Laybuy lets you enjoy weekly instalment purchases through multiple channels with up to 6 payments and an option to extend if required.
When it comes to using buy now pay later services, several options enable payment plan shopping at top retailers online and offline.
Just like others, Laybuy provides varying channels including direct at checkout and virtual cards that you can utilize for splitting your order costs.
Laybuy
Max. Amount
£720*
Credit Check
Soft*
Type
BNPL
Tip: Laybuy is a weekly instalment-based split payment provider which can be used by directly selecting the option where it is accepted or using its virtual checkout card.
While its interest-free pay in instalments is similar to how Clearpay works, the platform requires a weekly repayment, unlike the bi-weekly nature of Clearpay. However, both can be used for up to six weeks spread payments.
The platform will determine the first stage eligibility through a soft credit check that will not have much impact on your bureau score, it may perform a hard inquiry if you are approved with a successful order.
It is a feature-rich packed option for payment plan purchases at several retailers online, including those that do not accept directly as it also offers a buy now pay later card similar to using that provided by Klarna for shopping.
While the single-use version can be generated when you are shopping through the Laybuy app, there is a variation which sits in the in-store tab that can be used at many physical retail outlets.
Just by connecting the card to one of the popular digital payment wallets, you will be able to spread the payments for your orders across several merchants including at restaurants and eateries.
You can also utilize its Boost for over-the-limit purchases and if you have tried this similar feature available when using Zilch for payment plans, it comes at an advantage which reduces the number of failed attempts when using Laybuy.
Through the Laybuy Boost, you can use the option to checkout if your order value is more than the available purchasing power assigned to you but the over-the-limit will form part of your first instalment instead of the transaction getting declined.
It does not specify a minimum and maximum spend limit but at most retailers, it is available to use for transactions ranging from £20 to £720.
The platform has a penalty fee when you miss a payment which is £6 the first week and another £6 after 7 days if you delay due repayment. This late payment fee can be up to £24 per order depending on the length of delay.
Laybuy reports to the credit agencies and non-payments can have a negative effect on your credit score.
However, it offers a break-in payment feature that you can utilize to shift your due date for up to two weeks if you are unable to pay on the expected date.
Where to Use Laybuy for Buy Now Pay Later Financing
Below are some of the top websites that directly accept Laybuy for buy now pay later financing:
LookFantastic
LookFantastic is a leading online retailer offering a diverse range of beauty products including skincare, haircare, and cosmetics. With a focus on quality and affordability, it provides customers with access to top brands and exclusive deals.
Beauty Expert
Beauty Expert is an online destination offering a curated selection of luxury skincare, haircare, and beauty products. With a focus on quality and efficacy, it provides customers with access to high-end brands and expertly curated collections.
The Hut
The Hut is a versatile online retailer offering a wide array of products including fashion, beauty, homeware, and electronics. With a focus on quality and value, it provides customers with a convenient shopping experience and access to top brands.
MyBag
MyBag is a stylish online boutique offering a curated selection of handbags, accessories, and luxury leather goods. With a focus on premium quality and contemporary design, it provides customers with access to top brands and exclusive collections.
Alternative Airlines
Alternative Airlines is an innovative online platform offering a diverse range of flight options from various airlines worldwide. With a user-friendly interface and flexible booking options, it provides customers with a convenient way to find and book flights to their desired destinations.
Features Available On Laybuy
Below are some of the features you can access when using Laybuy for checkout financing:
Spread Payments Up to 6 Weeks
This platform allows you to enjoy spread payments for up to six weeks starting from the date of the transaction.
There is no doubt this can be a convenient way to get the items you need without the limitation of upfront payments.
Once your order is submitted, the total will be split into six equal payments if the cart value is within your assigned purchasing power.
Weekly Payments
While repayments for many of the buy now pay later services are either through monthly instalments or bi-weekly payments, Laybuy requires you to remit your due amount on a weekly basis.
This means that you are expected to pay back at most, every seven days until the sixth week to close the order.
Though it may be too frequent compared to others like PayPal Pay in 3, the weekly due amount is lesser and should still be convenient for you if you are to utilize the option for checkout financing.
Soft Credit Check and Hard Inquiry
The platform is not different from the other options you can access when you want payment plan orders at your favourite retailers in terms of how it handles eligibility determination.
When you apply for its service, it will use a soft inquiry which will pull your credit score and a few details but because of how this process usually works, it will not be visible to other financial institutions hence, no real impact on your credit score.
However, proceeding to use it to complete your order will require a hard check to get more details about you and this second inquiry will have a temporary impact on your credit score.
