Your weekly repayments will then be $200 each (your Laybuy available limit divided by 5 remaining payments).Your first Laybuy payment due upfront will be $400 ($1,400- $1,000) (order total less your Laybuy available limit).You have a Laybuy available limit of $1,000 but you want to make a Laybuy purchase of $1,400.Spend beyond Your Limit by paying the amount you're short upfront and the balance weekly with Laybuy. If funds are not available at the time the automatic payment is due, you will be charged a late payment fee by Laybuy. No further action is required and all account information including a payment schedule can be viewed, at any time, through your Laybuy account. The remaining 5 payments are processed each week on the day of the original purchase from your nominated card. The first payment equal to one sixth of the purchase price occurs once your order is completed. How does the Laybuy payment schedule work? It is not available via the Mix & Match call centre. It is not available as a payment option for purchase of car hire, hotel bookings or travel insurance. Laybuy is available for online purchases of flights only. Once your credit score has been confirmed and your account has been verified, Laybuy assigns your Laybuy limit and you can begin shopping immediately. Laybuy performs a credit check to obtain a credit score on all new users upon registration. Then complete your order – it’s that easy! How does Laybuy work? If you’ve used Laybuy before, just log in to your Laybuy account. You will be directed to the Laybuy website to register and provide payment details (Debit Card or Credit Card). At checkout, choose Laybuy as your payment method. Laybuy offers online shoppers a simple interest free payment plan that lets you secure your purchase today and pay for it in 6 equal payments, once a week for 6 weeks. If you need any help or have any questions, contact Laybuy here. This fee is included in the '6 x payment' price displayed during checkout.Ĭlick here for Laybuy terms and conditions. Mix & Match charges a processing fee for all purchases booked via Laybuy. Please note any amount over your Laybuy limit is due in full at the time of purchase. The “virtual card” will also feature biometric fraud detection and a dynamic CVV that refreshes regularly to protect customers from fraud and theft.You're done! Payments will be taken each week automatically. “We’re able to do this quickly because of the combination of technology and knowing our customers,” she added. “In the time it takes for a customer to go from the fitting room to the register, we’ve assessed their application, undertaken a credit check and opened an account with a virtual card so they’re ready to purchase,” Slade said. When customers activate the instalment payment function in the app, the credit check will be completed. The ‘NAB Now Pay Later’ function will be integrated into the app and will appear alongside other NAB products like transaction accounts. The payment product will be able to be used anywhere Visa is accepted, both online and instore, and there will be no minimum purchase amount. The bank will then contact the customer to provide options to help them to get back on track.Ĭustomers will not be able go into a negative balance on their BNPL account. If the customer fails to make their repayments on time, the bank will block a customer’s BNPL account so they can’t make more purchases with debt. “This will ensure customers can have the confidence to appropriately manage their repayments, both today and in the future,” NAB Group executive personal banking Rachel Slade said. To make sure customers can manage the repayments, the bank will conduct a quick credit check based on their banking and credit history.Īlso read: 'Buy now, pay later' fad could have redeeming qualities - with proper use and regulationĪlso read: Buy now, pay later enters property marketĪlso read: Qantas welcomes Zip onboard: Fly now, pay later The bank will allow customers to spend up to $1,000 via a virtual credit card embedded in their app and then let them pay the money back over four fortnightly instalments. NAB has launched a ‘buy now pay later’ (BNPL) option that it claims will not hit customers with late fees, account fees or interest. If you don't make your repayments, NAB will block your buy now, pay later' abilities.
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