- Warning: Late repayments can cause you serious money problems. For help, contact the government’s free money advice website, MoneyHelper.
With more than 1,000 retailers available through Payl8r, you’ll be spoiled for choice when it comes to your online shopping spree. What’s more, you’ll be able to choose how to split your payments up, and can benefit from its no-interest options.
How does Payl8r work?
If you browse in one of the shops that Payl8r is partnered up with and you decide to make a purchase, you’ll simply need to head to the checkout and then select Payl8r as your method of payment. You can then choose the deposit and how you want to pay Payl8r back.
Payl8r has three payment options to choose from:
- Option 1. This speedy option means that you have 30 days in which to pay Payl8r back and you won’t be charged any interest.
- Option 2. Choosing this option will allow you to divide the cost of your shopping over 3, 6, 9 or 12 monthly payments. But interest will be added on top.
- Option 3. This will allow you to spread the cost of your shopping interest-free. Exactly how many payments your total will be split into depends in your individual credit profile.
You’ll be able to go to your Payl8r account, see all the purchases you’ve made and also find out when each payment is due.
What happens if I make a late payment?
Payl8r is one of the more unforgiving pay later providers if you miss a payment. It’s okay to do it once, provided that you can cover that instalment within the next 14 days. If you fail to make other payments going forward however, extra charges may be applied as detailed in your credit agreement.
For example, there will be a £15 charge if you fail to make an agreed scheduled payment on time after the first missed payment. You may also be charged £2 for an SMS or email payment reminders after that, and £20 for a letter or phone call reminder. The moral of the story is… don’t forget to repay!
Will Payl8r affect my credit score?
Using a buy now pay layer service may affect your credit score. As part of the application process Payl8r will run a credit check on you. This may negatively affect your credit score.
If you are approved for a Payl8r account then using the service responsibly may improve your credit score, but missing payments could have the opposite effect.
Features of shopping with Payl8r
- No annual fees. You won’t ever have to pay any fees to maintain your Payl8r account.
- Interest-free options. Choosing to pay the full amount within 30 days or going with spreading the cost will mean you won’t ever have to pay a penny more than your shopping total, as long as you pay on time.
- Change payment dates. If you need to move the date of your payment to fit in with your payday, then no problem.
- Repay early. If you want to clear your payments earlier than planned, you can and it won’t cost you anything extra to do so.
- Automatic repay. You’ll be able to set up automatic payments from your bank account to your Payl8r account each month.
- Security for details. Payl8r guards and protects your information using banking security measures and encryptions.
- Payment reminders. Payl8r will give you a heads up text to your phone to help you avoid missing payments.
How much does Payl8r cost to use?
Payl8r doesn’t charge any monthly or annual fees for its services but you will need to pay a deposit after Payl8r accepts your application. This deposit is usually 10% of your total purchase amount but the exact amount will be shown on your summary. You’ll only end up paying more than your shopping total if you choose payment option 2 and accept the interest rate that will be added.
Is Payl8r safe to use?
In terms of account security, yes. Payl8r uses banking security measures and encryptions to keep your personal details protected. This means you’ll be safe to shop using Payl8r.
How can I sign up for Payl8r?
If you’re a UK citizen, have a UK bank account with either a credit or debit card linked to it and access to online banking, then you can apply for one of Payl8r’s payment options through one of its many retail partners. Once you submit your application after selecting Payl8r as the payment option, you should get an automated response in under a minute. Some shoppers may need to submit additional information (such as bank records) if required, which can take longer.
Pros and cons of Payl8r
- No annual fees. With Payl8r, you’ll not have to pay fees to maintain your account.
- Interest-free options. Payl8r does offer interest-free options.
- No early repayment charges. If you choose the interest-free option, you can repay early without any extra cost.
- Use for retail, travel and beauty. Pay for items later across various sectors.
- No hidden fees. You will never be surprised with nasty fees. The only time you may pay more than the item itself is if you miss a payment.
- Range of payment plans. Various options available to suit your budget and purchase.
- Limited partnered retailers. Payl8r is only partnered with limited retailers, making it harder to shop around and pay for goods later.
- Late payment fees. Be aware that if you miss too many payments, you will be charged late fees as detailed above, as well as reminder to pay fees.
- Can affect your credit score. If you miss a few payments, this could negatively affect your credit score.
How can I contact Payl8r?
Payl8r is rated ‘Excellent’ on Trustpilot with a score of 4.3 (updated November 2023). Customers praise the Payl8r service but some did have issues with customer services.
We love Payl8r’s clear and stylish website design explaining the different payment plans on offer. It’s available across numerous sectors and payment dates can be shifted to fit in with your budget. However, the late fees, charges for payment reminders and the impact the service can have on your credit score mean users should be very wary before signing up.
Frequently asked questions
Half of adults in the UK – around 26.4 million Brits – have now used buy now, pay later (BNPL), according to new research.Read more…
Find out how to spread your purchases over 3, 6 or 12 months with Monzo Flex.Read more…
Report suggests buy now, pay later regulation could be ditchedRead more…
Klarna will start charging UK customers for late payments from March 2023.Read more…
Payment platform Square enters the buy now, pay later market with Clearpay.Read more…
Virgin Money is offering eligible customers to “buy now, pay better on terms that work for them” with its new credit card product, Slyce.Read more…
Discover more about PayPal Credit to see if it could work for you.Read more…
Buy now, pay later provider, Klarna, is set to share UK customers’ spending habits with credit reference agencies from 1 June 2022.Read more…
New buy now, pay later challenger PollenPay goes head to head with big fishes like Klarna and Clearpay to offer customers interest-free instalment plans.Read more…
Credit reference agencies have announced that buy now, pay later debt will start showing on credit reports from spring 2022. Here’s what you need to know.Read more…
More guides on Finder
Half of adults in the UK have now used buy now, pay later
Half of adults in the UK – around 26.4 million Brits – have now used buy now, pay later (BNPL), according to new research.
Virgin Money Slyce review 2024
Virgin Money is grabbing a “Slyce” of the buy now, pay later pie with its newest credit card product. Here’s what we know.
PollenPay review 2024
New buy now, pay later challenger PollenPay goes head to head with big fishes like Klarna and Clearpay to offer customers interest-free instalment plans.
PayPal Pay in 3 review: What is it and how does it work?
PayPal’s buy now, pay later service splits your shopping into three interest-free payments. We look at how to apply, key features and where you can shop.
Buy now, pay later (BNPL) statistics
Buy now, pay later is the fastest growing online payment method in the UK. Discover the latest statistics on how it’s disrupting the payments industry.
Zilch store list: Which UK shops accept Zilch as a payment method?
Zilch allows you to shop now and pay later, but which UK retailers accept Zilch as a payment method? Find out in our full Zilch retailers list.
Zilch review: Buy it using your virtual card, pay for it later
Zilch allows consumers to pay for goods over time, almost anywhere. But what are its pros and cons and how does it compare to other BNPL providers?
Laybuy review: Buy it now and pay it off later
Check out our review of Laybuy, to see whether this buy now pay later interest-free plan could work for you.
Clearpay review: Buy now, pay later with no interest
Find out everything you need to know about the UK’s latest buy now pay later service, Clearpay. Learn how Clearpay works and the pros and cons of using it.
Klarna review: Flexible payments for online shopping
What is Klarna? We discuss how the buy now, pay later platform works, the pros and cons of using it and what happens if you miss a payment.