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Buy Now Pay Later

Buy Now and Pay Later Services

Buy Now Pay Later (BNPL) is a convenient way of purchasing the products you want straight away while spreading the total cost of the purchases over weekly or monthly installments.

If you pay the installments within the period permitted by the service provider, you will avoid interest payments and fees. 

For your convenience, we have partnered with OIF Ventures trading as Optty to offer Buy Now Pay Later options from the following BNPL providers:

Things to consider before you sign up to Buy Now Pay Later

If you are considering a Buy Now Pay Later option for your purchase, make sure you read the Terms & Conditions of each of the service providers before you make your choice, and keep in mind:

  • It's easier to overspend - you can over-commit to spending you can't afford
  • Fees can add up - you may be charged fees to use the service
  • It can be hard to manage - if you sign up to more than one service, you may find it hard to keep track of the payments
  • It might affect a future loan application - some lenders consider Buy Now Pay Later spending when you apply for other loans e.g. a car loan or a mortgage
  • Late repayments can appear on your Credit Report - this will affect your ability to borrow money in the future

Compare the fees from Buy Now Pay Later providers before you sign up

Although offered as 'interest free' or '0% interest', they may charge fees and these fees can add up quickly:

  • Late fees - if you pay late or miss a payment entirely, the fees charged can range from $5 through to $41
  • Monthly account keeping fees - can be a fixed monthly fee up to $10
  • Payment processing fees - some providers may charge a fee every time you make a payment
  • Establishment fees - you may be charged a fee to set up the account, some fees to set up accounts can vary from $0-99.

Consider fees charged by your own bank

Your banking institution may charge you fees:

  • Overdrawn fees - if you don't have enough money in your bank account to cover the BNPL installment on the date due
  • Interest - if you're paying your installment using your credit card you will be charged interest

Good advice to make the most of Buy Now Pay Later options

  • Stick to a limit
  • Aim to only have one BNPL account at a time
  • To avoid paying interest, consider linking you BNPL account to your 'Debit Card' rather than your "Credit Card' 
  • Decide on a plan before you commit 
  • Contact your BNPL provider if you have trouble meeting repayments

Budget Planner Template

A budget template helps you to:

  • Keep on track with your expenses
  • Prepare for emergencies
  • Reduce unnecessary spending
  • Plan future purchasing 

Create your Budget Here

If you sign up for a BNPL option, add the repayments to your budget - and your calendar

Contact a Financial Counsellor

If you find yourself overwhelmed by debt, financial counselling is FREE.

Businesses that charge fees for this service are debt consolidation and refinancing companies.

 

Updated as of June 7th, 2023