Buy Now Pay Later No Credit Check Instant Approval Australia

Buy now pay later no credit check instant approval Australia refers to interest-free finance potentially available from a number of providers. If this all seems like a confusing jumble of words, don’t stress – Monzi is here to explore your options.

Please note, certain ideas and products presented in this article may not be offered by Monzi nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

What is buy now pay later no credit check instant approval Australia?

Buy now pay later no credit check instant approval Australia refers to certain interest-free finance products. In short, you can make a purchase today without paying a cent and then make equal repayments over the coming weeks or months. Buy now pay later services work by your provider financing your purchase. You then repay your provider over a set period of time. Moreover, you will not pay interest if you settle your debt within the interest-free period.

Buy now pay later (BNPL) services are quickly cementing themselves within the Australian financial landscape. After all, consumers now have the power in their hand to purchase items without having to pay upfront.

Despite this, these services are not without risk. Luckily, Monzi is here to delve a little deeper and explore your options.

Where can I find buy now pay later no credit check instant approval Australia?

Certain buy now pay later service providers may be able to instantly approve you without conducting a credit check. One such example is Afterpay.

In short, you will automatically be approved for Afterpay as long as you:

  • Are at least 18 years old.
  • Have a personal email address and mobile phone number.
  • Have your own credit or debit card.

You sign up to Afterpay by linking your debit or credit card. Moreover, this can be done either:

  • Online by selecting the Afterpay option at the checkout.
  • In-store at selected retailers. First head to afterpayit.com.au and select the amount you want. Next, you receive a barcode which can be scanned at the register.

Are there any alternatives to Afterpay?

Yes! There are a number of alternatives to Afterpay you could consider.

Obviously, you could consider using a similar Australian interest-free finance service. After all, many of these services function similarly to Afterpay, albeit with slight differences. For example, you can make purchases up to $1,000 with Zip Pay. Moreover, you can choose between a weekly, fortnightly or monthly repayment schedule.

Other BNPL services include:

  • Zip Money
  • Humm
  • Openpay
  • Klarna
  • etc.

On the other hand, you could consider the following alternatives:

Lay by

Lay-by is kind of like the reverse of buy now pay later Australia. Specifically, you make two or more instalment payments before you take the product home.

If your retailer is offering lay-by, it may be worth considering as there are no account keeping or late fees. Moreover, impulse spending is discouraged, as you only get your product after you finish making repayments.

NILS

You may be eligible for the No Interest Loan Scheme (NILS) if you receive a low income. As their name suggests, these loans are interest-free and can be used to purchase essential products and services.

Check your eligibility here.

Savings

There’s nothing wrong with a bit of old-fashioned discipline. In short, you may be able to meet your savings goal quicker than you think. Check out the range of saving and budget planners available online.

What stores accept buy now pay later no credit check instant approval Australia?

In short, the number of retailers and manufacturers that can accommodate BNPL is enormous. Moreover, most major retailers are able to accommodate BNPL. However, we have broken down some of the more common expenses into categories below.

Buy now pay later clothes Australia

You can get the latest range of clothing and accessories on credit. Moreover, most major fashion retailers let you pay through a BNPL service.

To give you just a rough idea, we’ll list a few major brands that you can buy now and pay later at.

  • Ally
  • Supre
  • Just Jeans
  • Adidas
  • Vans
  • Target
  • Champion
  • Platypus

Buy now pay later mobile phones and laptops

Electronics are essential these days. Unfortunately, they don’t always come cheap. Fortunately, you may be able to use interest free finance to purchase a mobile phone or laptop from one of the following retailers:

  • Big W
  • Kogan
  • Zumi
  • Officeworks
  • Bing Lee

Buy now pay later no credit check instant approval Australia furniture

Been thinking of a new couch or bed frame for a while? Here are a few places you may be able to finance furniture:

  • Fantastic Furniture
  • Freedom
  • Bed Bath N’ Table
  • Zanui
  • Coco Republic

Buy now pay later toys

Do you have a kid’s birthday coming up? If your budget isn’t prepared, don’t stress. Here are a few retailers that may accept BNPL services:

  • Toyworld
  • Kmart
  • Wooden Wonderland
  • Toyuniverse.com.au

Buy now pay later no credit check instant approval Australia – benefits

Interest-free finance providers are quickly cementing themselves in the Australian consumer landscape and it’s not hard to see why.

While each provider may vary slightly, you may be able to expect the following:

  • Ongoing. Your credit does not expire once you settle your debt. In other words, your account stays active and you can use it again if you wish.
  • Wide-acceptance. BNPL services are accepted by most major retailers and manufacturers. If you aren’t sure, simply get in contact with the retailer directly.
  • 100% online. There’s no need to print or sign any physical paperwork when you sign up.
  • Speedy. You can generally apply for interest-free finance products within minutes at the checkout.
  • Purchasing power. You are afforded a lot of options with BNPL services. Moreover, you can cover small purchases of a few hundred dollars to costs up to $30,000.

Buy now pay later no credit check instant approval Australia – risks

No credit product is free from risk; BNPL services are no different. Therefore, consider the following before you apply.

  • Encourages poor habits. One major critique of BNPL services is that they help form poor financial habits by encouraging impulse spending. After all, you can take home that new laptop without paying a cent. Ultimately, you may find yourself with debt you cannot afford.
  • Costs. While interest may not always be applied, service providers may still charge you fees to use their service.
  • Staying on top of payments. It may quickly become difficult to keep track of your repayments if you make multiple purchases on different services.
  • Future credit. Lenders now consider BNPL service transactions when assessing you for a home or car loan.

