% for standard purchases. | Up to $ 35 |
Pay now | Pay with your debit or credit card through the Klarna app. See legal notices. | Full balance. This option is ideal when you have additional funds and want to close your loan. | Of no interest. | Is not applicable. |
Does Klarna require a minimum credit score?
It is often easier to qualify for Klarna than a credit card because although it performs a smooth credit check, no minimum credit score is required.
Does Klarna bill you automatically?
Yes, which is great if you are having trouble keeping track of your balance or bills. When you choose a plan, Klarna automatically bills your debit or credit card.
What are the advantages and disadvantages of Klarna?
Here is a brief description of the pros and cons to consider:
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Benefits | The inconvenients |
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Which stores accept Klarna?
Physical stores
Klarna is available in-store at over 60,000 stores, including Sephora, H&M, Macys, and more. Go here to see all of the stores that offer Klarna financing.
Online stores
Klarna is available at as many, if not more, online retailers, like Amazon, Walmart, Apple, and Target. Go here to see all of the stores that offer Klarna financing.
Are there alternatives to Klarna?
There are you – as Affirm, Afterpay and PayPay Pay in 4.
Is Klarna Right For You?
Klarna can help you buy something you want, but cannot pay for it up front. For example, you can use it at Apple, Best Buy, and other stores that sell the latest technology and electronics. Want an iPad Pro? No problem, its Pay in 4 or Pay in 30 plans are probably your best bet as they don’t charge interest.
Written by Maggie Tillman. Originally published on .