Afterpay has just dropped some major changes, and not everyone is going to love them!
They're releasing a whole bunch of new features, including paying when it suits you best and making sure your credit is in check.
You can now choose a specific day of the week for your payments. So no more stressing about emptying your bank account the day before payday - if you've been there, you know the struggle.
For the loyal Afterpay users with a top-notch payment history among us, there's the new 'no payment upfront' feature.
This lets you delay your first payment by up to two weeks, but of course, your bank account is gonna hella judge you if you don't have the funds and you're making a habit of it.
And if you're ever tight on cash when the next payment rolls around, you can now delay your payment by a week - but only three times a year, which is probably for the best.
Starting in September, 'buy now, pay later' regulations mean credit checks will be mandatory for new users. For the Afterpay regulars, you will undergo a credit check to assess whether your current spending limit is right for you.
Afterpay promises these checks won't be visible to other credit providers and won't affect your credit score.
New users aren't so lucky, checks might be visible to credit providers, which could affect their credit.
All 'buy now, pay later' apps, including Afterpay, will now report your payment history to credit bureaus – both the good and the bad.
Late payments might put a dent in your credit score, but getting it paid off in time will boost it.
Afterpay has said they won't run these checks without your consent or keeping you in the loop.
Sooo, a mixed bag? Probably a good reminder to check in with your spending habits either way.... or something else responsible a grown-up might say.
