To compare buy now, pay later platforms currently on offer in Australia, please visit our helpful comparison page to see how different options stack up in terms of credit limits and payment frequencies. You may find that your application is rejected if you struggle with poor credit, and additional rejections and further hurt your credit score. However, if you struggle to gain approval for credit products, it’s worth assessing whether Apple Pay Later will require hard credit enquiries when you apply. But, if you’re a big fan of using Apple Pay, and you currently use an existing Australian BNPL platform, it may be worth considering the convenience of having these transactions all within the Wallet app.įurther, if there are absolutely no interest charges or fees of any kind, it may be a more affordable BNPL platform than some of the big-name alternatives that may charge fees upwards of $50. Until it is officially launched with the rollout of the iOS 16 operating system, it’s hard to explore too many details about this BNPL platform. Figures based on BNPL platforms in Australia as of. $5 after 21 days of not paying the minimum. Total fees capped at $200 in first year and $125 in subsequent years. $9.50 per missed payment if not paid in 2 days. $0 to $5 per fortnight depending on value of purchase and length of plan Extra $10 if not paid in 7 days.įortnightly repayments up to 24 months depending on size of purchase $0 - $3 per late payment depending on purchase size. Yes, and customers’ bank accounts are checked. Account suspended till there is enough available funds in your repayment account. $10 per missed payment, capped at $120 per year. $10 late payment fee then account is suspended. 2-wk extension is $2.50, 12 week plan is 5%. $10 per missed payment, extra $7 if not paid in 7 days, capped at 25% of the price or $68, whichever is lower. Comparing popular BNPL platforms available in Australia BNPL provider This may indicate that it intends to use credit bureaus or credit checking agencies when approving customers for this new, credit side of the company. It states that access to the platform is “subject to eligibility checks and approvals”, presumably with its own internal risk assessment engine.Īnd it’s worth keeping in mind that earlier this year, Apple acquired UK-based open-banking credit reference agency, Credit Kudos Ltd. While Apple Pay Later currently advertises that it will not charge interest or fees of any kind, customers may need to expect that credit checks may occur. It is unknown whether it will reveal it charges fees for late payments like many other platforms, but currently Apple Pay Later has no fees associated with it. This is a similar model to that of buy now, pay later (BNPL) Australian juggernaut, Afterpay.Īt this point, Apple is advertising that its Apple Pay Later platform will come with no interest and no fees “of any kind”. Introduced as part of Apple’s iOS 16 operating system, Apple Pay Later will let customers split up the cost of eligible transactions into four instalments across six weeks. Australians can prepare themselves now to know whether the platform may suit their financial needs when it does hit our shores. But with almost 30 platforms available for Australians right now, how does it stack up against the competitionĪpple Pay Later will initially be limited to United States customers with the goal of expanding to more regions. Apple has revealed it will be launching its own buy now, pay later platform, Apple Pay Later, at its recent Worldwide Developer Conference.
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