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Best Buy Now, Pay Later Services
‘Buy Now, Pay Later’ services are the new financial programs that are quickly taking the place of credit cards for many consumers. They are essentially a lay-by service that allows you to make purchases online or in-store and receive the product without paying the full price upfront. Instead, you can pay in regularly scheduled instalments over a certain amount of time. They can take the stress out of busy spending periods, like Christmas, and in some cases can even be used to pay bills.
Read More...Unlike credit or debit cards, signing up is a quick and easy process that you can do online, and often doesn’t require many conditions other than being over the age of 18. Each company offers slightly different variations of the same concept, varying in account credit limits, flexibility of payment schedules, service fees and late fees. It’s important to know all the terms and conditions that come with each service so you don’t get hit with any unexpected fees.
‘Buy Now Pay Later’ services can be useful to help manage your finances and spread out the weight of purchases you would normally make. If you manage your finances well, they can be a good interest-free alternative to credit cards and help you avoid credit card debt. However, it’s also important to consider the risks of these services. People are more likely to buy more than they usually would and overspend because they have the option of breaking up the payment. It can also have an impact on your financial future, with excessive purchases and late payments affecting credit scores and the ability to secure loans in the future.
10 listings
- Award Winner 2020
Afterpay
Latest review: I was a great customer using Afterpay often, I was hit by a car in 2016, I was terribly injured with 19 badly broken bones, broken spine, neck, pelvis, 2 collapsed lungs, flail chest and couldn’t w
- Pros & Cons
- Review Summary
Free to use - Zero Interest and No Establishment Fees
Seamless integration within stores with a large number of merchants offering AfterPay
Automatic payment plan of 4 equal instalments each fortnight
Credit check not required; doesn't affect your credit score
$10 Late Fee for missing an automatic payment
$7 Fee on top of $10 Late Fee if you fail to repay the missed instalment within 7 days of the due date
May affect your ability to secure a loan as lenders consider Afterpay a line of credit
- Transparency 4.4 (428)
- Customer Service4.4 (335)
- Rates and Fees4.5 (318)
- Application Process4.6 (325)
Zip Pay
Latest review: Tried to change some information I accidentally put in opposed of the one I was meant to select and was unable to alter and then was denied to amend which resulted in a rejection of purchase so now
- Pros & Cons
- Review Summary
Interest-free repayments and no establishment fees for ZipPay (maximum $1,000 account limit)
3 month interest-free period for ZipMoney (minimum $1,000 account limit)
Flexible payment plans - set up weekly, fortnightly or monthly repayments to suit your schedule
$6 Monthly Account Fee if you have a balance
$5 ZipPay / $15 ZipMoney Late Fee if you've made no repayments within 21 days of the due date
1.5% payment processing fee if you use Zip to pay bills
Minimum $40 monthly repayment required
Conducts credit checks during applicatiopn; will affect your credit score if you default on payments
- Transparency 2.2 (119)
- Customer Service2.1 (103)
- Rates and Fees2.6 (100)
- Application Process2.6 (105)
Openpay
Latest review: Just started my payments both payments were taken out on time then they send me a late fee reminder of 9.50 a day. Absolute waste of money, don't bother at
- Pros & Cons
- Review Summary
Openpay Plans are interest-free
Flexible payment plans - set up payments to suit your schedule
Establishment Fee, Plan Management Fee and Redraw Fee may apply to some plans
Default Fee of up to $9.50
Referral Fee of $19.50 if you have failed to pay a missed instalment 8 days after your due date
May conduct credit checks during application; may affect your credit score if you default on payments
- Transparency 3.4 (229)
- Customer Service3.5 (163)
- Rates and Fees3.5 (165)
- Application Process4.0 (167)
Bundll
Latest review: I can't be eligible for a account. No app bank or financial institution has ever restricted me. Your company is the first and I wanna know why. My credit isn't even
- Pros & Cons
- Review Summary
Shop anywhere (online and instore) where MasterCard is accepted and bundle your transactions into one simple repayment to pay on your chosen repay day (you have 14 days to repay a bundll)
No interest or account fees
Snooze feature allows you delay repayment for a bundll by an additional 14 days
Collect free snoozes to add to your snooze pot by referring friends
Buying snoozes requires a superbundll account which costs 5% of the total amount you add to your superbundll
Each snooze costs $5
24 hour grace period for a missed repayment, then a $10 late fee is applied and your account is suspended
- Transparency 3.7 (33)
- Customer Service3.8 (28)
- Rates and Fees4.3 (30)
- Application Process3.8 (31)
Humm
Latest review: Every time I use Humm it is easy to use the app, but unfortunately a lot of vendors do not know how to use it their end, anyway I can’t complain I think it’s fan
- Pros & Cons
- Review Summary
No fees and Zero Interest if you choose 5 fortnightly instalments to pay for 'Little Things' up to $2,000
Zero Interest & 6 - 60 months time period to repay 'Big Things' up to $30,000
$8 Monthly Fee if you choose 10 fortnightly instalments to pay for 'Little Things'
$8 Monthly Fee & $35-90 Establishment Fee for 'Big Things'
$6 Late Payment Fee
- Transparency 2.3 (235)
- Customer Service2.3 (161)
- Rates and Fees2.6 (151)
- Application Process2.9 (152)
Make It Mine
Latest review: I am writing this review only to help others who are trying to find about this company online. I have been contacted by a Punjabi girl telling extremely convincing about a sim only plan. They are
- Pros & Cons
- Review Summary
Choose from 3 different payment plan options (Rental, No Interest or Layby)
$14.40 Missed Payment Fee
Further Fees from $3.50 - $15 apply if a second direct debit attempt is unsuccesful
Other fees, such as an Establishment Fee or Delivery Fee may apply
- Transparency 1.7 (14)
- Customer Service2.3 (11)
- Rates and Fees1.7 (11)
- Application Process1.8 (11)
LatitudePay
Latest review: Absolutly the worst company to loan from . The website and app are horrible and they make it imposible to verify . Also you cant change your details you have to email them . Stick to afterpay dont
- Pros & Cons
- Review Summary
Automatic 10-week instalments, interest free
Fast and easy sign up process
$10 Late Fee
Conducts credit checks during application; may affect your credit score if you default on payments
- Transparency 1.5 (26)
- Customer Service1.4 (27)
- Rates and Fees1.7 (23)
- Application Process1.8 (25)
QuickaPay
Latest review: I had no way of getting paint and cavas: flr assinment for uni New bunnings was .ive told most of mates. I highly reccomend it even to strangers at the cbeckout..lol..thanks for doing what you
- Review Summary
- Transparency 5.0 (1)
- Customer Service5.0 (1)
- Rates and Fees5.0 (1)
- Application Process5.0 (1)
Laybuy
Latest review: Great interest free company no real issues easy to use app and simple signup, have no issues so far :) cons: no way to move an upcoming pay date if needed would be a welcome
- Pros & Cons
- Review Summary
Automatic 6-week instalments, interest free
No sign up fees or establishment fees
$10 Default Fee
Further $10 Default Fee if you fail to pay the missed instalment within 7 days of the due date
Conducts credit checks during application; may affect your credit score if you default on payments
- Transparency 5.0 (2)
- Customer Service4.5 (2)
- Rates and Fees5.0 (2)
- Application Process5.0 (2)
Klarna
Latest review: The app is glitchy, the customer support is awful and the ghost card isn't available on every site like they state. Much better alternatives out there, I would not
- Review Summary
- Transparency 2.3 (6)
- Customer Service2.2 (6)
- Rates and Fees2.2 (6)
- Application Process1.8 (6)