Free Financing Option
Laybuy pay in 6 instalments financing is totally interest-free and also, the option does not charge a fee to use any of its features.
This is one of the top reasons it is popular considering that some platforms require you to bear a service charge which could be a part of your order or charged on a periodic basis.
Late Payment Fee
There is a late payment fee for any default Laybuy due repayment hence, you should avoid any delay that could cost you when using the service.
The fee charged for late payment is £6 and this will be applied every week your connected repayment method returns an attempt. This will continue to charge until it reaches the maximum of £24.
To avoid this penalty, ensure you make your payment on time and your debit or credit card connected to Laybuy should have sufficient funds at the source.
Break in Repayment
You can defer your Laybuy due payment for two weeks through its break feature in the app.
This option is available as ‘Pause payments’ when you select any of your active orders and once you hit the button, you will extend that for two more weeks.
To use this feature, you must have at least one closed purchase hence, you will be ineligible if it is your first time using the service.
However, the pause payment has a limit and you cannot utilize it on more than five active transactions or a defaulted purchase, and you can use this option once per order.
Pay Later Card
The platform also utilizes buy now pay later virtual cards for handling purchases, especially when the retailer does not accept the option directly.
Its card works differently when you compare it to how others work as it can only be used in-app.
Laybuy provides a shopping interface that consists of several shopping providers and you can search for your favourite retailers to buy from without leaving the app.
Once you get to the checkout page, the card can be used to complete your order which will be spread into six payments.
Can be Used In-store
You can also utilize the option to make payments when you visit a physical retail outlet like shopping centres, restaurants, eateries, and more.
Thanks to the Laybuy card which is available in its in-store section and can be connected to one of the popular digital wallets like Apple Pay, Google Pay, and Samsung Pay.
Once you have connected it to your preferred channel, you simply need to utilize it through tap and pay anywhere digital payments are supported.
Multiple Active Plans
There is no limit to the number of active orders you can have when using Laybuy as this is only based on your available purchasing power.
As long as your assigned spending limit can have more orders, you will be able to use it for payment plan purchases.
Laybuy Boost
The Boost feature is an in-built behaviour of the platform that will allow you to utilize the option for purchase above your spending limit.
While some of the well-known split payment services will decline your transaction if the total cart value is more than your available purchasing power, Laybuy will allow you to checkout.
This flow is powered through the Boost functionality which will pass the extra above your spending as part of your first instalment due on the first day.
Anytime Boost is introduced when using Laybuy, it means that you will pay more at checkout with the rest divided into five equal weekly payments.
An Extensive Merchant Network
Laybuy boasts an extensive network of merchants that accept its payment plans, offering you a wide array of options when it comes to shopping for your favourite products and services.
This expansive network includes a diverse range of retailers across various industries, including fashion, beauty, electronics, homeware, and more.
You can directly use it online and offline at many of these partner providers with the virtual card complementing its wide merchant network.
May Improve Your Credit Score
Laybuy offers a unique opportunity to improve your credit score by reporting your payment activities to major credit bureaus.
Consistently making on-time payments and managing your instalments responsibly can contribute positively to your credit profile, potentially enhancing your overall financial standing.
However, it Is essential to note that missed payments or defaults on Laybuy instalments can also have adverse effects on your credit report.
Any negative marks resulting from late or missed payments may be visible to other lenders, potentially impacting your ability to secure credit in the future.
In situations where you may encounter difficulty meeting your payment obligations or need extra time to manage your finances, Laybuy provides a convenient solution.
The platform offers a break feature, allowing you to extend your next instalment by two weeks. This flexibility can offer valuable breathing room during challenging financial periods, helping you better manage your cash flow without defaulting on payments.
Frequently Asked Questions on Using Laybuy
Here are some frequently asked questions regarding the use of Laybuy for purchase financing:
What is Laybuy?
It is a buy now pay later service that lets you enjoy convenient instalments on your purchases by allowing you to pay weekly instead of lumpsum upfront.
The platform can be used to spread your order costs into six payments which will be repaid on a weekly basis.
How does Laybuy work?
As a buy now pay later option, you can utilize Laybuy at checkout through its direct payment gateway method or you can use its virtual card.
When you select it for payment, your order total will be divided into six payments with the first due on the day of the purchase.
Depending on your assigned spending limit and cart value, the six payments will be equal or you may pay more on the first day if the worth of your order is more than your assigned purchasing power.
Does Laybuy check credit?
Yes, applying to use Laybuy for instalments involves credit checks, both soft and hard.
