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Buy Now Pay Later Phones No Credit Check Australia

Read about buy now, pay later for phones, your alternative options and whether you can get approved 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.

Buy now, pay later has become a popular choice for financing phone purchases in Australia, sometimes without the need for a credit check. However, it's essential to understand what this type of finance is and how it works. That’s where Savvy can help, as you can learn all about buy now, pay later options for phones and other fast cash solutions which may suit you.

What is a buy now, pay later service in Australia?

Buy now, pay later (BNPL) is a widely used payment method that lets you spread out the cost of your purchases into manageable instalments, typically over several weeks, rather than paying everything upfront. It's designed to make buying goods and services more accessible and budget-friendly.

With BNPL, the service provider covers the cost of your purchase, giving you immediate access to it. You'll then repay the amount in interest-free instalments over your chosen repayment period. Ensuring your repayments are on time keep you from incurring additional fees, while late payments may result in substantial charges. Some lenders may also charge supplementary fees, such as monthly, establishment, or processing fees, but this is not always the case.

BNPL shares similarities with 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.

Will I be able to purchase a phone with a buy now, pay later deal without a credit check?

While some BNPL providers currently offer products without credit checks, upcoming Australian legislation will require all providers of credit products, including BNPL (likely by late 2023), to comply with Responsible Lending Obligations. This means all such applications, including those to purchase a phone or any other good or service, will undergo credit and affordability checks, 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. If your financial profile is deemed suitable for the specific BNPL deal you're applying for, you may still be able to secure the funds you need to buy your new phone and pay it off at a more manageable pace.

What are my other options for financing my phone aside from buy now, pay later?

Australians seeking a quick cash injection have options beyond BNPL services. Consider these alternatives:

  • Small loans: unlike BNPL, where the provider handles the purchase, small loans can offer fast and flexible funding for various purposes. You receive direct access to the cash in your bank account, allowing you to use it for different purposes as you see fit. Through Savvy, you can apply for a small loan between $2,050 and $5,000 and potentially secure approval and funding on the same day.
  • Credit card cash advance: credit card cash advances allow you to access cash using your credit card, such as withdrawing from an ATM. However, it’s important to note that these can potentially come with high credit card interest rates and cash advance fees.
  • Bank overdrafts: some bank accounts offer personal overdraft facilities, granting you access to funds beyond your account's balance up to a set limit. Like credit card advances, overdrafts can 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. Your advanced amount is added to your next payment and deducted from future instalments over the next few fortnights.

When seeking quick cash, thoroughly evaluate 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 for phones

Do BNPL services impact my credit history?

Following the implementation of new government regulations, your BNPL transactions will be visible in your credit file. Consistent on-time repayments can strengthen your credit profile, while delayed payments may have detrimental effects.

Am I able to repay my BNPL debt earlier than scheduled?

Yes, early repayment of your BNPL debt is allowed without incurring additional charges. While it doesn't reduce the overall cost like prepaying small loans, it can benefit your credit history.

How long will I have to pay off my BNPL debt?

BNPL services offer a range of repayment options, with some restricting borrowers to five to eight fortnightly instalments, while larger purchases may allow for extended repayment periods between 12 and 60 months.

Will I receive a refund if I return the item I bought with a BNPL deal?

To receive a refund for a BNPL purchase, first return the item to the retailer. Once the return is finalised, inform your BNPL provider to commence the refund process, which will distribute funds to both the provider and you. However, if the return is issued as store credit, you will generally need to continue fulfilling your BNPL repayment obligations.

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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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