Buy now pay later services are a growing trend in Australia. In fact, businesses that allow their customers to use services like Splitit pay later find that their sales increase. It is estimated that by 2025, over $680 billion will be spent using buy now pay later services like Splitit. Of course, there are viable Splitit alternatives such as short term loans with affordable instalment payments from Gday Loans that are still vastly more popular.
Services like Splitit Australia allow you to buy the things you want now and split the payment over several months. While payment solutions from Splitit offer convenience and don't cost the buyer anything, many consumers still prefer small cash loans. This is because they can use the cash on absolutely anything and anywhere, which is not the case with Splitit pay later as it is only available at certain merchants.
In this article, you will find all the information on how Splitit pay later works, what it costs, and the service's key features. You will also discover the pros and cons, eligibility criteria, how to apply, and what the best Splitit alternative is.
While Splitit shop now pay later offers consumers the opportunity to purchase goods now and pay them off in several instalments with no interest or additional fees, it depletes their available credit card credit. It limits them as to where and how they can spend the funds. Splitit alternatives, such as instant cash loans from Gday Loans, work differently. With an instant cash loan, you can decide how much cash you need to borrow and have the money paid into your account on the very same day. The money is transferred to you, ready to be withdrawn and spent on anything and everything. Alternatively, you can swipe your card as you go.
What's great about instant cash loans from Gday Loans as Splitit alternatives is that the money you receive is transferred directly into your bank account and does not impact your available credit. Many find instant cash loans preferable to apps like Splitit because you can get a cash advance of between $150 and $10,000 when using Splitit alternatives from Gday Loans. However, when using Splitit, the amount you can spend (or split into instalments) depends on the available credit on your credit or debit card.
Splitit Australia is a popular shop now pay later option because there is no credit check involved, no interest charged, and no fees to pay. It uses your available credit, and the only time you end up paying additional fees is if your credit card provider adds interest to your balance if you don't pay it off each month.
Borrowing with apps like Splitit comes at no additional cost. The app automatically creates instalments on your credit card, using your available credit. For instance, when buying a new computer for $600, you may elect to pay $100 per month for six months.
When you make the purchase, the app will delve into your credit card details and ensure that you have sufficient credit to make the purchase. As is the case with most payment solutions like Splitit, the app will place a pre-authorisation hold on credit card available credit for the purchase.
This typically shows as a pending transaction on your statement until it is paid off. For example, if you have an $800 credit limit available on your card and purchase the computer for $600 with an initial payment of $50, Splitit Australia will hold your balance for $550 until your next payment. The amount on hold will steadily decrease with instalment payments.
By selecting to make use of Splitit alternatives in the form of instant cash loans in Australia, you can benefit from several key features:
The loan will not impact your credit card balance (no hold on balance). With quick cash loans from Gday Loans, the instalment payments are deducted from your bank account as per the agreed schedule. There’s no need to worry about your purchases negatively impacting your credit card balance and available credit.
The fact that there is no interest charged when using apps like Splitit is a big selling point, and you will find a similar perk when opting for a loan from Gday Loans. All loans under $2,000 come with no interest attached, which means you can get the cash you need without worrying about the extra cost of interest.
Splitit pay later options offer undeniable convenience when shopping at merchants that support the service. Not all stores allow instalment payments through Splitit, which can end up being quite limiting. When opting for Splitit alternatives such as Gdayloans.com.au, you can spend the money absolutely anywhere on anything you want.
When using apps like Splitit pay later, you’re limited to spending the value of the item you wish to buy. When using Gday Loans to find an instant same day loan, you can loan any amount between $150 and $10,000 which can be repaid over 3 to 24 months.
When using apps like Splitit, such as Gday Loans, you can shop now pay later with instalments that are super easy to afford. When setting up a cash loan with Gday Loans, the lender will work with you to determine your affordability before setting a reasonable instalment in place.Instant Access to Funds
When using Splitit Australia, you can purchase the product immediately without waiting. While the funds are readily available, it does not detract from the available credit on your credit card. When using apps like Splitit Australia, such as Gday Loans, the cash is made available to you within 60 minutes of loan approval. Better yet, it won't detract from your credit card's available credit.Bad Credit Borrowers Welcome
Splitit Australia may not be available to those who have bad credit. If you have bad credit, there's a slim chance that you will have a high credit limit on your credit card (if you're able to get a credit card at all) which can be rather limiting. Splitit pay later is available on pre-paid debit cards, but that still implies limitations. When using a Splitit alternative such as Gday Loans, you can still apply for a loan and get the cash you need to use on whatever you want, even if you have bad credit and have been unable to get a credit card or a decent credit card balance.
