Argos "Buy Now, Pay Later" -- how does it work?

IcarusPlus

Hi all,

Has anyone had any experience with Argos's "Buy Now, Pay Later" plan (on purchases over €275)?

From what I can gather from information on the website/in-store pamphlet, if you pay whatever is outstanding after your 10% in-store deposit within 6 months, there are no issues.

However, if you fail to repay within that 6-month period, interest is charged at something like 23% per month until you do.

Argos has made its contact details rather elusive, so I can't call anyone for assistance; and the woman I spoke to in-store didn't seem to know much about it.

Does anyone know how it all works?

Cheers!

Bepolite

Simple buy now pay later with a 23% APR if you don'y pay it off, probably no reminder to pay it, and 42 monthly payments with an early termination. If its ran by a UK company you've about a 5% chance of being accepted due to there being no proper credit referencing in Ireland, no postcodes and a propensity not to be on electoral rolls.

The best advice is if you can't afford it save and buy it when you can afford it. I realise Xmas is around the corner etc etc but these credit things are traps that many people fall into.

IcarusPlus

Bepolite wrote: »

Simple buy now pay later with a 23% APR if you don'y pay it off, probably no reminder to pay it, and 42 monthly payments with an early termination. If its ran by a UK company you've about a 5% chance of being accepted due to there being no proper credit referencing in Ireland, no postcodes and a propensity not to be on electoral rolls.

The best advice is if you can't afford it save and buy it when you can afford it. I realise Xmas is around the corner etc etc but these credit things are traps that many people fall into.

Agreed, and thanks for the heads up/advice.

It really wouldn't be an issue to buy it outright in the new year, but if this scheme is just a straightforward monthly debit without interest, then that's not a problem either.

I'm really just concerned about stealth charges, especially as the website has very little information.

Sod it, I guess -- it can wait!

Bepolite

IcarusPlus wrote: »

Agreed, and thanks for the heads up/advice.

It really wouldn't be an issue to buy it outright in the new year, but if this scheme is just a straightforward monthly debit without interest, then that's not a problem either.

I'm really just concerned about stealth charges, especially as the website has very little information.

Sod it, I guess -- it can wait!

To be fair to these things which are very common in the UK they are usually what they say on the tin, 6 months interest free BNPL (Buy now pay later) companies make their money on the (quite high) proportion of people that forget/can't to pay them.

I used them a lot in a previous job, and of course then it was also Payment Protection Insurance (PPI) but that's been brought under control these days. Bottom line is if you pay it in six months great (they probably won;t take monthly payments, some do some don't) it's grand but if you forget/can't it's going to cost.

antonio2977

Hi the APR IS 29.99% if i am correct not 23%.. I recently bought an item with buy now and pay later from Argos...its for six months..applied afternoon and got approval in evening...better pay fully atleast 15 days before the end period..please dont wait for the last day, otherwise you will end up with 29.9% rather we can say 30% fixed interest and thats going to hurt very much.
They need an ID, address proof, and a debit card account. Or might be a credit card which have a minimum balance of 1000 euros.
Hope this will help

dudara

Zombie thread. Closed.

dudara