What is Buy-Now, Pay-Later?

Buy Now Pay Later (BNPL) is a relatively new and fast-growing credit alternative where you can get access to goods or services now but pay for them later in a series of instalments, with no interest.
Afterpay, Humm, Zip, Laybuy, Genoapay (Latitude), Openpay, and Klarna are examples of BNPL in New Zealand.

With the rise of Buy Now Pay Later schemes in Aotearoa we thought it would be a good idea to kōrero about things to look out for and how to avoid getting into trouble. BNPL businesses are targeting wāhine as an easy way to purchase items you want without the ‘credit card debt’. Wāhine mā – anything where you don’t have the cash to buy the item is a debt, whether or not it is credit card debt or BNPL.


Here is some advice from She’s on the Money Blog.

FEES – If you don’t have the money in your account and your card declines on the payment date, you have 24 hours to log onto your account and pay the amount due, you may be charged a late fee and this fee can be charged every week until you make the payment.

IMPULSE PURCHASES – People are making impulse purchases faster and more frequently than they would have without these services and now more than 7,000 retailers have caught on.

ONLY BUY WHAT YOU CAN AFFORD – Overall, the best idea is to just be aware of your financial situation and be honest with yourself about what you can and can’t afford. If buy now, pay later is a way of getting something that you otherwise couldn’t afford, its time to say no.

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Sorted NZ have some tips for spending safer when using Buy Now, Pay Later.

1. Try not to be tempted to take out more than one at a time.

2. Use Buy Now, Pay Later to buy larger ticket items only if you have to. Better yet, save up for it instead.

3. If you must take out more than one of these, list them all and set reminders in your phone when repayments are due.

4. Make sure to have enough funds in your account when repayments are due, so you don’t get charged late fees.

5. Don’t get left with a black mark on your credit rating by missing repayments and not paying off any penalties.

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