Objective Analysis: Psychology of using BNPL, page-88

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LPLATER77

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31/07/20

19:02

Post #: 46227539
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Originally posted by PigsMightFly: ↑

If my payment due for APT is $10
Missing a payment I will be charged a late fee of $10
Thats it, Cap is reached and being with a responsible lender such as APT Im unable to dig myself into more debt with them. RESPONSIBLE!

100% Wrong. Read the T&Cs carefully.

Each individual overdue transaction is charged $10 fee (or 25%) up to a maximum $68 per transaction. If it is not paid in 7 days each and every overdue transaction earns an extra$7 late fee per transaction.

In theory you could have 50 separate transactions of $40 and be hit for 50 separate late fees of $17 each. That is effectively $850 or 42.5% interest.

The fees are so high APT can afford to give the worst credit risk around a loan.

SCHEDULE 1
Late Fee: $10 Late Fee if a payment is due from you but not received by Afterpay in accordance with the Payment Schedule, with a further $7 Late Fee added seven days after the payment is due if the payment is still unpaid.
Afterpay has introduced caps on Late Fees (effective for all payments due on or after 30 June 2018):
(a) For each Order with an Original Order Value below $40 - a maximum of one $10 Late Fee may be applied;
(b) For each Order with an Original Order Value between $40 and $272 (inclusive) - the aggregate sum of the Late Fees applied in relation to the Order will not exceed 25% of the Original Order Value; and
(c) For each Order with an Original Order Value above $272 – a maximum of $68 (i.e. 4 x $17) of Late Fees may be applied.
For example, a $25 Order will have a maximum of one $10 Late Fee applied, a $108 Order will have up to $27 (25% x $108) of Late Fees applied, and a $500 order will have up to $68 of Late Fees applied (maximum limit). Once the cap is reached, no additional Late Fees will be applied to payments associated with that Order.
Please note: there are no partial Late Fees, so all applied Late Fees are either $10 or $7 subject to the caps above.

https://www.afterpay.com/en-AU/terms-of-service

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Mr PigsMightFly (PMF) AKA PropagandaMachineFaux

May I ask, Is english your first language? (not being offensive)

Your lack of understanding of the T&Cs is beyond me.
You are 100% wrong if you believe that a purchases of $40 will incur a late fee of $10 PLUS aditional fees if late for a further week. Simply WRONG!

(see below from Afterpay customer service)

Also again you avoided why you didnt include CC fees in you example??? Didnt suit you argument right?

APT Price at posting: $68.54 Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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Objective Analysis: Psychology of using BNPL, page-88

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