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Buy Now Pay Later Furniture No Credit Check Australia

Learn about your options for buying furniture now and paying it back later and whether you can do so with no credit check with Savvy.

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Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on December 18th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

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Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on December 18th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

In Australia, buy now, pay later options have become increasingly common for furniture purchases. Nevertheless, it's important to understand how these products work and if there are no credit check options available. With Savvy, you can learn about buy now, pay later solutions for furniture and explore other rapid cash solutions that might suit your financial situation.

How does buy now, pay later work in Australia?

Buy now, pay later (BNPL) is a flexible payment solution that lets you split the cost of your purchases into manageable instalments, typically over several weeks, instead of paying everything upfront. It's designed to make buying goods and services more affordable and convenient.

When you choose BNPL, the service provider pays for your purchase, allowing you to enjoy it right away. You'll then repay the amount in interest-free instalments over your chosen repayment period. Paying on time helps ensure you avoid additional fees, while late payments may incur significant late charges. Some lenders may also charge supplementary fees, such as monthly, establishment, or processing fees, but this is not always the case.

BNPL resembles lay-by, a traditional store-based payment option. However, lay-by requires full payment before releasing the purchase, while BNPL provides immediate access to the goods. Lay-by also rarely incurs charges beyond late fees.

Can I use buy now, pay later to purchase furniture with no credit check?

Currently, some BNPL providers offer products without credit checks, such as Afterpay, meaning you may be able to purchase furniture regardless of your score or history. However, new Australian legislation will soon change this. All providers of credit products, including BNPL (likely by the end of 2023), will be required to comply with Responsible Lending Obligations enshrined in Australian law. This means all applications will undergo credit and affordability checks, mandating providers to assess your suitability for a credit product before approval.

These new regulations don't necessarily mean BNPL products will become inaccessible to those with bad credit. If your financial profile aligns with the specific BNPL deal you're applying for, you may still be able to access the funds you need to purchase your couch, bed or any other piece of furniture.

How can I finance my furniture purchase outside of buy now, pay later deals?

When it comes to seeking quick cash in Australia to purchase furniture, your options extend beyond BNPL services. Here are some of them:

  • Small loans: unlike BNPL, where the provider handles the purchase, small loans offer fast and flexible funding for a variety of purposes. With small loans, you receive direct access to the cash, allowing you to use it as you deem fit. Through Savvy, you can apply for a small loan between $2,050 and $5,000, potentially receiving approval and funding on the same day.
  • Credit card cash advance: credit card cash advances allow you to access cash using your credit card instead of solely for purchasing goods or services. However, potentially high credit card interest rates and cash advance fees may apply should you take one out.
  • Bank overdrafts: some bank accounts offer personal overdraft options, granting you access to funds beyond your account's balance up to a predetermined limit. Similar to credit card advances, overdrafts incur potentially high interest and fees.
  • Centrelink advance payment: Centrelink recipients may be eligible for an advance payment on various payments, including JobSeeker, Age Pension, and Disability Support Payment. The small amount you receive is added to your next payment and deducted from future instalments to gradually pay it back.
  • No Interest Loans (NILs): NILs can assist those who qualify to borrow in covering essential expenses such as furniture for your home. You can borrow up to $2,000 for purposes such as this or up to $3,000 for other reasons like rent and bonds.

Think carefully about your options, evaluate your financial status, and select the one that best suits your demands and position.

Why apply for a small loan with Savvy?

Frequently asked questions about buy now, pay later

Will a BNPL service have an effect on my credit file?

With the introduction of new government regulations, your BNPL usage will be recorded in your credit file. Prompt repayments can contribute to a positive credit history, while delinquent payments may lead to adverse consequences.

Will I be able to pay off my BNPL debt early?

Yes, prepaying your BNPL agreement is permitted without penalty fees. While it doesn't lower the total cost like the early settlement of small loans, it can enhance your credit standing.

What is the term length of BNPL deals?

The repayment terms for BNPL services vary widely, with some limiting borrowers to five to eight fortnightly instalments, while larger purchases may offer extended repayment periods spanning 12 to 60 months.

If I return the furniture I bought with a BNPL deal, what happens?

Returning an item purchased with BNPL requires initiating the return with the retailer. Upon completion, contact your BNPL provider to initiate the refund process. The refund will be issued to both the provider and you. However, if the return results in store credit, you will generally need to continue making BNPL payments until the repayment plan is complete.

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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.

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