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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Afterpay's pay off

Finanso.Multilogin™

Repayment of loan

The first payment is made at the cash register in the store, and the repayment period for the other 3 is 6 weeks. Repayment is made in equal installments within the specified period.

Conditions of loan extension

If you have problems with payments, you should contact Afterpay to find a solution. The company is ready to help you get back on track so you do not have to pay late fees. To get information for your specific case, you need to contact customer support.

Early payoff

It is possible to pay off your outstanding balance in full before the scheduled date. It is free of charge and no fees are charged for this service. If you have problems with your payments, you should contact Afterpay to find a solution. The company is ready to help you get back on track so you do not have to pay late fees. To get information for your specific case, you need to contact customer support. By paying off your debt, you free up some of your future income for other uses and reduce your debt burden.

FAQ

How do I make payment on Afterpay?

The payment via Afterpay will be debited from your card, which you have linked to your customer account. You must have a sufficient balance on the payment date, otherwise, you may be charged penalty fees.

What happens if you don't pay back Afterpay?

If you fail to repay Afterpay and violate your repayment plan, you will be charged a penalty fee and your limit on further purchases will be frozen until you repay the outstanding balance in full. In addition, your spending limit may subsequently be reduced by a decision of Afterpay. Some review platforms on the Internet talk about possible reporting of debt behavior and thus, credit score hurting.

Can you pay Afterpay early?

Yes, you can make an early repayment at any time without incurring additional charges.

Can Afterpay sue you?

Afterpay does not apply debt collection or legal proceedings against its customers who have not repaid. The system is based on trust and moderate penalties for those who failed to meet the established repayment schedule and were not willing to work with the company to find solutions. In this regard, the company reserves the right to sell bad debts to third parties, i.e. collection agencies, which can use various legal instruments to recover debts. This is according to some alternative sources of energy.

Calculate loan payments in Afterpay

Afterpay calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
100 $
2000 $
Loan term
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Specify the loan term for the calculation

days
months
5
42

What to pay attention to when applying for a loan from Afterpay

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Afterpay from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Afterpay’s reviews by September 2022
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