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What is Buy now, pay later?

2023-01-11 - Article ID: 5866
"Buy now, pay later" is a type of financing service that allows consumers to purchase goods or services without having to pay for them upfront. Instead, the customer can make payments over time, often in installments. This type of service can be particularly useful for individuals who may not have the funds to make a large purchase all at once, or who want to spread out the cost of an item over time.

In Australia, there are a number of different companies that offer "buy now, pay later" services. Some popular providers include:
  • Afterpay: This company allows customers to make payments for purchases in four equal installments, due every two weeks. Afterpay can be used at a wide variety of retailers both online and in-store.
  • ZipPay: This company also allows customers to make payments in installments, with no interest or fees. You can use ZipPay to shop at thousands of online and in-store retailers.
  • humm: humm also offer customers to buy now and pay later, with the option of flexible repayments and no interest. And their service could be used in various retailers such as JB HI-FI, Myers and many more.
  • Laybuy: It's similar to Afterpay, but with Laybuy the payments are made weekly, rather than every two weeks. And Laybuy also has a partnership with variety of retailers.
  • Brighte: This company focuses on home improvement, Brighte allows customers to pay for solar panels, hot water systems, and other home upgrade projects over time.

It's worth noting that while "buy now, pay later" services can be convenient and useful, they can also be risky. Customers who use these services may be more likely to overspend, and may end up with more debt than they can handle. It's important to be mindful of the terms and conditions of these services, and to use them responsibly.

It's advisable to read the terms and conditions, fees, interest and late charges before signing up for these services and also compare them before make a decision. But overall, "buy now, pay later" services are becoming a more and more popular option for many people in Australia looking to make a big purchase without breaking the bank.

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