Australian shoppers today have more buy now, pay later options. Providers are competing to get their services to a wide range of customers, both online and in-store. This empowers buyers to get what they want and need, under easy and flexible terms. It’s a win-win situation for both.

Each provider has its terms, conditions, and perks. We can help you decide on which provider best suits your shopping needs.

How Buy Now Pay Later services work

Most buy now, pay later companies allow shoppers to get their items instantly. The total amount is then set-up for a certain number of installments spaced apart on a schedule. Payments are made from linked credit and debit cards.

Usually, there are no extra fees included, and minimal to no interest rates. They also eliminate other complicated elements compared to other payment platforms (i.e., credit cards, debit cards, other payment formats).

To start using this type of service you just need to:

  • Decide on a payment provider of your choice
  • Choose from participating shops, online and in-store
  • Buy your item/s and go on their payment arrangement
  • Fulfill your installments
  • Complete your payment cycle

It’s a simple process that allows younger shoppers, shoppers who don’t have the exact budget, or those in need with no money at the moment. Those without a credit card or funds on their cards on purchase time can buy without any extra fees and complications.

Use their services to your advantage

Ultimately, your choice of pay later providers has to match with your situation, and your budget. They also must fit in with the amount of time you need to accomplish the agreed payment arrangement. So, a little review is mandatory to have the advantage and not spend extra money.

Each company will have different terms and conditions, so some research is needed to make sure you are getting the best deal possible. Some have very specific shopping categories that may be more suited based on what items or services you need to buy.

Which Buy Now Pay Later provider is your best match?

From this list and for each provider’s details, there are varying operational terms and conditions to consider. The account and spending limits, as well as fees for late payments, and even establishment fees, especially for higher credit amounts must be reviewed if they would fit your budget over a manageable period for your repayment.

Most of these providers also have a certain number of brands and stores where they are available, for both online and in-store.  So, a little checking on their websites will be required to see if they cover your favorite or frequented stores and brand purchases.

There are several of these details to further consider aside from the frequency of the payments before you can finally reach a decision.

  • Afterpay – available at checkout at in-store or via online shopping. You have four, fortnight installments to pay the total. Has many brands and stores available. Extra charges: for late payments, $10 for the first instance, and $7 for the next 7 days you are further late.
  • Brighte – For solar energy, battery, and other home improvement purchases at the $10,000 to $30,000 range. Create an online account to avail of their services. Zero-interest on all plans. Extra charges: $4 monthly maintenance fee and $4.99 per late payment.
  • Bundill – Create a digital account online through their app. It is payable only through a linked Mastercard. It is available online and in-store. You are given 2 weeks to pay back. Extra charges: “Snooze” your payment for an additional 14 days for $5.
  • Creditline – Available online and in-store. All 3 installment plans are at zero interest. Extra charges: There is a $25 one-time establishment fee once you activate your account. $4.95 service fee for outstanding monthly balances more than $10. A late fee of $30 per month.
  • Humm – Online and via-app signup. $1000 limit for Little things plan and up to $10,000 for Big things plan purchases. Free of charge for payment plans at 2 and a half months or less, and with an $8 monthly fee for 5 to 6-month plans. Extra charges: $10 late payment fee. For a Big things plan, a one-time $20 Establishment fee, and a $2.50 monthly fee.
  • Klarna – Similar to Afterpay, you can download their app and sign up with 4 installment payments for each purchase with zero interest. Extra charges: $3 for $59.99 total amount, $5 for $60 to $99.99 total, $7 for $100 to $199.99 total, and $15 for $200 and above total
  • Latitudepay – Available for online and in-store purchases through their app, with 10 interest-free installments. The spending limit is up to $1000.Extra charges: $10 per late or missed payment.
  • Laybuy – For both online and in-store shopping in 6 interest-free installments. Extra charges: $10 per late payment. $1 initial confirmation fee which will be removed after activation of your account.
  • Openpay – Sign up online, via app, and through in-store shopping. ID and credit check are required. Installment plan is available in 1 to 24 months duration, with the first payment made upon purchase, then the next payments are set-up in weekly or fortnightly installment plans. Extra charges: Late fees are charged depending on the total amount of the purchase. There are also certain service fees depending on the shop and if the total is a larger amount.
  • Zip Money – Available for online and in-store purchases with less than $1000 and more than $1000 account limits. Zero-interest installments. Extra charges: There is an account fee of $6 a month when there is a remaining outstanding balance. For account limits bigger than $1000, there is an establishment fee of up to $99 and a corresponding 0% interest for the first 3 months.
  • Zip Pay – This is similar to Zip Money, with a less than $1000 and greater than $1000 account limits. You can choose between weekly, fortnightly, and monthly installments. Extra charges: Establishment fee that depends on the credit limit applied for. There is also a $6 monthly fee if there is a remaining outstanding balance.