Moreover, BNPL services can often give off the facade that they’re low-risk. After all, you simply repay what you owe interest-free, right? Well while this is technically true, note that a 2018 study by ASIC found that one in six Aussies had to do the following in order to meet their repayments:

  • overdraw their account
  • put off paying other bills
  • borrow money from their friends or family.

How should I compare buy now pay later services?

As with any credit product, it is important you compare your options before making a decision. After all, interest-free finance providers are individual companies and may all vary. Therefore, consider the following when comparing service providers:

  • Amount. Are you able to access a line of credit or a credit limit of a certain amount? Moreover, is this amount sufficient?
  • Fees & charges. Providers will likely charge fees for things missing repayments. In addition, certain lenders may also have ongoing charges, like account keeping fees.
  • Interest. You will not repay interest if you pay your debt within the period of time.
  • Repayments. Are you able to choose between a weekly, fortnightly or monthly schedule? Is there a minimum payment required each month?

Always compare credit products before applying. Check out our guide to comparing debt consolidation loans as well as our A to Z of comparing personal loans.

Buy now pay later no credit check instant approval Australia man leaning back in chair smiling laptop

Can Monzi help me with buy now pay later no credit check instant approval Australia?

No – Monzi does not offer buy now pay later credit. In fact, we do not offer credit ourselves at all. This is because we are a lender-finder service.

If you need a personal loan, Monzi’s lender-finder service may be able to help. In short, instead of applying with multiple lenders, you can lodge one application on our site. From there, our system will aim to match you with a potential lender.

The loans potentially available through Monzi’s panel of lenders are:

LoanAmountTerm
Small unsecured loan$300 to $2,000Up to 12 months
Medium secured loan$2,001 to $4,60013 to 24 months
Large secured loan$5,000 to $10,00013 to 24 months

Are personal loans interest free?

Obviously, Monzi cannot speak on behalf of every lender in Australia; however, any loan funded through Monzi’s panel of lenders will incur interest. In short, interest-free loans are not available through Monzi. In other words, these loans are not equivalents to buy now pay later no credit check instant approval Australia.

Specifically, your repayments will include the principal you borrowed and interest, as well as any other fees or charges.

Therefore, it is essential that you read through the loan agreement offered to you. Moreover, confirm you understand everything contained in your contract before approving it. In particular, make sure you are aware of the:

  • Interest rate. Interest is generally expressed as an annual percentage of the principal. This is what you pay the lender in exchange for credit.
  • Fees & charges. Upfront and ongoing fees may be applied to your loan. Common examples include an establishment fee and a monthly account keeping fee. Fees and charges vary between loan products and lenders.
  • Terms. Your repayment term is the length of time you’re given to repay your loan in full. Remember, the longer your term the lower your regular repayments will be; however, you will likely pay more in interest over the life of your loan. The reverse is true for loans with a shorter term.

Unsure about anything in your loan agreement? Do not approve your contract. Get in contact with your lender and they will walk you through whatever questions you may have.

Can Monzi offer instant approval?

Unlike Afterpay, Monzi cannot guarantee approval if you meet the criteria. After all, assessment rests with the individual lenders in our network. Even if you qualify for Monzi, your application is still assessed by lenders. As a result, approval is never guaranteed.

If, however, you’re looking for a lender that moves fast, Monzi may be able to help. Not only does applying only take a few minutes, but if you apply during business hours we may have a response for you within 60 minutes.

Again, instant approval should not be confused with guaranteed approval. In short, offering a loan with guaranteed approval no matter what is illegal in Australia. Specifically, all lenders must confirm the loan product is suitable for your situation by:

  • Making reasonable inquiries into the borrower’s financial needs, objectives and situation.
  • Take steps to confirm the borrower’s financial situation.
  • Make an assessment of whether or not the loan product is suitable for the borrower, based on the above information.

What about no credit check?

In short, a no credit check loan may not be available through Monzi. This is because each lender in our network is an individual company and we cannot speak on their behalf.

If you explicitly wish to avoid a credit check at all costs, consider an alternative to Monzi. In short, there is no way to guarantee you being offered these loans.

Moreover, if you have poor credit history, lenders may still consider you for approval. This is because the lenders in Monzi’s network may be able to focus on your:

  • income
  • expenses
  • financial habits
  • repayment history with other lenders.

Ultimately, Monzi’s lender-finder service may not be an alternative to buy now pay later no credit check instant approval Australia.

How do I sign up to Monzi’s lender-finder service?

Make sure you meet the following criteria before applying:

  • 18 years or older
  • Australian Citizen or Permanent Residency
  • Have personal phone number and email address
  • Have personal bank account with online banking active.

You’re free to apply once you meet the above criteria. Luckily, Monzi makes applying super easy. In short, our 100% online application may only take a few minutes. Here’s how it all goes down:

  1. Select the loan you wish to apply for using the loan slider. Click apply now once you are happy with your selection.
  2. Follow the steps and provide your information. Aim to provide all relevant information when you first apply, otherwise lenders may need to stall their assessment of your application.
  3. If you meet their criteria, lenders assess your application before providing an outcome. Lenders send through a digital loan contract if they approve you.

Finally, please note approval is always subject to assessment. Get in contact with hello@monzi.com.au if you have any further questions about our lender-finder service.

Buy now pay later no credit check instant approval Australia

Head to MoneySmart for more information on buy now pay later services.

Alternatively, consider Monzi if you’re thinking of applying for quick bad credit loans online.

Factor In

Costs

Two credit cards
Two credit cards

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true 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

Loan amount

$2,001 - $4,600

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true 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. Click here to see a worked example.

Loan amount

$5,000 - $10,000

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true 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. Click here to see a worked example.