Buy Now Pay Later Guide

Buy Now Pay Later in Ireland

BNPL are alternatives to traditional loans and credit cards. BNPL usually allows you to purchase an item and pay it off over an agreed number of monthly installments.

Who offers Buy Now Pay Later in Ireland?

Traditional Retailers:

Littlewoods and Argos: These retailers have long offered instalment payment plans. However, if the full amount isn't paid within the agreed period, high interest rates can apply. It's wise to review their terms to avoid unexpected costs.

Klarna:

Direct Partnerships: Klarna collaborates with numerous Irish retailers, allowing customers to select the "Pay in 3" option at online checkouts. This splits the purchase into three equal, interest-free instalments, provided payments are made on time.
Klarna App: Through the Klarna app, you can shop at a broader range of online stores. When you access a retailer via the app, the "Pay in 3" option becomes available, offering the same interest-free terms upon timely payments.

Revolut Pay Later:

Instalment Structure: Revolut allows users to divide purchases into three instalments, with the first payment made upfront. A fee of 1.65% per purchase is applied. For instance, a €100 purchase would incur a €1.65 fee.

Humm (formerly Flexi-Fi):

Retail Partnerships: Humm partners with over 700 retailers in Ireland, including Woodie's DIY, Samsung, and Harvey Norman, to offer BNPL options.
Plan Variations: Payment plans vary by merchant and purchase amount:
- Interest Rates: 0% to 14.99% variable APR. Interest is calculated daily and charged monthly (the exact approach varies by retailer).
- Fees: Application Fee (€10-€50) is paid upfront; An Account Keeping Fee (€1-€20/month) must be paid each month.
- Late Fees: €9 Dishonour Fee if payment is missed by more than 24 hours. This is added to loan balance and accrues interest.

Important Considerations:

Credit Approval: Many BNPL providers require credit approval. It's essential to read and understand the terms before applying to avoid unexpected fees or impacts on your credit score.
Regulation: Since May 2022, all BNPL providers operating in Ireland must be authorized by the Central Bank of Ireland. This ensures they adhere to specific standards and regulations.

Always review the terms and conditions of any BNPL agreement to ensure it aligns with your financial situation and to avoid potential pitfalls.