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Laybuy Review: A widely available interest-free option

Get what you need now and spread purchase payments over 6 weeks without any interest or fees.

First launched in 2016, Laybuy is one of the more widely available ‘buy now, pay later’ schemes in New Zealand. It’s accepted at thousands of retailers throughout the country and allows you to split the cost of a purchase over six weeks. If you want to buy something now but payday is still around the corner, using Laybuy means that you can get what you need today and pay a percentage off each week.

With no interest and no ongoing fees, Laybuy is an alternative for Kiwis who don’t have a credit card or who are wanting to spread payments without extra costs.

How does Laybuy work?

When you sign up to Laybuy you will be given a Laybuy limit. This is the amount of money that you can spend at a participating store with the ability to pay it off in weekly instalments. For all Laybuy purchases, the amount is split into 6-weekly payments with the first one charged at the time of purchase. You can choose your preferred payment day for subsequent payments so that they fall in line with your payday.

Laybuy can be used in-store and online depending on the retailer. The checkout process is slightly different for each.

  • Online. If you are making a purchase online, head to the checkout and select Laybuy as your payment method. You will then be directed to sign in to your Laybuy account. Choose your payment day and click on ‘pay now’. Your purchase will be complete with your payments scheduled to be automatically taken each week.
  • In-store. When you reach the checkout, tell the staff member that you want to pay using Laybuy and give them your mobile number. You will receive a text message containing a link that you need to click on. Choose your payment day and hit ‘pay now’. You can then leave the store with your goods.

If you’re going to be shopping in-store, make sure that you have your mobile phone with you otherwise you will not be able to complete your purchase with Laybuy.

Which shops accept Laybuy?

Laybuy is accepted at a range of shops in New Zealand across different categories. New stores are added from time to time but to give you an idea of participating stores check out our list below.

  • Fashion. Glassons, Bendon, North Beach, moochi, Postie, Superette, Pagani, Forever New, Beginning Boutique, Federation, Backdoor, Hallensteins, Barkers
  • Shoes. Number One Shoes, Hannahs, Shoe Connection, Andrea Biani, Shoe Clinic
  • Electronics. Smiths City, PB Tech, Samsung, Parallel Imported
  • Homewares. Briscoes, Bed Bath & Beyond, Big Save Furniture, PK Furniture
  • Sports. Rebel Sports, Stirling Sports, Boardertown
  • Health & Beauty. Health2000, The Brand Outlet, Dermalogica
  • Travel. Grabone, Luggage.co.nz, GO Rentals, Travel Store, Mix & Match

Some businesses accept Laybuy both in-store and online, while some may only accept one or the other.

Laybuy can also be used when shopping at international retailers such as boohoo, Senso and Surfstitch.

For a full list of businesses that accept Laybuy, check out the store directory on the Laybuy website.

Features of shopping with Laybuy

  • Interest-free. You won’t pay any interest on your purchase like you would on a credit card.
  • Laybuy limit. When you sign up you will be assigned a Laybuy limit. This is the amount that you can use for purchases. Your limit is reviewed every 2-3 months and may increase if you have built a history of meeting your payments on time.
  • Laybuy app. You can download the Laybuy app for Apple or Android for easier access to your account. In the app you can see your Laybuy limit, your purchase history, upcoming payment schedule and available credit.
  • Automatic process. Once you complete your purchase, your payments are automatically scheduled to be deducted from your credit or debit card.
  • Choose your payment day. When you make a purchase using Laybuy you can select your payment day. Even though the first payment will be deducted at the time of purchase, your following payments can be set for a day that suits you.
  • Multiple orders. As long as you stay within your Laybuy limit you can have as many orders as you want at the same time.

How much does it cost?

Laybuy doesn’t charge any fees or interest for you to use the service. As long as you make payments on time, you’ll just need to worry about the weekly payments that you have scheduled.

If a payment is declined due to insufficient funds in your account, Laybuy will notify you straight away and may charge a $10 late payment fee. Missed payments that are not settled can be referred to a debt collection agency which will affect your credit score.

If you have an outstanding payment or late fee you will not be able to make any new purchases with Laybuy until you have paid these.

How to sign up

To sign up for Laybuy you can head to the website or download the app for Android or Apple. You will need to fill in your personal details, driver’s licence number and credit or debit card. Laybuy uses your driver’s licence to verify your identity, so if you don’t have one then you will not be able to sign up.

After running a credit check, Laybuy will assign your Laybuy limit if you are approved. You can then start shopping immediately.

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