Buy Now Pay Later No Credit Check Australia | Nifty Loans

Pros And Cons Of Buy Now, Pay Later Services

E-commerce is larger than ever

Who doesn’t love convenience? You could say it’s the most sought-after global commodity. Quick finance has now joined the likes of Uber, online calendars, sleep tracking alarms, and buy now, pay later services. Buy now, pay later services such as Afterpay and zipPay have recently flooded the market and have attracted different people from far and wide.

Essentially, buy now pay later services offer the handiest convenience; being able to pay for an urgent need or an impulsive buy without actually spending your money – right away. And the best part, generally no interest! It sounds amazing, doesn’t it? Yet, like all things in life, this miraculous, dream-delivering service has its pitfalls. So, we’ve decided to look into these shiny new services and discover some pros and cons behind their glistening exterior. 

The basics of buy now pay later services

Buy now pay later services has recently revolutionized the way we shop, particularly in the wardrobe department. Services like Afterpay and zipPay have spread across the physical and the digital shopping scape. It’s a service that allows any small rhetorical buy to become a reality.

Afterpay is an Australian company reining in millions of customers and partnering with thousands of retailers. Afterpay annual sales are suspected to surpass 1.5 billion as the big players continue to hop on board.

Imagine: you see an eye-popping sale and you simply must take advantage of it (you’re basically saving money right?), then, you realise it ends before your next payday. You consider spending your grocery money on the desirable purchase, then you see that all-too-tempting sign: ‘We accept Afterpay’. It’s at that moment that you realise, anything is possible. You immediately make the purchase and you walk away radiating happiness. And that is buy now pay later.

Services like Afterpay are much like a small loan, you begin to repay your buy now pay later debt with four equal instalments, typically due every 2 weeks.

Do buy now pay later services affect my credit score?

If you’ve been searching ‘buy now pay later no credit check Australia’, you might be wondering if companies that provide buy now pay later services are conducting credit checks.

Some of these companies do perform credit checks, while others don’t. Look into the credit company policies to see if they do or not. Some might say they may perform credit checks as part of the sign-up process. Some platforms, however, are conducting credit checks depending on the purchase you are making. 

Services that do not do a credit check will not initially affect your credit score, but failing to make the repayments of the credit may affect your credit rating. If you can’t make the repayments, you will be charged an additional fee for every failed payment and you can also be charged a late payment fee that is typically a percentage above the amount borrowed. 

How do buy now pay later services work?

It’s simple really. To use buy now pay later services, the store has to partner with the service…and that’s it really. Shop now pay later services are available online or instore. So, convenience follows you wherever you go. You can see if the online store or the physical store offers buy now pay later when you are choosing a payment method for your service. Of course, you also need to download the app and enter your bank account details, but that’s generally it! 

Once you’ve made a purchase, repayments are usually made in four equal instalments and are automatically deducted from your nominated card. You need to make sure that you have sufficient funds available to be able to cover the repayment. There is no interest and no upfront fees as long as you’re able to pay the instalments. If you miss a payment, however, you will need to pay a small fee. Before using a buy now, pay later service, you should always check the fees and charges as they do change and vary between different providers.

Top retailers that offer buy now pay later services

Let’s be honest, who needs another reason to blow their paycheck on a Kmart shopping spree? Well, buy now pay later services have certainly further tempted towards our favourite shopping realms:

And the list could go on and on and on! Buy now pay later companies such as Afterpay and zipPay have quickly altered the way we think about shopping. There are currently 3505 brands offering Afterpay! Afterpay allows you to pay for your purchase over four instalments due every fortnight. Now if you want to hit the shops, you can pay off your items gradually, rather than all at once. 

What items can you buy with Buy Now Pay Later?

Buy now, pay later options are available for just about everything, but just in case you are new to them, we thought we would share a few examples with you.

  • Need groceries but have no time to meal prep with your busy schedule? That’s ok, companies like Youfoods have you covered with breakfast, lunch, dinner, and even snacks for the week. 
  • If you love music and are making your way through that festival bucket list, the costs can really add up. Thankfully vendors like Moshtix offer payment plans where your tickets are secured and you can make manageable payments before the festival or concert. That way you can plan the rest of your Splendour weekend with ease.
  • Bought your tickets for your trip to Bali but need that holiday wardrobe? Or maybe you just need to update your wardrobe with some seasonal retail therapy. No worries, clothing retailers have what you need without dipping into your budget, some even offer layby options too. Those shoes you’ve been eyeing off are calling your name!
  • Sometimes Christmas can sneak up on you so it’s good to be prepared with those Chrisco hampers during the silly season. A treasure chest full of goodies from home essential items and gourmet groceries toys for the young and old and maybe a little something extra just for you. So many bundles to choose from and the payment options are just as easy, choose your hamper and flexible payment options and enjoy the time with your friends and family without the stress that usually accompanies the silly season.

The benefits of BNPL

The rise of buy now pay later services have been swift, and they have reinvented the way we see our money and what we can buy with it. Here are some reasons why people love them:

Avoid dipping into your savings

When you feel the impulsive shopping urge grow inside of you, but you don’t want to dip into your savings, that’s when people turn to buy now pay later. If your favourite retailer is having a sale, instead of paying the full amount upfront, you can enjoy your purchase, then pay it off slowly. For example, with Afterpay, instead of paying $100 dollars upfront, you’re simply paying $25 every two weeks. This means you can spread out the purchase across your paychecks. 

