Learn about your options for buying furniture now and paying it back later and whether you can do so with no credit check with Savvy.
Fact checked
Fact checked
In Australia, buy now, pay later options have become increasingly common for furniture purchases. Nevertheless, it's important to understand how these products work and if there are no credit check options available. With Savvy, you can learn about buy now, pay later solutions for furniture and explore other rapid cash solutions that might suit your financial situation.
Buy now, pay later (BNPL) is a flexible payment solution that lets you split the cost of your purchases into manageable instalments, typically over several weeks, instead of paying everything upfront. It's designed to make buying goods and services more affordable and convenient.
When you choose BNPL, the service provider pays for your purchase, allowing you to enjoy it right away. You'll then repay the amount in interest-free instalments over your chosen repayment period. Paying on time helps ensure you avoid additional fees, while late payments may incur significant late charges. Some lenders may also charge supplementary fees, such as monthly, establishment, or processing fees, but this is not always the case.
BNPL resembles lay-by, a traditional store-based payment option. However, lay-by requires full payment before releasing the purchase, while BNPL provides immediate access to the goods. Lay-by also rarely incurs charges beyond late fees.
Currently, some BNPL providers offer products without credit checks, such as Afterpay, meaning you may be able to purchase furniture regardless of your score or history. However, new Australian legislation will soon change this. All providers of credit products, including BNPL (likely by the end of 2023), will be required to comply with Responsible Lending Obligations enshrined in Australian law. This means all applications will undergo credit and affordability checks, mandating providers to assess your suitability for a credit product before approval.
These new regulations don't necessarily mean BNPL products will become inaccessible to those with bad credit. If your financial profile aligns with the specific BNPL deal you're applying for, you may still be able to access the funds you need to purchase your couch, bed or any other piece of furniture.
When it comes to seeking quick cash in Australia to purchase furniture, your options extend beyond BNPL services. Here are some of them:
Think carefully about your options, evaluate your financial status, and select the one that best suits your demands and position.
No matter the time of day or week, you can complete your small loan application with us online.
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