The first time you submit your request for a spending limit, it will utilize a soft inquiry to pull your credit score and other basic details and depending on the result of that process, you may be offered purchasing power.
Once you are offered and proceed to use it to complete the order, it will conduct a hard check that will be visible on your credit report.
How many times can I use Laybuy?
With Laybuy, you have the freedom to utilize its financing services as often as you need, provided your assigned purchasing power can accommodate the payments.
There are no restrictions on the number of times you can use Laybuy for financing, allowing you to manage multiple purchases conveniently.
You can have numerous active plans running simultaneously, depending on your assigned spending limit. As long as you stay within this limit, you can initiate new payment plans whenever necessary.
However, if you reach the maximum spending limit or exceed it with your pending orders, you will need to wait until your active plans are closed or paid off before initiating new ones.
Does Laybuy affect your credit?
Using Laybuy’s payment plan option responsibly can potentially enhance your credit score, as the platform reports your payment activities to major credit bureaus.
By consistently making timely payments on your Laybuy purchases, you demonstrate responsible financial behaviour, which can positively influence your credit profile over time.
On the flip side, failure to repay your instalments as agreed can have adverse effects on your credit score.
Missed or late payments may be reported to credit bureaus, resulting in negative marks on your credit report. These negative entries can lower your credit score and make it more challenging to qualify for credit or loans in the future.
How many payments is Laybuy?
With Laybuy, you have the flexibility to split your purchases into six equal payments, which are to be repaid weekly.
This payment plan structure allows you to spread out the cost of your purchase over time, making it more manageable and convenient for your budget.
Upon making your purchase, the first payment is due immediately, serving as an initial instalment towards your total purchase amount.
Subsequent payments are then scheduled to occur weekly over the following five weeks, ensuring that you can gradually repay the remaining balance without experiencing a significant financial burden.
What is the Laybuy spend limit?
There is no defined spending limit when using Laybuy at checkout but at most of the merchants that accept it, the order minimum starts from £20 up to a maximum of £720 in cart value.
Does Laybuy have a virtual card?
Yes, Laybuy has a virtual card you use for split payments at several retail portals when shopping on its app.
There is also a version that is available in the app through the in-store section when you are logged in that can be connected to any of the popular digital wallets for in-store checkout.
Can I pay off Laybuy early?
Paying off your active Laybuy orders ahead of schedule is a convenient option that comes with no penalties or fees.
By taking advantage of this feature, you not only demonstrate responsible financial behaviour but also build trust and reliability within the platform.
Additionally, early repayment can have a positive impact on your credit score, as it reports payment activities to major credit bureaus.
Consistently making timely payments, including early repayments, reflects positively on your creditworthiness and may contribute to an improvement in your overall credit profile.
Is Laybuyinterest-free?
Laybuy operates on a straightforward payment model that does not involve any interest charges.
When you opt to finance your purchases through Laybuy, the total cost of your purchase is divided into six equal payments.
These payments are spread out over a predetermined period, typically six weeks, allowing you to budget more effectively and manage your expenses without incurring any additional costs.
Can I withdraw money from Laybuy?
No, Laybuy does not offer a cash withdrawal feature. It is primarily a buy now, pay later service that allows you to split your purchases into manageable instalments.
Once you make a purchase using the option, the funds are allocated directly to the merchant, and Laybuy facilitates the payment plan for you to repay the amount in instalments over a specified period.
However, it does not provide the option to withdraw funds as cash from your account or through an ATM.
How much is the first payment on Laybuy?
The initial payment with Laybuy typically amounts to one-sixth of the total cart value if the order’s worth does not exceed your available purchasing power.
However, if the cart value surpasses your assigned spending limit, the first payment will be higher.
This additional amount contributes to the Boost value, resulting in a higher initial payment compared to the subsequent instalments.
How is my Laybuy limit approved?
Your limit is approved based on several factors, including your creditworthiness, spending habits, and repayment history.
The platform conducts a soft credit check during the application process to assess your financial situation and determine an appropriate spending limit.
This process involves reviewing your credit history and other relevant information to assess your ability to make timely payments.
If you have a strong credit profile and a history of responsible borrowing, you are more likely to be approved for a higher spending limit.
Where can I get more details regarding this payment plan option?
To get more information regarding how it works, the platform has a detailed FAQ page where you can see answers to several queries.
With arrays of methods you can utilize for payment plan purchases, this option can be a good way to enjoy convenient instalments at some of your favourite retailers.
While using it, commit to on-time repayments to enjoy the interest-free service with no late payment fee or your credit score being affected as Laybuy reports activities to the major bureaus.
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