Find out about buy now, pay later and other quick cash solutions and whether you can obtain these with no credit check with Savvy.
Fact checked
Fact checked
Buy now, pay later schemes have gained popularity due to their flexibility. However, it's essential to carefully consider the terms and conditions before applying, including whether a credit check will be conducted. You can learn more about the world of buy now, pay later with Savvy and discover other swift cash solutions that may align with your financial goals right here today.
Buy now, pay later (BNPL) is a payment method that lets you break down the cost of your purchases into manageable instalments, typically over several weeks, rather than paying in full upfront. It's designed to make buying goods and services easier on your budget.
With BNPL, the service provider covers the cost of your purchase, granting you immediate access to it. You'll then repay the amount in interest-free instalments over your chosen repayment period. Timely repayments avoid additional fees, while late payments will incur potentially steep late charges. Some lenders may also charge supplementary fees, such as monthly, establishment, or processing fees, but this is not always the case.
This system resembles lay-by, a traditional store-based payment option. However, with lay-by, your purchase is held until full payment, while BNPL allows immediate access to the goods. Additional charges beyond late fees are also rare in lay-by.
While some BNPL providers, such as Afterpay, currently offer products with no credit checks, upcoming legislation in Australia will change this landscape. All providers of credit products, including BNPL (likely by late 2023), will be subject to Responsible Lending Obligations under Australian law. This means credit and affordability checks will be mandatory for all applications, requiring providers to assess your suitability for a credit product before approval.
Despite these new regulations, BNPL products may still be accessible to those with bad credit. As long as your financial profile aligns with the specific BNPL deal you're applying for, you may still qualify for the funds you need.
Australians seeking quick cash have various options to choose from BNPL services. These include:
No matter the time of day or week, you can complete your small loan application with us online.
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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.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
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.
