Afterpay review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Afterpay suits shoppers in Australia splitting a purchase into short instalments at checkout, and little else, because it lends only to retailers. Interest is 0% and the origination fee is 0 AUD, but a hard credit check and a minimum age narrow who qualifies.

Key facts

Best for
Splitting a purchase at a linked retailer into short instalments at no interest.
APR
0% (Source, checked September 26, 2026)
Loan amount
from A$600 (Source, checked September 26, 2026)
Term
1.5 months (Source, checked September 26, 2026)
Arrangement fee
0 AUD (Source, checked September 26, 2026)
Credit check
Hard (Source, checked September 26, 2026)
Funding time
Retailer paid in full and upfront at purchase (Source, checked September 26, 2026)
Rate type
Fixed (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Free early repayment
Yes (Source, checked September 26, 2026)
Eligibility
18 or over with a linked debit or credit card (Source, checked September 26, 2026)
Origination fee (%)
0% (Source, checked September 26, 2026)
Loan types
BNPL (Source, checked September 26, 2026)
Legal entity
Afterpay Australia Pty Ltd (Source, checked September 26, 2026)
Headquarters
Australia (Source, checked September 26, 2026)
Support channels
Help-centre, Chat (Source, checked September 26, 2026)
Pricing model
Fixed rate
Features
Same-day funding
Official website
afterpay.com

Apps and profiles

Get the app
Google Play
Elsewhere
LinkedInXinstagram.com

Pros and cons

Pros

  • Interest of 0% on the instalment plan, against a site median of 12%
  • No origination charge, listed as 0 AUD
  • Free early repayment, so a plan can be cleared early without cost
  • The retailer is paid in full and upfront at purchase, so goods arrive without a wait

Cons

  • The credit check is hard, so a decline shows on the credit file
  • Purchases start at from AUD 600, which rules out smaller baskets
  • Support runs on help centre and chat, with no phone line listed

Ready to try Afterpay?

Scored 9.2 / 10 by BorrowCue.

See alternatives

Who it suits

  • Adults in Australia with a linked debit or credit card shopping at participating retailers
  • Anyone splitting a larger basket rather than paying it in one go
  • Savers who will clear the plan early at no cost

Who should look elsewhere

  • Anyone needing cash rather than a purchase at a retailer, since funding runs through the retailer
  • Solcredito MX and Oney Préstamos ES, which hand out larger lump sums you can use as you wish
  • Kviku, for readers who want a drawn credit line rather than short instalments at checkout

Who runs it

The lender is Afterpay Australia Pty Ltd, based in Australia and lending as a direct lender, not a broker or marketplace. It lists a buy now pay later product under an Australian credit licence, and a Financial Conduct Authority registration in the United Kingdom. Customer contact runs through help centre and chat, so help is online rather than by phone. Early repayment carries no fee.

How Afterpay compares

Where Afterpay is available

Available
Australia, Canada, New Zealand, United Kingdom, United States
Licence in Australia
Australian Credit Licence (issuer not named on page) (527911), checked September 26, 2026
Licence in United Kingdom
Financial Conduct Authority, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does Afterpay cost?+

The instalment plan carries interest of 0% and an origination fee of 0 AUD, both listed at nothing. Early repayment is free, so clearing a plan before the last instalment adds no charge.

Is Afterpay regulated?+

Afterpay Australia Pty Ltd lends under an Australian credit licence and also appears in the United Kingdom under the Financial Conduct Authority. It is a direct lender in Australia, so the contract is with the brand rather than a third party broker.

How long are the repayments?+

Instalments run over 1.5 from the purchase date, so the money is spread across a handful of short payments rather than a yearly term. The retailer is paid in full and upfront at purchase, which is why the plan only exists at checkout.

What can you buy?+

Purchases start at from AUD 600 and have to be made with a retailer that accepts the service, since the product is buy now pay later. There is no facility for transferring the money to a bank account or spending it elsewhere.

Does applying affect your credit file?+

The credit check is hard, which means a decision is made against your credit file rather than by a soft search. Eligibility also asks for a minimum age and a linked debit or credit card, so a declined application can leave a mark.

How do I get help?+

Support runs on help centre and chat, meaning a help centre and live chat rather than a phone line. Questions about a specific plan, such as paying it off early, are handled through those channels.

How does Afterpay compare with a personal loan?+

A personal loan such as Oney Préstamos ES, offering €1,000 to €45,000, goes into a bank account and can be used freely. Afterpay goes straight to the retailer, carries interest of 0% and lasts 1.5, so it suits a purchase rather than a larger borrowing need.

What happens if I pay it off early?+

Early repayment is free, so settling the balance before the final instalment costs nothing extra. The plan is fixed rate, so the amount agreed at purchase does not move over the life of it.

Sources

  • afterpay.com checked September 26, 2026

    Backs: Loan types

    “Buy now pay later with Afterpay”

  • afterpay.com/en-AU/how-it-works checked September 26, 2026

    Backs: Loan amount, Credit check, Eligibility, Features, Funding time, Pricing model, Arrangement fee, Origination fee (%), Support channels, Term

    “Our spend limits start low, at around $600, and increase gradually over time with consistent on-time payments.”

  • afterpay.com/en-AU/Product-Terms-Payin4 checked September 26, 2026

    Backs: APR, Free early repayment, Headquarters, Legal entity, Lender type, Rate type, Licences

    “No interest charges are payable by you under your Pay in 4 Customer Contract.”

Compiled from 4 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Representative example.

Afterpay

Splitting a purchase at a linked retailer into short instalments at no interest.

9.2/10See alternatives

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