The finance app that pays your bills on time, with no interest or annual fees
If you struggle to pay all of your bills on time, you're not alone. People across Australia spend hundreds of millions of dollars each year on late fees because they're unable to meet payments right away. Sometimes it's just a matter of waiting on your monthly pay slip, but there can be a number of reasons why people are unable to pay their bills up-front. Luckily, there's a platform that could help.
deferit offers to pay your bills for you and lets you repay in four equal fortnightly instalments. Spread the cost of your bills to make them more manageable and pay no interest or annual charges, just a small monthly fee. deferit can save you money by helping you avoid late fees or enabling you to grab pay-on-time discounts from some billers.
How does deferit work?
deferit works a bit like a "buy now, pay later" solution, but for your bills. Once approved, just take a picture of the bill you would like to pay using the deferit app or website and deferit will pay the bill as and when you want them to.
Customers will be issued a credit limit upon signing up to deferit. This credit limit is based on your credit history and how long you have been using the service – the more bills you pay with deferit, the higher your credit limit will go.
deferit charges a monthly fee of $5 for its service. This fee is only charged when you have active bills that you wish to defer. For example, if you choose to defer bills in June but not in July, you will only pay a fee for June. If you fail to pay your fee, deferit will be unable to pay your bills until you pay.
Features of deferit
- Interest-free. Pay no interest for using deferit's service.
- Defer almost any bill. You can choose to defer almost any payment with deferit. You cannot defer your rent payments, credit cards or loans.
- Part-payments available. If your available balance is $500 and you want to pay a $700 bill, you can pay off the amount available in your balance and top up the rest yourself.
- Same business day approval. deferit will be in contact the same business day to let you know if a bill is approved for payment through its platform.
- Pay bills on time. Some companies offer discounts for bills paid early or on time. You can take advantage of these discounts when using deferit, even if you don't have the money right now.
- Four fortnightly instalments. Pay your bills in four equal chunks over a two-month period.
- Same-day processing. If submitted before 5pm on business days, deferit will process a bill payment on the same day. If submitted after 5pm or on a weekend, it will be processed the following working day.
How much does deferit cost?
- No interest
- No annual fees
- No late fees
- $5 monthly fee up to $500 outstanding balance
- $10 monthly fee above $500 outstanding balance
- Card payments will be subject to a 1.6% surcharge
What you should know
In order for deferit to be able to pay your bills, you need to upload clear images of your bills which clearly state the BPAY option and the due date visible. Without this information, deferit cannot pay your bill.
You will also need a minimum balance of $0.50 in your nominated account in order to sign up to deferit, as this charge will be taken in order to validate your new debit/credit card.
If you have bad credit
While it is preferable for any lender that you do not have any defaults on your credit file, deferit do make exceptions for some defaults, depending on their size and recency.
How to sign up with deferit
To qualify for deferit's finance service, you must have no defaults on your credit history and you can't be insolvent. Your credit limit will be determined based on your financial circumstances – new users are usually granted a balance of $300-$500, but this can increase if payments are met regularly.
To apply for deferit's service, simply click "Go to Site" and create an account. If you require further information, you can also call or email them directly.
To qualify for deferit's finance, you must:
- Be aged 18 or over
- Be an Australian citizen/permanent resident