Afterpay’s Pay Monthly product is an installment loan. Upon approval, you may be offered a flexible way to pay for high-value orders over 6 or 12 months! Each merchant varies on what they will allow customers to spend. Generally, Merchants allow purchases from $400 to $4,000. Although, a few select Merchants have purchase limits from $200 - $5,000.
How does the APR work with Afterpay monthly payments?
The term APR (Annual Percentage Rate) is the yearly cost to borrow. Pay Monthly is a simple interest loan with no late fees or an origination fee. The interest accrues daily based on the outstanding principal balance. Please refer to the Truth In Lending Disclosure in the Loan Agreement that will outline the total finance charge.
How is my APR calculated?
The APR is formulated by several different factors. To determine your creditworthiness we look at information obtained from your credit profile to past payment history with us at Afterpay!
Where can I shop with Pay Monthly?
Monthly payments are available to customers in the U.S and is not available for all merchants. If available, the option to choose ”Pay Monthly” will be presented during checkout. Eligibility for the Pay Monthly option requires a soft credit check that has no impact on your credit profile. Please note that until an offer is selected, rates and offers are subject to change.
Pay Monthly is not available in:
- Nevada
- West Virginia
- Hawaii
- New Mexico
Click here to find your favorite stores that offer monthly payments.