There is a new Buy Now, Pay Later alternative to Afterpay and Zip

In-store credit and personal loan specialist, Latitude Financial has launched a new Buy Now, Pay Later service called LatitudePay which can be used at 195 Harvey Norman shops. More shops and online retailers will be available for LatitudePay users in the near future.

LatitudePay allows shoppers to pay for items over 10 weekly interest-free instalments.

1.2 million of the 2.6 million existing Latitude Financial customers are already approved for instant access to the new Buy Now, Pay Later service. 

“LatitudePay is available to all Australians over the age of 18 who pass our quick credit check,” said Latitude CEO Ahmed Fahour.

Unlike some other Buy Now, Pay Later services, users undergo a credit and ID check when they sign up.

After sign-up and approval, which Latitude says takes about 90 seconds, buyers are approved for purchases between $150 and $1,000.

There are no interest charges or fees if shoppers make all the instalments on time.

Late payment fees are capped at $10 for balances less than $50. Late fees can be up to $50 for larger balances.

Latitude builds on the in-store credit service that latitude already provides for Harvey Norman shoppers and a similar Buy Now, Pay later service already operating at Harvey Norman outlets in New Zealand called Genoapay.

“Bluetooth speakers, Fitbits, Beats headphones and Nespresso all top the list of products purchased using the LatitudePay equivalent, Genoapay,” said Gerry Harvey, chairman of Harvey Norman.

“These aren't ‘big ticket' items.”

Ahmed Fahour said “In the coming weeks we will make a series of announcements about other leading retailers and eCommerce partners joining the LatitudePay platform.”

How does LatitudePay compare with other Buy Now, Pay later apps?

The best known Buy Now, Pay Later app is Afterpay.


“Afterpay has millions of loyal users and is taking the world by storm,” said Vadim Taube, CEO of InfoChoice.

Afterpay sign-up takes about 5 minutes. Users get to spread their repayments over four interest-free fortnightly repayments and a maximum time frame of 56 days.

A failed Afterpay repayment can attract a maximum $17 in late fees. Maximum Afterpay fees for unpaid accounts are $68 and you can be referred to a debt collector.

Openpay is another Aussie startup servicing the Buy Now, Pay Later market.

“We have a more nuanced approach to ‘buy now, pay later,’” said Openpay CEO Dr Michael Eidel.

“We are more of a budgeting tool for people who earn their own money, have a family, a home, a car, a pet, etc.

Openpay has longer repayment plans and more flexibility in repayments. Customers can set their own repayment time frame, ranging from two months to 36 months on purchases up to $20,000.

Openpay is available at Bunnings, some health providers and health funds as well as many car repairers.