It’s hard to beat the convenience of Buy Now Pay Later (BNPL) services such as Klarna. But what happens when life gets in the way, and you miss a Klarna payment?
Understanding Klarna’s late fee structure is necessary if you are going use the BNPL service. Below we will explain Klarna late fees and what you need to know about these fees.
What are Klarna Late Fees?
When it comes to managing your finances in a difficult time, understanding Klarna’s late fee structure is important.
Klarna late fees are charges applied to your account if you fail to make your payment on the scheduled payment date. Obvious, but wanted to make this clear here.
For those utilizing Klarna’s Pay in 4 option, missing a payment can result in a late fee. How much is it? For the Pay in 4 payment schedules Klarna charges a $7 late fee, which is capped at $10.
Klarna does offer a grace period, typically offering up to 10 days to make the payment before any fee is charged to a Klarna customer. The actual amount of the late fee varies by country and purchase amount. Unlike credit cards though Klarna will cap late fees to 25% of the total purchase amount.
In the case of Klarna’s Pay Later in 30 Days payment plans, similar rules apply. If you don’t pay within the 30-day period, the payment schedule you agree to, Klarna can impose a late fee of $7 – 10. Again, the specifics depend on your country and location. The 30-day Klarna payment plans have no grace period. So keep that mind if you choose this option.
Here’s a quick breakdown of potential fees for most customers:
| Payment Plan | Grace Period | Typical Late Fee Cap |
|---|---|---|
| Pay in 4 Installments | Up to 10 days | $7-$10 |
| Pay Later in 30 Days | None | $7-$10 |
To avoid these Klarna late fees, it’s essential to track your payment due dates closely. Klarna does provide email notifications and reminders to help keep you on track. Plus, setting up automatic payments can be a smart move to ensure you never miss a Klarna payment.
There is also a good service called Cushion.AI which tracks BNPL payment due dates. It is a paid service but we have heard good things about it.
What Should I Do If I Know I Will Miss a Klarna Payment?
If you’re facing money challenges that will prevent you from making your Klarna payment on time, it’s crucial to get ahead of the issue. Klarna understands that unexpected financial hiccups can occur and offers several options to help you manage your payments more effectively.
We recommend you reach out to Klarna’s customer service as soon as you anticipate you are going to miss a payment. Communication is key here, and Klarna may be able to offer solutions, such as adjusting your payment due date or discussing alternative payment plans.
This is somewhat similar to the Afterpay Hardship program that Afterpay offers for missed payments.
Also onsider utilizing Klarna’s ‘Snooze’ feature. This allows you to extend your payment due date, granting you some additional time to organize your finances without immediately incurring a late fee. However, be aware that this feature is subject to eligibility and may not be available for all Klarna customers.
How can you use the Klarna Snooze feature?
- Download the Klarna app or log in to the Klarna website to access the feature.
- Navigate to the ‘Purchases’ tab.
- Select the purchase you’re concerned about.
- Choose the ‘Snooze’ option to extend your payment due date.
It’s important to remember that while these options can provide temporary relief for scheduled Klarna payments, Klarna will still expect to get paid back for the BNPL purchase at some point.
So create that budget and track expenses close to try to prevent overspending and payback what you owe Klarna. Remember, early communication with Klarna can lead to better outcomes and help you maintain a good standing with Klarna for the future.
Klarna Late Fees – What You Need to Know
- Klarna’s late fee structure is applied if payments are missed, with fees varying by country and capped to prevent excessive charges.
- Klarna offers a grace period for the “Pay in 4” option, typically up to 10 days, to make a payment before imposing a late fee. However, the “Pay Later in 30 Days” plan does not have a grace period.
- To avoid late fees, closely track payment due dates, utilize Klarna’s notifications and reminders, and consider setting up automatic payments.
- If facing potential missed payments, proactively contact Klarna’s customer service for possible adjustments to your payment plan or due dates, and explore eligibility for the ‘Snooze’ feature to extend the payment due date.
- Regular budgeting and expense tracking are recommended to manage finances effectively and leverage Klarna’s buy now, pay later convenience without incurring unexpected charges.
Can I use Klarna Again?
What most people are wondering if they are going to miss a Klarna payment or have issues making scheduled payments is, will I be able to use Klarna again?
The answer, it varies.
If you remain in “good standing” with Klarna they should allow you to buy using the BNPL service again. However, we can’t guarantee that and it varies from Klarna customer to customer.
We’ve heard different stories from people in different financial hardships about.
We recommend staying optimistic, keeping in contact with Klarna, and trying to get back on your feet.