After & Laybuy


First, let’s take a look at what is the same. Afterpay and Laybuy both have the same basic function which is extending a line of credit to users. This allows shoppers to immediately order or purchase an item even if they don’t necessarily have the money in the bank yet, instead paying back Afterpay or Laybuy in installments after their purchase is already on the way to them.

They are both quick and easy to sign up to and check out with, and both are easy to manage through the member accounts and the apps. All you need to sign up is a valid credit or debit card from which the scheduled payments will be withdrawn. For both Laybuy and Afterpay you can’t alter your payment schedule, but you can make repayments early.

Now for what’s different between Afterpay and Laybuy. While neither require any set up fees, they do both charge $10, 24-hours after a missed payment. If that missed payment hasn’t been repaid within 7 days, Afterpay then charges $7 on top of the original late fee, and LayBuy charges another $10.

Another difference between Afterpay and Laybuy is their payment schedules. Afterpay charges you in 4 payments over 8 weeks, so a quarter payment every fortnight. Laybuy splits the purchase into 6 payments, due weekly, giving it an overall tighter payment schedule with more regular payments.

The biggest difference between Afterpay and Laybuy is that Laybuy does an immediate credit check upon signing up, which Afterpay does not.

This credit check informs an imposed limit by Laybuy on your spending, which means that if you have bad credit history you may have quite a low limit.

This can change over time and you will still be able to use Laybuy to purchase items that cost more than your limit, but the excess will be immediately taken out of your account.

The remaining amount under the limit is what will be paid in the 6 weekly Laybuy payments.

Afterpay does also impose limits but they don’t depend on your credit history. They are $1000 if you use a credit card to sign up, and $500 if you use a debit card.

If you’re tossing up between using Laybuy and Afterpay, these differences may help you decide what is right for you. If you wish to frequently make large purchases,

Afterpay may be your best bet, but if you have trouble with your spending habits then the imposed and personalised limit from Laybuy may be the better option.

Make sure you carefully consider the right platform for you and your finances and contact us if you have any questions.