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BNPL Services - North Pole Shoppe, Tear Aid Aust, Lupit Pole Aust
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Buy Now Pay Later

Buy Now and Pay Later Services

Buy Now Pay Later (BNPL) is a convenient way to purchase products immediately 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 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're considering a Buy Now Pay Later option for your purchase, make sure you read the Terms & Conditions of each service provider before making your choice\. Keep in mind:

  • Overspending: It's easier to over-commit to spending you can't afford.
  • Fees: You may be charged fees to use the service.
  • Management: If you sign up to more than one service, you may find it hard to keep track of payments.
  • Loan Applications: Some lenders consider BNPL spending when you apply for other loans e.g. a car loan or a mortgage.
  • Credit Report: Late repayments can appear on your credit report, affecting your ability to borrow money in the future.

Compare BNPL Provider Fees Before Signing Up

Although BNPL services are offered as 'interest free' or '0% interest', they may charge fees that can add up quickly:

  • Late Fees: Fees for late or missed payments can range from $5 through to $41.
  • Monthly Fees: Fixed monthly fee can be up to $10 or more.
  • Payment Processing Fees: Some providers may charge a fee each time to you make a payment.
  • Establishment Fees: Fees to set up the account 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 due date.
  • Interest: If you're paying your installment using your credit card, you will be charged interest.

Tips to Make the Most of Buy Now Pay Later Options

  • Stick to a Limit: Aim to have only one BNPL account at a time.
  • Avoid Interest: Consider linking your BNPL account to your debit card rather than your credit card.
  • Plan Ahead: Decide on a plan before you commit. 
  • Seek Help: Contact your BNPL provider if you have trouble meeting repayments.

Budget Planner Template

A budget template helps you to:

  • Keep track of your expenses
  • Prepare for emergencies
  • Reduce unnecessary spending
  • Plan future purchases

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 October 12th, 2024