Laybuy: What’s different about this retailer-centric platform?

Laybuy works like any other BNPL service, allowing them to pay for their purchases over the following few weeks without charging them any interest. If you purchase something using 

Laybuy as your payment method, you’ll pay one-sixth of the amount at the time of purchase and the remaining amount will be deducted from your linked card in five equal weekly instalments. As an example, if you decide to buy a pair of shoes worth $120. When you pay using Laybuy, you’ll pay $20 on the day of the purchase and $20 every week for the next five weeks. 

Laybuy claims that it assumes all the credit and fraud risk on every transaction and pays every merchant within 48 hours of purchase. Laybuy also boasts of multinational capabilities that can handle foreign exchange fees for retailers. 

Like most BNPL platforms, Laybuy repayments are entirely interest-free. You don’t pay any additional fees or charges when you make your repayments on time. But if a payment instalment fails, it will be attempted again in 24 hours, but if it fails again, you’ll pay a late payment fee of $10. 

If the instalment remains unpaid for another seven days, another fee will be applied. However, the total late fee payable for each instalment you miss is capped at $20, and the maximum late penalty payable on each purchase you make is capped at $40.

Laybuy gives you the flexibility to choose your repayment schedule. While purchasing something, you can select your payment day to make your weekly payments comfortably. But once you select your payment schedule and complete the order, you won’t be able to change your repayment dates anymore.

With Laybuy, you can spend a minimum of $120 and a maximum of $1,200. However, your approved limit may be less than $1,200 when you sign up on the platform. Laybuy decides your transaction limit according to various factors, such as your credit history and credit score.

If you wish to purchase something beyond your approved limit, you can do so by paying the amount you are short upfront. For instance, if your Laybuy available limit is $1,000 and you want to make a Laybuy purchase of $1,400. In this case, your first Laybuy payment due upfront will be $400, and your weekly repayments will be $200 each.

You can create a Laybuy account by either signing up directly on the website or selecting Pay by Laybuy upon checkout while shopping. You’ll be required to provide a valid license or passport for completing a background check to start using Laybuy and the company will carry out a credit check on you before approving your account.

Note that you can only use Laybuy if you are a resident of New Zealand, the UK, Australia, or the US and are at least 18-years old.