Can you believe that Christmas is just around the corner? I’ve been noticing that lots places have been offering interest-free payments such as Afterpay, Exi-pay, Openpay and zipMoney. These new fintech companies offer you a way to purchase an item and pay it off in instalments, similar to layby. However, in true fintech fashion, these products are not like traditional forms of credit. Many of these company’s reserve the right to perform a credit enquiry on you. All of these credit enquiries will appear on your credit report and may affect your credit score. When you have too many enquiries, it may have a detrimental affect on a more substantial enquiry such as a home loan or car loan. As a general rule of thumb, you definitely don’t want any more than 6 enquiries per twelve months. Don’t forget if you change phones companies, electricity providers etc they will do a credit enquiry too.
The after effects of After Pay.
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