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You might have already seen Afterpay as a payment option in stores and online. If you haven’t, you probably will soon. Afterpay is simple. When you buy something, simply select Afterpay as your payment method. Then you’ll have several weeks to pay the amount back in four installments, at no extra cost.
It’s already fully integrated in a number of stores so that you can buy now and pay later without paying a cent more than the price of whatever you’re buying.
You can start shopping with Afterpay by simply signing up and linking your debit or credit card. There’s no paperwork or complicated approvals process. All you have to do is sign up and confirm your details and you’re good to go. Simply select Afterpay as your payment option at checkout.
At the time of purchase, you’ll need to pay the first quarter of the total amount, with the remaining three quarters paid back every two weeks after that. You’ll receive reminders before payments are due and they’ll be processed automatically when the time comes so that you don’t have to worry about it.
In order to make sure the service is free to use for everyone, the amount you can spend at any one time is subject to approval. Approval is based on a variety of factors, including the number of unpaid Afterpay accounts you have and your history paying off your Afterpay accounts.
See the full Afterpay store list here
Afterpay is a free service. There are only two costs involved and one of them is the cost of the item you’re buying. The other is a late fee for missed installments.
If a payment is unsuccessful, you will be notified and you will have a chance to log in and choose a different payment method. If you don’t pay by 11 PM EST the next day, you’ll be charged an $8 late fee. If you fail to make a payment within seven days you’ll be charged another $8 fee. Late fees are capped at $8 or 25% of the purchase value, whichever is less. You can also change payment methods at any time, or even have multiple payment options to make sure you’re always able to keep up and keep using the Afterpay service.
If you fail to make repayments, Afterpay could report it to a credit reporting bureau, which may affect your credit score.
Afterpay is touted as a new way to pay and different from traditional credit products, but it is important to remember that Afterpay is still a type of credit. Afterpay may report defaults to credit reporting bureaus such as Experian or Equifax. You need to keep this mind before you apply.
In terms of your information, Afterpay is a PCI DSS Level 1 certified compliant Service Provider organization. This means that it abides by the comprehensive set of requirements to keep your data secure.
In order to sign up you have to:
And that’s it! Afterpay is not a store credit application. You don’t have to sign anything or fill out an application form. All you have to do make sure you’ve read the details, signed up online and you’re good to go.
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So if I pay for something with Afterpay like shoes from GOAT.com will the shoes will be delivered before after or during I start my payment installments??
Hi Aven,
Thanks for your question. When you make a purchase at a website where it has Afterpay, your item will be processed and sent for delivery on the promised delivery date as shown on the website after checkout. The schedule of your Afterpay payments won’t affect the delivery time of your item.
Hope this helps and enjoy your purchase!
Best,
Nikki
I just used AfterPay. Will it be on my credit score?
Hi Jacquilyn,
Thanks for your inquiry.
As I checked, if you fail to make repayments, Afterpay could report it to a credit reporting bureau, which may affect your credit score.
I hope this helps.
Kind regards,
Bella
Does Afterpay charge payments monthly?
Hi Storm,
Thanks for your inquiry.
When using Afterpay, stores are allowing a purchase to be paid for in four equal instalments, due every 2 weeks. At any time, you can log in to your Afterpay account to see your payment schedule and make a payment before the due date. Given this Afterpay doesn’t have monthly payments at the moment.
Hope this was helpful. Should you need any clarifications, feel free to message back and we can advise you accordingly.
Cheers,
Nikki
When using Afterpay, how soon do you receive your purchase?
Hi Sam,
Thank you for reaching out to Finder.
You should receive your item depending on the specified delivery time frame of the seller whom you purchased your items. When you do your purchase, you can check the delivery information so you know when you are expecting to receive your order.
Hope this helps! 😊
Kind Regards,
Mai