Afterpay’s monthly payment product is a type of installment loan that offers you more flexible ways to pay for high-value orders. Upon approval, a 6 or 12 month interest-based repayment option may be offered. This option provides flexibility to spread out repayment on a monthly basis on items over $400.
○ Click here the Pay Monthly tab to find your favorite stores that offer monthly payments
○ Choose Pay monthly to check your eligibility. This won’t affect your credit score
○ Verify your identity. Confirm your information is correct. You will only have to do this one-time
○ Pay Monthly. Choose to pay over 6 or 12 months. Down Payment may be required
The Pay Monthly option 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:
- West Virginia
- New Mexico
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 financial charge.
Afterpay uses several different factors like your consumer credit report to determine eligibility. Afterpay also uses non-traditional factors, like your repayment history with our Pay in 4 product offering. Your repayment history is useful data to determine your creditworthiness.
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 offered at select Afterpay merchants online. Afterpay will continue to roll out this service to more retailers over the next few weeks.
Click here to find your favorite stores that offer monthly payments.