How does Humm work?

What Is Humm and How Does It Work?

Humm is a buy now, pay later payment service that allows users to make purchases in-store and online and pay for them over time. It is a popular payment method for those looking to purchase items they can’t afford outright, providing them with a more manageable payment plan.

Humm is available as a mobile application and can also be used through a desktop website. It has quickly become one of the most popular payment options in Australia, New Zealand, and Ireland, with plans to expand to other markets.

How Does Humm Work?

Humm works by allowing users to make a purchase and then pay for it over time, typically in installments. Here’s how it works:

Choose Humm as a payment method at checkout. When you’re ready to make a purchase, select Humm as your payment option at checkout.
Get approved. Humm will perform a credit check to determine whether you’re eligible for the payment plan. This typically takes a few seconds and requires only minimal information.
Choose your payment plan. Once you’re approved, you can select a payment plan that works for you. Humm offers a range of payment plans with different repayment terms, interest rates, and fees. You can choose to pay back your purchase over a few weeks or up to several months, depending on the plan you select.
Make your purchase. Once you’ve selected your payment plan, you can complete your purchase as usual. The merchant will receive payment from Humm, and you’ll be responsible for repaying Humm over the agreed-upon period.
Repay your purchase. Humm will provide you with a payment schedule that outlines how much you need to pay and when. You can make payments through the Humm mobile app or website. Once you’ve paid off your purchase, you’re done! Learn more about buy now pay later no credit check australia here. Learn more about access your pay early Australia here.

Is Humm Safe?

Humm takes the security and privacy of its users very seriously. All transactions are encrypted and processed securely, and Humm does not share any personal or financial information with third parties without explicit consent.

Humm also has a fraud detection and prevention team that works to identify and prevent fraudulent activity. If you notice any suspicious activity on your account, you can contact Humm customer service for assistance.

Humm Merchant Fees

Humm charges merchants a fee for each transaction, which varies depending on the merchant’s location, industry, and other factors. Merchants can log in to their Humm account to view their transaction fees and other details.

Humm Finance Reviews

Humm has generally positive reviews from users, with many praising its ease of use, flexibility, and affordability. However, some users have reported issues with customer service and unexpected fees. It’s important to read the terms and conditions carefully and understand the repayment plan before using Humm.

How Does Humm Make Money?

Humm makes money by charging interest and fees on its payment plans. The exact amount of interest and fees charged depends on the payment plan selected by the user.

Can Humm Card Be Used Anywhere?

No, the Humm card can only be used at participating merchants that accept Humm as a payment method. However, Humm is accepted by many major retailers, both online and in-store.

Humm Interest Rate

The interest rate charged by Humm depends on the payment plan selected by the user. Interest rates can range from 0% for some short-term plans to over 20% for longer-term plans. It’s important to read the terms and conditions carefully and understand the interest rate and repayment plan before using Humm.

In conclusion, Humm is a convenient and flexible payment option that allows users to make purchases and pay for them over time. However, it’s important to understand the repayment plan, fees and interest rates before using Humm to avoid any unexpected costs or fees. It’s also essential to use Humm responsibly and only make purchases that you can afford to pay back on time to maintain good credit and financial health.

Factor In Costs

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

16 days (minimum)

12 months (maximum)

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Loan amount

$2,100 - $4,600

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.

Example

Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. 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. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

47.8% Comparison Rate p.a.

Example

Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04.

This is an estimate only and the comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit.The maximum interest rate for a Personal Loan is 47.8%. Comparison Rate 47.8% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04. 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. Credit criteria and terms and conditions apply.