The buy now pay later sector is currently under an ASIC review. Find out more about this review.
Fintech has given rise to myriad "new ways to pay", and one of these is interest-free finance. While this was originally limited to layby or applying for a credit card with interest-free terms, providers such as Afterpay and Openpay are opening up a whole new world to shoppers looking to buy now and pay later.
Here, we've compared some of Afterpay's and Openpay's costs and features to help you decide which platform may better suit your needs.
Compare Afterpay vs Openpay
|Interest-free period||8 weeks||Full repayment term|
|Repayment term||8 weeks (fortnightly instalments)||Various plans available (e.g. 6, 12, 18 months)|
|Upfront and ongoing fees||None|
|Late payment fees||Late fees apply|
|Signup||Can be done instantly online or in-store at participating merchants||Can be done online or in-store at participating merchants|
|Availability||Full Afterpay store list||Full Openpay store list|
|Credit score||Afterpay reserves the right to report negative activity to credit providers||Openpay reserves the right to check your credit file and report negative activity to credit providers|
|More||Read the full review||Read the full review|
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