Afterpay has just revealed some huge changes, and not everyone is going to love them!
Announced today, the app will be rolling out a bunch of new features, including paying when it suits you best and making sure your credit is in check.
Now you can pick the specific day you pay in the week, so no more stressing about draining your account the day before payday - if you’ve been there, you know the struggle.
For the loyal Afterpay users with a top-notch payment history among us, there’s the new ‘no payment upfront’ feature.
It lets you delay that first payment by up to two weeks, but your bank account might side-eye you if you make a habit of it.
And if you’re ever tight on cash when the next payment rolls around, you can now delay your payment by a week - but only three times a year, which is probably for the best.
Starting in September, 'buy now, pay later' regulations mean credit checks will be mandatory for new users. For the Afterpay regulars, you will undergo a credit check to assess whether your current spending limit is right for you.
Afterpay promises these checks won’t be visible to other credit providers and won’t affect your credit score.
New users aren’t so lucky, checks might be visible to credit providers, which could affect their credit.
All ‘buy now, pay later’ apps, including Afterpay, will now report your payment history to credit bureaus – both the good and the bad.
Late payments might put a dent in your credit score, but getting it paid off in time will boost it.
Afterpay has said they won’t run these checks without your consent or keeping you in the loop.
Sooo, a mixed bag? Probably a good reminder to check in with your spending habits either way.... 'cause like it or not, that's adulting, right?