When using Splitit alternative options, there's a chance you may be rejected. This isn't related to your credit score as most lenders in Australia, especially at Gday Loans, offer loans to bad credit borrowers. Instead, rejections are based on affordability and the eligibility criteria. For instance, if you aren't traditionally employed and have no form of income whatsoever or bring in less than $350 per week, you may be rejected. Much the same, if your expenses are already exhausting your income, your application may be rejected. Because Splitit works on the credit you already have available to you; you simply need to have available credit on your credit card to make the deal possible. <.p>
Whether you’re using Splitit Australia or apps like Splitit such as Gday Loans, you will need to meet certain basic criteria to get and use the funds you need. Here’s a look at the basic criteria:Be 18 years of age at least. Be an Australian citizen with proof of address. Be in possession of a valid ID. You receive at least $350 per week into your bank account.
If you’re opting for Splitit alternatives such as a quick cash loan from Gday Loans, you will need to provide supporting documentation when applying for the funds you need. Here’s what you will need to include on your application form:
One of the perks of using Splitit Australia is that there are no necessary registrations, signups or applications. Simply visit the Splitit store directory, shop for the goodies you need and then during the payment process, simply select split it as your payment option. The image below is a general concept of what payment options you should see when shopping with Splitit merchants (this can differ from merchant to merchant).
Once you select Splitit as your shop now pay later option, you can select instalment payments that suit your available credit and, of course, affordability. Then, go through the checkout process as normal.
If you’re using a Splitit alternative such as Gday Loans, you can follow these simple steps:
When applying for quick cash loans online with Gday Loans, you will need to provide certain supporting documents.
All that's left to do is wait. You will receive an outcome for the loan application in just a few moments. Lenders can indicate whether or not they can assist. If a lender accepts your loan application, you will be transferred to their website to take the next step. During this step, the lender may require you to send supporting documentation to them for review. Make sure that you have everything on hand.
All that’s left to do is wait. In just a few moments you will receive an outcome for the loan application. Lenders can indicate whether or not they can assist. If your loan application is accepted by a lender, you will be transferred to their website to take the next step. It’s during this step where the lender may require you to send supporting documentation to them for review. Make sure that you have everything on hand.
Once the loan specifics are agreed on, such as how much the monthly instalments will be and for how long you will be paying them, the lender will forward a digital agreement to you. It's important to read through the terms and fully understand them before signing the agreement and ensuring that it's sent back to the lender.
When using Splitit alternative apps such as Gday Loans, disbursement of funds is usually done on the very same day as the loan is approved.
If you're shopping around for Splitit alternatives, you will find that there are some great options payment solutions out there to choose from. Below are two viable alternatives that come highly recommended.
Suppose you're looking for a cash advance that you can use anywhere instead of being limited to only using specific merchants and exhausting your credit card limit at the same time. In that case, personal loans with Gday Loans are a great Splitit alternative. Personal loans range from $150 to $10,000 and can be repaid over 3 to 24 months. But, of course, personal loans come with an interest charge of up to 48% if they are over $2,000.
Payday loans with Gday Loans typically range from $150 to $2,000 and can be paid over 1 to 3 months, although longer terms are available too. Of course, if you want to borrow more (up to $10,000), lenders on the Gday Loans panel offer affordable instalment payments by providing extended repayment options of 3 to 24 months.
Yes, Splitit Australia is available so long as the merchant has an agreement in place with Splitit.
No, Splitit does not do a credit check because it only allows you to use the credit you already have.
Splitit pay later works on credit and debit cards (some). Note that some merchants will only offer shop now pay later with Splitit if you have a credit card.
No, Splitit Australia will not affect your credit score. However, if you miss a payment, your credit card provider may report your behaviour to the credit bureaus, resulting in bad credit.
Yes, in some instances, a short-term loan can be better than Splitit. This is because Splitit is only available through selected merchants, whereas you can use the money from a loan wherever and however you want.
Yes! At Gday Loans, instant cash loans up to $2,000 come with no interest.
For many merchants, Splitit is simply a way to lose money. This is because Splitit makes its money through fixed and variable fees. These fees are charged to the merchant on each sale, where customers select Splitit Australia as their payment option of choice.
If you’re short on cash but need to pay for something, you can opt for payment solutions from Gday Loans. At Gdayloans.com.au, you get access to same day cash loans of between $150 and $10,000.
Splitit Australia requires no signup or application. Instead, simply buy from merchants that offer Splitit as a payment option. When it comes to the checkout process, select Splitit as your payment of choice. Select the number of months you want to pay the amount over and then continue the checkout process as normal by inserting your credit card details. Splitit will reserve the full amount on your credit card. This will show as a pending transaction on your credit card statement. As you make payments each month, the pending amount will reduce.
Splitit Australia allows shoppers to set up monthly payments using their existing credit cards during the checkout process. Splitit pay later sets up automatic instalment payments that come off your credit card over a dedicated number of months. The full amount will be authorised on your card to ensure that you have sufficient funds. Thereafter, each time you pay, the authorisation amount will decrease.
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* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
The Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.