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We help people understand their credit reports and with credit repair Australia wide.

This is another top tip article brought to you by our CEO Victoria Coster.

Have you heard of buy now pay later loans?

This is where you go to a shop, or shop online and the retailer offers you a few months to pay off the purchase.

You usually get to pay the purchase off over 3 months with no interest.

Buy now pay later Lenders have replaced ‘lay-by’ across much of Australia.

Should I use a buy now pay later facility?

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We think the following pros and cons may assist you with the answer.

  1. A BNPL loan is better than taking out a credit card for $1000 and paying interest
  2. As long as the purchase doesn’t put an enquiry on your report it’s ok.
  3. If the BNPL lender puts an enquiry on your report this can drop your score
  4. Just 1 BNPL enquiry on your report can drop your score down around 50 to 100 points
  5. Do you really need to purchase the item you are looking at?
  6. Could you save up and then buy the item in 2 or 3 months time?
  7. Lenders look at your bank statements and your spending habits
  8. Lenders could question BNPL purchases to assess your credit worthiness

We’ve had a few clients recently needing credit repair Australia wide.

Not because they have defaults or really adverse information on their credit reports.

But JUST to remove 1 or 2 BNPL enquiries because their score was too low for the Lender they wanted!!

Check your credit report today!

Grab your free credit report from Equifax or Illion.

We offer FREE assessments of credit reports.

If you need help, we provide credit repair Australia wide!

Contact us through our website here for your free assessment and copy of our eBook on credit reporting.

Good luck with your future finances.

We look forward to hearing from you if you need any help with your credit report.

PLEASE NOTE if you cannot afford our fees, or are currently experiencing financial hardship, please go to www.moneysmart.gov.au for free tips and tools. Charities such as The Salvation Army and Anglicare also offer assistance or you can call the National Debt Helpline on 1800 007 007. This article is for information purposes only and is not considered financial advice.

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