Buy Now Pay Later No Credit Check

Find out about buy now, pay later and other quick cash solutions and whether you can obtain these with no credit check with Savvy.

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.

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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 schemes have gained popularity due to their flexibility. However, it's essential to carefully consider the terms and conditions before applying, including whether a credit check will be conducted. You can learn more about the world of buy now, pay later with Savvy and discover other swift cash solutions that may align with your financial goals right here today.

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

Buy now, pay later (BNPL) is a payment method that lets you break down the cost of your purchases into manageable instalments, typically over several weeks, rather than paying in full upfront. It's designed to make buying goods and services easier on your budget.

With BNPL, the service provider covers the cost of your purchase, granting you immediate access to it. You'll then repay the amount in interest-free instalments over your chosen repayment period. Timely repayments avoid additional fees, while late payments will incur potentially steep late charges. Some lenders may also charge supplementary fees, such as monthly, establishment, or processing fees, but this is not always the case.

This system resembles lay-by, a traditional store-based payment option. However, with lay-by, your purchase is held until full payment, while BNPL allows immediate access to the goods. Additional charges beyond late fees are also rare in lay-by.

Am I able to get approved for a buy now, pay later deal with no credit check?

While some BNPL providers, such as Afterpay, currently offer products with no credit checks, upcoming legislation in Australia will change this landscape. All providers of credit products, including BNPL (likely by late 2023), will be subject to Responsible Lending Obligations under Australian law. This means credit and affordability checks will be mandatory for all applications, requiring providers to assess your suitability for a credit product before approval.

Despite these new regulations, BNPL products may still be accessible to those with bad credit. As long as your financial profile aligns with the specific BNPL deal you're applying for, you may still qualify for the funds you need.

What are my available loan options outside of buy now, pay later?

Australians seeking quick cash have various options to choose from BNPL services. These include:

  • Small loans: these can provide fast and flexible funding for various purposes, unlike BNPL where the provider makes one purchase for you directly. With small loans, you receive direct access to the cash to use as you see fit. Through 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: with a credit card cash advance, you can access cash using your credit card instead of paying for goods or services. However, 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 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 eligible borrowers 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 looking for access to fast cash, carefully weigh up the options available to you, evaluate your financial position, and select the one that best suits your requirements.

Why apply for a small loan with Savvy?

Frequently asked questions about buy now, pay later

Will my credit score be impacted by BNPL?

Under the upcoming government regulations, your BNPL activity will be reflected in your credit file. Timely repayments can enhance your creditworthiness, while late payments may negatively impact it.

Can I pay off my BNPL deal ahead of schedule?

Yes, you can repay your BNPL deal early without incurring additional fees. Although this doesn't reduce the overall cost like the early repayment of small loans, it can positively impact your credit file.

Over what period can I repay my BNPL deal?

BNPL services provide varying repayment terms, with some restricting borrowers to five to eight fortnightly instalments, while larger purchases may offer extended repayment periods ranging from 12 to 60 months.

What happens to my BNPL deal if I decide to return the item I bought?

Before you can receive a refund for an item purchased using BNPL, you must first return it to the original retailer. Once the return is processed, notify your BNPL provider to initiate the refund process, which will reimburse both the provider and you. However, if you receive store credit instead of a refund, you will typically still need to complete the BNPL repayment plan.

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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.