Recently, buy now pay later services have become increasingly popular in Australia. These services allow consumers to make purchases and pay for them over time, often with little or no interest. With so many options available, knowing which service is right for you can be difficult. This article will compare the top six buy now pay later services in Australia.
Afterpay
Afterpay is one of Australia’s most well-known buy now, pay later services. With Afterpay, consumers can purchase up to $2,000 and pay them off in four equal instalments over six weeks. Afterpay charges no interest on purchases but late fees if payments are not made on time.
One of the benefits of Afterpay is that it is widely accepted at many popular retailers. Afterpay also offers a mobile app for easy account management.
Zip Pay
Zip Pay is another popular buy now pay later service in Australia. Zip Pay allows consumers to make purchases up to $1,000 and pay them off in weekly, fortnightly or monthly instalments. Zip Pay charges no interest on purchases but does charge late fees if payments are not made on time.
One of the benefits of Zip Pay is that it offers a range of payment options, including the ability to schedule payments in advance. Zip Pay also offers a mobile app for easy account management.
Klarna
Klarna is a relatively new buy now pay later service in Australia, but has quickly gained popularity. Klarna allows consumers to make purchases up to $1,000 and pay them off in four equal instalments over six weeks. Klarna charges no interest on purchases but late fees if payments are not made on time.
One of the benefits of Klarna is that it offers a range of payment options, including the ability to schedule payments in advance. Klarna also offers a mobile app for easy account management.
Humm
Humm (formerly known as Certegy Ezi-Pay) is a buy now pay later service that allows consumers to make purchases up to $30,000 and pay them off in weekly or fortnightly instalments over six to 60 months. Humm charges interest on purchases, which varies depending on the length of the repayment term.
One of the benefits of Humm is that it allows consumers to make larger purchases and pay them off over a longer period of time. Humm also offers a mobile app for easy account management.
Openpay
Openpay is a buy now pay later service that allows consumers to make purchases up to $20,000 and pay them off in weekly or fortnightly instalments over two to 24 months. Openpay charges interest on purchases, which varies depending on the length of the repayment term.
One of the benefits of Openpay is that it allows consumers to make larger purchases and pay them off over a longer period of time. Openpay also offers a mobile app for easy account management.
Pay It Later
Pay it Later is another buy now pay later service available in Australia worth mentioning. Pay It Later allows consumers to make purchases up to $500 and pay them off in four equal instalments over four weeks, with no interest charged on purchases. Pay It Later is accepted at many retailers in Australia and offers a mobile app for easy account management. While it may not be as well-known as some other buy now pay later services, Pay It Later may be a good option for those who want more flexibility in their payment plans.
In conclusion, many buy now pay later services are available in Australia, each with unique benefits. Afterpay, Pay it Later, and Zip Pay are popular options for smaller purchases, while Klarna offers similar benefits with a slightly higher purchase limit. Humm and Openpay allow larger purchases to be paid off over a longer period but do charge interest on purchases. Ultimately, the best buy now pay later service for you depends on your needs and preferences.
