Paid on time, all three cost nothing. The difference only shows up the day a payment slips.
Short answer: On MoneySavingExpert’s September 2026 figures, PayPal Pay in 3 has no late fees, Klarna charges up to £5 per late fee, with a maximum of two per instalment, and Clearpay charges £6 fees capped at the lower of £24 or 25% of the order. None charges interest on its standard plans. Check each provider’s current terms. Free advice: StepChange on 0800 138 1111.
The price of one missed payment
Our own illustration, not a quote, using the fee rules reported by MoneySavingExpert (MoneySavingExpert) and Clearpay (Clearpay). A £60 order, one payment missed and left unpaid long enough for every fee to apply.
| Klarna | Clearpay | PayPal Pay in 3 | |
|---|---|---|---|
| Plan | 3 x £20 | 4 x £15 | 3 x £20 |
| Late fee rule | Lower of £5 or 25% of instalment, max two per instalment | £6, then £6 after 7 days, capped at lower of £24 or 25% of order | None |
| Worst case on one missed payment | £10 | £12 | £0 |
| Interest | None on standard plans | None | None |
Clearpay’s cap on this order is £15 (25% of the order), so the two £6 fees fit under it. The cheapest slip is PayPal’s, but MoneySavingExpert notes it may reject you for future credit if you miss payments.
The part fees do not show
Fees are small next to what a missed payment can do to a credit file. MoneySavingExpert says Klarna reports to Experian and TransUnion, and that Clearpay and PayPal Pay in 3 report to TransUnion only. ClearScore’s guide, with details dated March 2026, said Clearpay did not report repayment history (ClearScore), so providers are changing. Our BNPL and credit score guide goes through what each reports.
If you are buying with BNPL regularly, our guide to the FCA rules explains what changed in July 2026.
Common worries, answered plainly
Which one charges the least if I am late?
On the figures MoneySavingExpert gave (updated 15 September 2026), PayPal Pay in 3 has no late fees, Klarna charges the lower of £5 or 25% of the instalment with a maximum of two fees per instalment, and Clearpay charges £6 fees capped at the lower of £24 or 25% of the order value (MoneySavingExpert).
How long do I have before Klarna charges?
MoneySavingExpert says Klarna gives you up to 14 days to clear arrears before the late fee applies (MoneySavingExpert). Check the current terms in the app.
When does Clearpay charge its fees?
Clearpay’s own page says a £6 late fee applies if an instalment is not paid by its due date, and another £6 if it is still unpaid 7 days later, and that fees do not compound (Clearpay). MoneySavingExpert describes the first fee as applying at seven days overdue, so check Clearpay’s current terms.
Do any of them charge interest?
MoneySavingExpert says none charge interest on their standard pay-in-3 or pay-in-4 options, although Klarna’s longer-term financing can (MoneySavingExpert).
Will a missed payment go on my credit file?
It can. MoneySavingExpert says Klarna reports to Experian and TransUnion and that PayPal Pay in 3 and Clearpay report to TransUnion only, while other guides have differed on Clearpay, so check the provider. MoneyHelper says missing a payment will negatively affect your credit score (MoneyHelper). See our what happens if you stop paying guide.
Did the 15 July 2026 rules change anything?
MoneyHelper says FCA rules apply to agreements taken out on or after 15 July 2026, with affordability checks and clearer information (MoneyHelper). MoneySavingExpert says Section 75 protection and Financial Ombudsman complaints also apply to those agreements (MoneySavingExpert).
What if I cannot keep up?
Contact the provider before the due date, as MoneyHelper advises. StepChange offers free, impartial debt advice on 0800 138 1111 (StepChange).
Disclaimer: DebtShift is an educational platform operated by H Ali Logistics Ltd, which is not authorised or regulated by the Financial Conduct Authority (FCA). This article is general education, not financial or legal advice. For free, impartial debt advice, contact StepChange on 0800 138 1111.
Sources
- MoneySavingExpert, Buy now pay later (updated 15 September 2026)
- Clearpay UK, How it works
- MoneyHelper, What is Buy Now Pay Later?
- StepChange
Last reviewed October 2026
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