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Buy Now Pay Later Guaranteed Approval

Find out about buy now, pay later, whether you can obtain guaranteed approval and your other fast cash options 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 14th, 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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$500
$50,000


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 14th, 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.

Buy now, pay later is a popular method for financing in Australia. It can be used across a wide range of online and in-store shopping expenses. However, it's important to know whether this comes with guaranteed approval before you apply. You can learn all about this type of finance with Savvy, as well as what your alternative options may be, right here.

What is buy now, pay later and how does it work in Australia?

Buy now, pay later (also known as BNPL) is a service which enables users to spread the payments of their purchase out over an extended period, typically several weeks, instead of paying everything at once. They’re designed to make the process of purchasing goods and services more manageable for your budget.

In terms of how they work, a BNPL service will cover the cost of your purchase, providing you with access to it instantly. From there, you’ll pay in interest-free instalments up to your chosen repayment period. If you make each of these repayments on time, you won’t be charged any additional fees, but making a late payment will result in potentially steep late costs. On top of this, some lenders may also charge further fees including monthly, establishment and processing fees (these won’t always be the case, however).

This system is similar to the lay-by structure traditionally offered by shops, although your purchase is withheld until the payment is complete with a lay-by plan, which isn’t the case with BNPL. Charges beyond late fees are also uncommon.

Can I take out a buy now, pay later deal with guaranteed approval?

No – there is no such thing as a BNPL deal or loan in Australia with guaranteed approval. All providers of credit products such as loans (which is also set to include BNPL by the end of 2023) must comply with Responsible Lending Obligations enshrined in Australian law. This means that all applications will be subject to credit and affordability checks, placing a requirement on providers to assess your suitability for a credit product before approving you.

Prior to this being introduced, some BNPL providers operate without conducting credit checks during the assessment process, most notably Afterpay. However, once these legislative changes are brought in, credit checks will be conducted across the board. This doesn’t mean products won’t be open to those with bad credit, however, which remains the case with small loans.

What are some of the alternatives to buy now, pay later?

Australians seeking quick cash have a variety of options beyond BNPL services. These alternatives include:

  • Small loans: also known as cash loans, these can provide fast and flexible funding for various purposes. Unlike BNPL, where the provider makes the purchase for you, small loans give you direct access to the cash to use as you see fit. With Savvy, you can apply for a small loan between $2,050 and $5,000 and potentially receive approval and funding on the same day.
  • Credit card cash advance: a credit card cash advance lets you access cash using your credit card instead of paying for goods or services. However, credit card interest rates and cash advance fees can be significant, so prompt repayment is crucial to avoid accumulating excessive charges.
  • Bank overdrafts: some bank accounts offer personal overdraft options, allowing you to access funds beyond your account's zero 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 regular payment and deducted from future instalments for repayment.
  • No Interest Loans (NILs): NILs can help cover essential expenses like household items, education costs, and car repairs. You can borrow up to $2,000 for these purposes or up to $3,000 for other reasons like rent and bonds.
    When seeking quick cash, carefully consider your options, assess your financial situation, and choose the solution that best aligns with your individual needs and circumstances.

Why apply for a small loan with Savvy?

Frequently asked questions about buy now, pay later

Can BNPL services affect my credit file?

Once the new government regulations are brought into effect, applying for and repaying your BNPL product will impact your credit file. If you make your repayments on time, this can have a positive effect, but late repayments may do the opposite.

Can I repay my BNPL deal early?

Yes – you can repay your BNPL deal ahead of schedule. While doing so doesn’t have the same effect as repaying small loans ahead of schedule (which can reduce the fees you pay), clearing your debt sooner can be beneficial for your credit file.

How long can I take to repay my BNPL debt?

Different BNPL services offer different repayment terms. While some may limit borrowers to repayments over five to eight fortnights, some larger purchases may allow you to repay them over anywhere between 12 and 60 months.

What happens if I decide to return the item I purchased with a BNPL provider?

If you return an item you bought with a BNPL service, you’ll need to first return it to the shop you bought it from. Once you’ve done this, your provider will require you to report the return with them directly so a refund can be arranged both to them and you. However, if your return is given to you in the form of store credit, you’ll generally be required to continue repaying your BNPL debt to completion.

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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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