Afterpay vs Zip

What's the difference?

Afterpay:
AfterPay is  a bit like lay-by, but your purchases are sent to you before you’ve finished paying for them. It’s a deferred payment option you’ll see at many of your favourite stores. If you select to pay with Afterpay, your purchases will be posted to you within normal processing timeframes but you get eight weeks to pay off the total purchase price. AfterPay will divide the total cost into 4 separate equal payments over 8 weeks. For example, a $200 purchase will cost you $50 a fortnight for 4 payments.

Customer fees:
Customers do not pay any fees or interest on their purchases, although they do occur a late fee and then another fee if the payment is not made within 7 days.

Does Afterpay do a credit check?
No. You’ll be automatically approved as long as you’re over 18 and have a working credit or debit card.

ZIP:
Zip | Pay gives customers a credit line of up to $1,000 and Zip | Money a credit line over $1,000. Unlike AfterPay, Zip allows customers a more variable timeframe to repay the purchase amount. The payment schedule is also more flexible, ranging from weekly to monthly. Once you’ve made a purchase, you choose how you’d like to repay. You can choose a weekly, fortnightly, or monthly repayment schedule. A minimum monthly payment of $40 is required.

Customer fees:
To avoid a small monthly fee you need to pay off your purchase by the end of the month you receive your statement. You will receive your statement on the first day the month following your purchase (which is why you get “up to 60 days” fee free). After this date, a small monthly fee (currently $6) will be added to your outstanding balance.

All payments are 100% interest-free and you can sign up for direct debit so payments are made automatically from your bank account or credit card according to the repayment schedule that you’ve chosen.

Does ZipPay do a credit check?
Yes, upon applying with Zip Pay, you will need to do an identity and credit check

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