Laybuy review: Buy it now and pay it off later

What is Laybuy?

New Zealand-based Laybuy is a payment platform designed to make it easier for shoppers to manage online and in-store purchases. It also doesn’t charge any interest and allows you to pay for your purchase over 6 weekly instalments.

How does Laybuy work?

You have the option of signing up to Laybuy either from Laybuy’s website or when you shop at one of its retail partners and select Laybuy as the payment option.

Before your account is verified and approved, Laybuy will have to carry out a credit check.

Once your account has been created, you’ll be given a limit based on your credit score. Then you’ll be able to use Laybuy to make purchases through any of its approved retailers up to the limit.

Your first payment will be taken when you place your order and is 1/6 of the purchase price. You’ll be expected to pay the balance over 5 equal weekly payments.

Features of shopping with Laybuy

Which retailers accept Laybuy?

Laybuy is currently partnered with just over 1,200 stores. You can see a full list of shops that accept Laybuy in our full Laybuy store guide.

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How much does Laybuy cost to use?

Laybuy has no annual fees for its platform. Also, as its payment plan is interest-free, you shouldn’t ever have to pay more than an item’s original price tag, as long as you pay on time.

If you’re late with a payment, you’ll be charged £6. You’ll then have 7 days to pay the missed instalment before another £6 late fee is charged. You could be charged, in aggregate, £12 for each instalment payment you miss, up to a maximum charge of £24 per purchase.

Is Laybuy safe to use?

Yes. All Laybuy’s transactions are secure and encrypted, meaning that you’re safe to shop with any of its partner retailers. Laybuy also carries out credit checks and verifies your details before creating your account and providing you with a limit.

How can I sign up for Laybuy?

You need to be at least 18 and be a UK resident. You can register either via Laybuy’s website or direct from a retailers’ website checkout. You’ll need to provide Laybuy with your name, address and mobile number so that it can carry out a credit check and verification.

How can I pay using Laybuy?

Laybuy only accepts payments on orders from a nominated debit or credit card that is loaded on your Laybuy account. It does not accept prepaid cards or bank transfers to settle any payments due on your account.

What happens if I can’t make a payment?

When payment for an instalment fails, Laybuy will send you an email to let you know straight away. The payment will then be attempted again 24 hours later and if this fails, a late fee of £6 is applied. If this instalment remains unpaid for a further 7 days, another £6 fee will be applied but capped at £24. It’s important that if you think you may struggle to meet your repayments, get in touch with Laybuy as soon as you can.

Laybuy will not allow you to make a new purchase until your declined payments (instalments and late fees) are all paid and up to date. If you do not pay, Laybuy might arrange for a debt collection agency to collect any outstanding amount owed.

Laybuy customer reviews

There aren’t a huge number of reviews available for Laybuy online. But of those we’ve found, Trustpilot scores the brand 4.3 out of 5 stars with a rating of “Excellent”, based on just over 5,000 reviews (November 2021).

The Laybuy app gets 4.7 stars out of 5 on Google Play, which is based on over 1,000 reviews (November 2021), and on the App Store, it scores 4.6 out of 5 stars, based on 721 reviews in November 2021.

Pros and cons of Laybuy

Our verdict: Is Laybuy any good?

Laybuy is a growing contender in the UK’s buy now, pay later market. Similar to its better known competitor, Clearpay, it lets you split the payment of your purchase over a number of weeks, which is super handy if you’re on a budget. The automatic payments also mean you don’t need to worry about scheduling the money to go out of your account, as the payments are automatically debited from your account each week. There’s no interest to pay when using Laybuy either.

The main drawback is that you’ll be charged late fees on every missed payment, which could add up and negatively affect your credit rating if you don’t keep on top of your finances. You also can’t “try before you buy” as you have to pay your first instalment on your goods at the time of purchase.

Frequently asked questions

• How can I contact Laybuy?

  Laybuy does not offer over-the-phone support, but they can be contacted through an online request form.

• How do I get a refund on items I no longer want?

  If you decide you don’t want to keep a purchase, you just need to follow the retailer’s own returns policy.

  You can pause any future payments coming out of your account while your return is being processed by notifying Laybuy by email at help@laybuy.com

• Will my credit score be affected using Laybuy?

  This really depends on you. If you make each of the 6 payments on time, then there shouldn’t be any problems and your credit score may even get better. But, if you miss a payment and fail to respond to Laybuy’s requests for outstanding payments, your credit score is likely to deteriorate.

• Can I pay Laybuy every fortnight instead?

  Unfortunately, you won’t be able to change your 6-week payment plan to 3 fortnightly instalments. But, you can pay earlier if you wish at no added cost.

• How can I manage my payments with Laybuy?

  Use the app or your online Laybuy account to stay on top of all your purchases and payments.

• What if I miss a payment?

  If you fail to make a payment on time, Laybuy will wait 24 hours before it charges you a penalty of £6 for each late payment. If the payment has still not been paid within 7 days, you’ll be charged another £6. Late fees are capped at £24 per purchase.

  If you miss a payment by 30 days or more, a debt collection agency will contact you to collect the outstanding amount owed. You will also be reported to credit reference agencies.

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