Does Afterpay Require a Down Payment?
Afterpay is a buy now, pay later platform that offers interest-free financing at hundreds of retailers including Myer, David Jones, The Iconic, Nautica and Bloom. Launched in Australia in 2016, the company has since expanded into the United States and other countries. While shoppers do not pay interest when using Afterpay, if they fail to make payments on time the company may charge them a late fee. URL Itstimeforbusiness.com
However, the company does not report payment histories to credit bureaus so using Afterpay does not have a negative impact on a shopper’s credit score. If a customer is unable to make the required monthly repayments, the debt will eventually be passed on to collection agencies. However, most of the time, Afterpay is able to work with its customers to help them avoid paying off their debt.
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To use Afterpay, shoppers must have a US-based debit or credit card. They must also download the Afterpay app and link it to their account. The app will then automatically charge each payment on their due dates with a few reminders beforehand. Customers can reschedule one payment per order if they need to.
While Afterpay does not require a down payment, it is important to shop responsibly. This means only purchasing items that you know you can afford. It is also a good idea to make a budget and stick to it so you can afford your monthly Afterpay payments.