For the big purchases

In line with the physiology of spending, buy now pay later services make larger purchases more feasible. It breaks them down into smaller, bite-sized chunks that are easy to digest. And before you know, you’ve eaten all of them, without even realising it! You can use Afterpay to upgrade your couch, spruce up your bathroom, or even take a quick getaway! When it comes to large purchases, buy now pay later removes the harsh sting and suddenly the purchase transforms into a cuddly puppy. Again, this can also be a danger, more on that later.

Easy online shopping

Online shopping has already etched itself into the convenience hall of fame and buy now pay later is simply the cherry on the cake. Most major online stores, such as the Iconic offer Afterpay, meaning you can be snuggling in bed ordering the latest addition to your wardrobe and not pay a thing until you get your next paycheck!

Buy now pay later definitely speaks for itself. What could be better than scoring a new addition to your wardrobe or the latest gadget, without parting with your hard-earned dough immediately?

What to look out for – the disadvantages of Afterpay 

The physiology of spending has certainly contributed to the growth of services like Afterpay. In our mind, we feel like we’re paying less. You might not even notice that $25 creep out of your account every two weeks. So, it’s almost like you’ve never paid for it, right? This is where the hidden danger lies, but more on that later.

Unfortunately, like everything in this world, there are pitfalls to buy now pay later services. So, whether you’re a buy now pay later beginner or a professional user, then it’s time to get educated:

The dangers of the Afterpay frenzy:


With buy now pay later services it’s easy to lose track of your spending. With Afterpay, a shopping spree turns from an expensive day out to seemingly free. During the course of your shopping, no funds will physically leave your account, so it’s easy to lose track.

And it’s important to keep in mind that you’re essentially taking out a loan with buy now pay later services. Owing credit is a responsibility that consumers cannot afford to take lightly.

The elusive additional fees

Buy now pay later advise zero upfront charges, which is correct, however, if you’re ever late on a repayment, then you’ll see the charges rolling in. If you are late for a repayment, Afterpay will charge you $10 fee, and if you missed the repayment again a further $7 fee will be charged. So, before purchasing an item on Afterpay consider other financial commitments and whether it suits your payment schedule for other expenses. Because it will cost you if you miss this bill.

Afterpay does take steps to protect its customers from easily falling into debt. For example, if a customer is late for a repayment, they are barred from making other purchases on Afterpay.

Refunds become fraught with complications

When you pay with buy now pay later services, refunds can be tricky. Firstly, the goods will be returned to the retailer. Then, the retailer must notify Afterpay and return a full refund to them. Finally, Afterpay will issue a refund to you.

It’s a long process that can be bogged down with paperwork and technicalities. So, when you’re purchasing an item through buy now pay later make sure you love it!

Impact on your ability to apply for credit

If you fail to make the repayments on your purchase, it can affect your credit score and your eligibility to apply for new credit. And, trust us, we’ve seen it happen.

Lenders see buy now pay later instalments as financial commitments that could bar you from being able to repay a quick loan. Moreover, if you pay for buy now pay later services with a credit card, it will show up on your credit card as unpaid credit.

It can be easy to lose track of your buy now pay later spending. It can treat you to a nice dinner, but then, subsequently talk behind your back. Point is, the dangers of buy now pay later can creep up and affect your credit rating if you don’t pay the instalments subsequently.

Irresponsible lending

As a small alternative lending company, Nifty Loans believes in the necessity for responsible lending practices. And buy now pay later services don’t account for the responsibility of lending. Some buy now pay later companies don’t perform credit checks and have no application approval, meaning anyone can essentially obtain credit through these services.

So, clearly there are many reasons to love buy now pay later services, but there are pitfalls to be wary of too. Before diving into the world of buy now pay later services, remember the pitfalls and the consequences that can affect you. It’s wise to be equipped with the tools to thrive in that world! Remember to still show restraint and keep your budget in mind at all times.

What type of loans do we offer?

We’re glad you asked. Nifty offers 2 types of personal loans: medium and large loans.

Loan type Loan amount Loan term
Unsecured or Secured $2,500 to $4,600 9 to 24 months
Unsecured or Secured $5,000 to $10,000 9 to 24 months

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Personal Loan Details

Loan Amounts $5,000 – $10,000
Loan Terms 9 – 24 months
Starting Interest Rate (APR) 11.42% (Excellent Credit)
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Early repayment fee $0
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Credit criteria and terms and conditions apply. Representative example: based on a loan of $10,000 over 36 months a borrower with an excellent credit history can expect to pay a total of $12,389.76. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Interest rates vary subject to a full credit assessment. This represents a comparison rate of 14.49% p.a. and includes all interest and fees included in your loan repayments over the life of your loan. For our personal loan product the APR starts from a minimum of 11.42% (14.49% comparison rate) with a maximum of 21.24% (45.56% comparison rate). The minimum loan term is 9 months and the maximum loan term is 24 months. For more details and examples visit our rates and fees page.