The buy now pay later sector is currently under an ASIC review. Find out more about this review.
Openpay vs Zip Pay
Openpay offers more flexible repayment terms while more brands offer Zip Pay.
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The interest-free shopping space has exploded and now there are a number of platforms allowing you to shop at your favourite stores without the interest strings attached. But which platform should you opt for?
To help you find the right platform for you, we've compared two prominent interest-free finance providers, Openpay and zipPay. Take a look at the fees, features and flexibility on offer from both before you decide which may be the best one for you.
| Openpay | zipPay | |
|---|---|---|
| Interest-free period | Full repayment term | Full repayment term |
| Repayment term | Various plans available (e.g. 6, 12, 18 months) |
|
| Upfront and ongoing fees |
| $6 monthly fee after the first 60 days |
| Late payment fees | Late fees apply | Your account may go into arrears if you continue to miss payments (one late payment will not do this) |
| Payment flexibility |
|
|
| Signup | Can be done online or in-store at participating merchants | Sign up online in seconds (subject to approval) using Facebook or PayPal or at a participating merchant |
| Find out more | Read the full review | Read the full review |
| Eligibility |
|
|
| Credit score | Openpay reserves the right to check your credit file and report negative activity to credit providers | zipPay reserves the right to check your credit report and report any negative activity to a credit provider |
| Availability | Full Openpay store list | Full zipPay store list |
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Ask an Expert
Is Open Pay where you pay no deposit just a monthly or fortnightly repayment?
Hi Carmel,
Thank you for reaching out to finder.
Openpay is one of several buy-now-pay-later platforms that allow consumers to make purchases with partner merchants and make flexible, staggered repayments, without paying any interest. Yes, you are correct that it is a no deposit plan as well for the repayment you choose your own plan and you can reschedule to avoid late fees. Hope this helps!
Cheers,
Reggie