OO.com.au - I'll Pay Later - 90 Days TO Pay + 90 Days Interest Free (TIP)

8 October 2008

Why Pay Now, when you can pay later through I'll Pay Later?

I'll Pay Later now gives OO customers the quick and easy ability to purchase goods interest free with nothing to pay for 90 days¹.

So you can buy now, receive your goods now, and pay later.

TOPICS:   Shopping


  • lilpretzel
    http://www.oo.com.au/news/i/I-Pay-Later.gif How does I'll Pay Later work?[LIST] [*]Place your order and proceed to checkout. [*]On checkout select I'll Pay Later as your payment option [*]Enter details as prompted as part of the credit application (this process will take you less than 5 minutes) [*]You will receive an instant response and if approved, I'll Pay Later authorises oo.com.au to ship your order to you. [*]Your order is then dispatched through OO's super fast dispatch system [*]You receive communication from I'll Pay Later (by MyBuy) through mail or email advising you of your account number and how to make payments. [*]Please note that at this time the maximum credit any customer may apply for is $300. This payment method will therefore not be available on orders in excess of $300. [*]Provided you are successful in your credit application, you may use this payment option multiple times until the aggregate total of your credit is $300.[/LIST]Does it cost me any more to use I'll Pay Later?[LIST] [*]I'll Pay Later provides customers with 90 days interest free and nothing to pay for 90 days² [*]So if you pay your balance in full by the end of the 90 day period, there will no additional cost or interest charged.* [*]Fees and charges will apply if you choose to pay after the promotional 90 day period.[/LIST]What information will I'll Pay Later require from me?[LIST] [*]I'll Pay Later will require a minimal amount of personal information to enable them to ascertain who you are. This includes:[LIST=1] [*]Your full name [*]Address [*]Contact details [*]Date of birth [*]Drivers licence number[/LIST] [*]All personal information you provide is treated with strict confidence and in line with the I'll Pay Later (MyBuy) privacy policy. [*]Your personal information will not be shared with other parties (including oo.com.au) and will only be used for the purpose of providing you with credit.[/LIST]Can anyone use I'll Pay Later?[LIST] [*]Like any finance product there are terms and conditions. [*]To successfully be approved, you will need to comply with the qualifying requirements of I'll Pay Later. Some of these include being over 18, being an Australian resident and having a good credit rating. [*]If your finance application with I'll Pay Later is not accepted you can still pay with PayPal, Credit Card, Direct Deposit or BPay.[/LIST][SIZE=-1] ¹ Maximum purchase criteria and conditions apply ² Interest and payments are payable after any interest free period * Paying only the minimum monthly payment may mean that you do not pay off your interest free purchase amount by the end of the interest free period. Any balance outstanding after the interest free period will be charged interest at the prevailing account rate. [/SIZE]
  • lilpretzel
    Good to see it has a maximum credit limit of $300, sometimes these come in handy if you know you can repay it back on time. Be interesting to see what the Fees and charges are after the 90 day Interest Free period ;)
  • admin EDITOR
    I'm a bit dodge about this one. First thing I thought was that I dont really trust these sort of schemes. So I checked the link and it refers to the fact that you pay interest on the money if you dont pay it off within 90 days. My curiosity was tweaked as to what interest rate you pay. The linked page doesnt detail the interest rate but talks of terms and conditions. These arent linked out of that page. So I had a look at the general oo t&c's, nothing there. Then I read something that says the interest will be charged at the general 'account rate' so I went and had a troll through all the information available on an account. Nothing there either. So I googled 'Ill pay later'.... Nada - zipo. Googled pay later oo.com.au. Still stuff all. Back and searched oo.com.au for 'pay later'.. still zip. Not sure if I'm just a numptie or there's something missing out of there. In any case, I'm more than 100% sure this sort of offer is covered by either the FSA or adequately under the fair trading act and the failure of oo to disclose the actual interest rate would not work in their favour should anyone dispute the 'rate' when they are charged post 90 days.
  • lilpretzel
    Good point donkey, I'll see if I can find anything later on the rate. Maybe when you sign up it's in the t&c's ;)
  • melissanj
    ooooh why do people have to do this too meeeeeeee!! im a sucker for have now pay later!!....maybe thats why im in debt! :P
  • admin EDITOR
    if it were lets say a 28% interest rate to go on credit card rates, at max $300 you'd be charged an additional $7 per month or $84 per year assuming they werent compounding it.
  • lilpretzel
    Tried again to find the interest rate but still no luck. ]MyBuy seems to be the finance company and they don't even show the rates for this program :rolleyes: Looks like an email or phone call to oo.com.au would be in order if anybody [SIZE=4]REALLY REALLY[/SIZE] needs to use this. :)
  • lilpretzel
    ooooh why do people have to do this too meeeeeeee!! im a sucker for have now pay later!!....maybe thats why im in debt! :P
    oh! I don't want that happening Melissa :eek: I wasn't trying to make members spend money they don't have or will have, I just thought it was a good idea if you knew you had the money coming in. PLEASE THINK CAREFULLY BEFORE USING THIS! - lilpretzel :flowers:
  • musrag
    I have used myBUY many times for my Interest Free purchases as I have had issues with GE before. Their rate on the card is 26.95% with GE being 29.49%. And the monthly account fee is $3.95 but I am not sure if that is on the OO product. But with any interest free purchase you don't buy to NOT pay it off in the interest free term. I think this is a great idea. They have capped it at $300 and given you 90 days to pay. Credit Cards only give 55 days interest free. And when it comes down to it - it is only $100a month. I get really annoyed with people who judge others who make purchases this way. To get my myBUY card I had to do a finance application, they did an employment check and credit check - and this was to buy $1500 furniture from Super Amart. When I got my GE one it was like 7 questions online to buy a $4000 plasma at Harvey Normans and then every month they offered me more money and want me to increase my limit. I say let people shop how they want - if you have the cash - bully to you - but to us others let us use Interest Free - let's just use it right!!!:w00t: I think good on them - I hope it works as it is a great idea. I just googled similar programs and the on in the US (Bill me Later) recently sold for $945 million dollars to eBay and is used by Amazon and other US online shops. Wish I had thought of it first!!!:eek:
  • nod
    I think the point here Musrag is that these sorts of programs have an obligation to provide ALL the details, not just the ones that sound good. To simply miss out the interest rate fee is un-ethical in my way of thinking While these offers may very well be a good idea in theory these companies make their money some way. Sadly that way is usually charging people a ridiculous interest rate if they are unable to pay the $$ back on time. Personally I do think it encourages people to spend money they do not have . A very very irresponsible thing to do Just my 2 cents worth

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