The risks of buy now, pay later services

There are multiple providers in Australia that offer buy now, pay later schemes on purchases worth up to $30,000, with options to repay in periods ranging from a few weeks to up to five years. One in five of those who missed repayments on their buy now, pay later purchases were cutting back on or missing essentials like meals and paying rent.

Zip signage is seen on a storefront in Sydney Source: AAP