Perpay is a fintech service that lets you shop in its marketplace and pay for purchases over time by automatically deducting installments from your paycheck. It operates as a buy-now-pay-later (BNPL) platform, with payments aligned to your pay period rather than fixed calendar dates, and typically does not charge interest or fees if you manage payments on time (though certain features or credit-building options may carry fees). Here’s how it generally works:

• Sign up and verify employment: You create an account, provide details about your job and income, and connect your paycheck payments to Perpay.
• Spending limit determined by income: Perpay assigns a spending limit based on your income and payroll reliability.
• Shop in the Perpay marketplace: You can choose items from participating brands and proceed to checkout within Perpay.
• Choose payment schedule: At checkout, you select how many installments you want, and the total is divided accordingly.
• Automatic payroll deductions: Once approved, Perpay helps set up direct deposit from your payroll, and each payday, the agreed installment amount is deducted automatically until the balance is paid off.
• Shipping and delivery: Your order typically ships after the first payment is deducted and Perpay confirms the initial payment.
• Credit reporting (optional): Perpay offers an option to have your repayment history reported to the major credit bureaus for a monthly fee, potentially helping build credit if payments are made on time.

Key considerations:

• Cost and interest: Perpay markets itself as a no-interest BNPL option, but fees may apply for certain features like credit reporting or premium services.
• Credit impact: Enrollment itself does not necessarily affect your credit score; timely payments can help build credit if you opt into reporting.
• Pay frequency alignment: Payments are tied to your paydays, which can affect budgeting if pay schedules change or if early payments are needed.
• Availability and limits: Spending limits and participating retailers vary; eligibility depends on income and employment stability.

If you’d like, I can compare Perpay to other BNPL options (like traditional BNPL services and pay-over-time programs offered by retailers) or outline steps to assess whether Perpay fits your budgeting and credit goals.