![]() Subscribing to a buy now, pay later service is very easy. Also, late fee charges are applied by most providers. Disadvantages Fees Apply: Some providers might charge interest after the interest-free period has expired. Flexible loan terms, from a few months to a couple of years. ![]() Provides instant funding for purchases up to $30,000. Also charges late feesĪdvantages and Disadvantages of Buy Now Pay Later Advantages Accepted at many retail outlets. Offers up to $30,000, to be repaid over a period of fewer than 60 monthsĬharges a monthly fee of $8 if a term between five to sixty months is selected. Examples of Buy Now Pay Later SitesĪllows you to make repayments over four equal installments, falling due after every fortnightĬharges $10 if payment is delayed, additional $7 if it remains unpaid for another weekĪcceptable at more than 200,000 outlets across Australia *For eligibility and details for applicants residing in South Africa, go to Viva Payday Loans South Africa. Also, it might help if the applicant has a good credit history and/or can prove sufficient affordability to make timely repayments, although this might not be necessary with all service providers. Hold a valid debit/credit card in Australia, in your name or with proper authorization. To qualify for a buy now, pay later plan, applicants must: Be over the age of 18. Eligibility Criteria for Buy Now Pay Later Australia Although this fee might seem low, it can amount to a significant sum especially with large value purchases. The concept is simple: you can buy what you want right now and start using it, while splitting up the cost over a number of equal monthly payments as part of a payment plan, mostly without incurring any interest expense.Īlthough this is an interest-free financing solution, many buy now, pay later service providers do charge a transaction fee each time you avail of the service. Buy Now Pay Later Australia What Is Buy Now Pay Later?īuy Now Pay Later is an interest-free financing option being provided in Australia by numerous financial service providers, most notably Klarna, Afterpay, and Zip, to name a few.
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