Afterpay’s monthly payment product is a type of installment loan that offers you more flexible ways to pay for high-value orders. Upon approval, a 6 or 12 month interest-based repayment option may be offered. This option provides flexibility to spread out repayment on a monthly basis on items over $400.
○ Choose Pay monthly to check your eligibility. This won’t affect your credit score
○ Verify your identity. Confirm your information is correct. You will only have to do this one-time
○ Pay Monthly. Choose to pay over 6 or 12 months. Down Payment may be required
The Pay Monthly option is not available for all merchants. If available, the option to choose”Pay Monthly” will be presented during checkout. Eligibility for the Pay Monthly option requires a soft credit check that has no impact on your credit profile. Please note that until an offer is selected, rates and offers are subject to change.
Pay Monthly is not available in:
- Nevada
- West Virginia
- Hawaii
- New Mexico
DOES AFTERPAY CONDUCT CREDIT CHECKS?
Afterpay may conduct a soft credit check for new customers when they first sign-up to use the platform. This soft credit check will not impact a customer’s credit score.
Soft credit checks (also known as soft pulls or soft inquiries) are very common and will not affect credit scores, will not be visible to other lenders or creditors and may or may not be recorded in credit reports, depending on the credit bureau.
Afterpay takes a number of factors into account when making a decision to approve a new customer, a soft credit check is one of those factors.
We will also do a credit check if you use the Pay Monthly option while checking out. This is part of the assessment to determine your eligibility for this product, as well as the APR that can be offered.
WHICH PAYMENT METHODS DOES AFTERPAY ACCEPT?
Pay-in-4 Orders
Afterpay accepts domestic debit and credit cards and bank checking accounts. We do not accept savings accounts or cards issued from overseas banks. You can use a pre-paid card for the Manual Payments tab to “Pay now,” but you cannot save a pre-paid card as a payment method.
If you use your card with us you will still be subject to your card issuer’s terms and conditions including any applicable finance charges and fees that may apply. When you use your card you may not receive certain rewards, features and benefits that may be offered for example, additional points or cash back. For more information please contact your card issuer.
Pay Monthly Orders
Payments are first allocated to the interest accrued, then the remainder of the payment will go to the outstanding principal balance. As you pay down your loan more of your payment will be allocated to the outstanding principal balance and less on interest.
You will need to use a debit card issued by a US financial institution locally issued debit card. This is the only form of payment method currently available for Pay Monthly orders.
HOW CAN I PAY?
Pay Monthly Orders
When placing an order using Pay Monthly, you will have the option to select if you would like your payment to be taken automatically on every due date. If you choose to opt out of auto-pay, you will need to make payments manually on the due date.
Pay-in-4 Orders
You can pay with our automated payments system (we recommend this), or manually select an upcoming payment for an order.
To set up automatic payments, just go on the App or online into the Settings of your My Afterpay page. Then enter payment details under "Payment Methods.” You will need to have at least one card stored as payment first. However, we highly recommend paying with your bank account so you don’t need to worry about lost or expired cards.
When you have an installment due, we will notify you beforehand so that way you can make sure that there is enough in your account for that installment. We do the rest.
To make a manual payment, go to your Orders under My Afterpay and select the installment you’d like to pay and select your preferred payment method. Please note that bank checking accounts may take up 2-5 business days to process & will appear as 'Pending' on your Afterpay account until cleared by your bank.
WHAT HAPPENS IF I CAN'T MAKE A PAYMENT
Afterpay is committed to making sure you stick to your repayment plan.
That’s why we consider every purchase application before we approve that purchase. And that’s why we are always sending you reminders when a payment is almost due.
If you are facing hardship, we have a hardship policy that allows us to work with you to get you back on track.
As soon as you miss a payment, we will immediately stop you from making any further purchases with Afterpay. This is because of our commitment to the high standards we set ourselves for responsible spending.
Pay-in-4 Orders Only
A late fee may be charged when an installment for an order is not paid after the applicable grace period (usually 10 days unless otherwise noted on your payment schedule). We will only ever charge one late fee per installment and the total amount of late fees charged on an order will never exceed 25% of your initial order value.