Have just realised that a few retailers still offer lay-by ie pay a deposit to lock the price and pay it off over a period up to 3 months after which you receive the goods.
Will doing such a thing impact your credit score? Seems different to BNPL companies who I know definitely do credit checks
Why this comment got neg when below comment said similar things but got upvoted?
Life aint fair
different to BNPL companies who I know definitely do credit checks
Not all. Afterpay doesn't perform a full credit check and does not report to the reporting agencies.
True but any loan application will check your bank accounts for payments such as these, and dock super secret approval points.
Not true. BNPL is not regulated yet, so lenders do not need to do credit check.
There been talks of bringing them under credit code, which may require them to do credit checks.
Guess reading isn't a strength of yours. I never said anything about BNPL undertaking credit checks. I said actual lenders will check account history for BNPL payments.
No, its not credit. Your reserving goods until you pay and until you complete then you dont get ownershi. Nobody is loaning you money to pay for something.
The merchant retains ownership of the goods until you pay the layby in full, therefore, no credit checks are done.
i don't think it would since they still hold the asset