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Oninterestfree.com Icon Guide

Interest Free and Buy Now Pay Later Deals are not all the same. Some of them are completely interest free while others incur interest after the deferred or free period has finished if the balance has not been cleared.

To help our users quickly identify the types of deal available, oninterestfree.com uses an icon system shown below.

  No Deposit Required.    Deposit Required.    Deferred or Free Period.

  Interest Free Instalments.    Instalments With Interest

  Minimum Spend Required With This Merchant Before Deal is Available

 

For Example:

    = No deposit, deferred period and then completely interest free instalments.

This type of offer means no deposit is required, you have nothing to pay for a period of time, sometimes up to 12 months and then monthly instalments for the agreed period until the amount is paid off. The APR is 0% and the deal is completely interest free.

   = No deposit, completely Interest free instalments.

This type of offer means no deposit is required and then you start paying by instalments for the agreed period until the amount is paid off. The APR is 0% and the deal is completely interest free.

   =  A deposit is required and then completely interest free instalments.

This type of offer means you have to pay a deposit and then the balance is paid of in instalments for the agreed period until the amount is paid off. The APR is 0% and the deal is completely interest free.

    =  No deposit, deferred or free period and then interest added if the full amount has not been cleared in the deferred period.

This type of offer means that no deposit is required and you have a deferred or free period where you can choose to pay the full amount or not. If the full amount is cleared before the end of the free period then you pay no interest. Failure to do so will result in interest being applied, sometimes backdated to the beginning of the loan agreement. APR is above 0%.

    = A deposit is required, a deferred or free period and then interest added if the full amount has not been cleared in the deferred period.

This type of offer means that you have to pay a deposit and then you have a deferred or free period where you can choose to pay the full amount or not. If the full amount is cleared before the end of the free period then you pay no interest. Failure to do so will result in interest being applied, sometimes backdated to the beginning of the loan agreement. APR is above 0%.

QUICK TIPS

• Don't buy on impulse because credit is available - shop around.
• Repay the loan within the interest free period.
• Interest free is not always fee free - understand the fees and charges.
• Resist sales pressure. Don't be tempted to buy something you don't need or can't afford.
• Ask yourself - Do I really need this?? and Can I really afford this??
• Understand the terms and conditions - read your contract carefully and don't be afraid to ask if there is something you are unsure about.
• Take note of the exact timeframe - make sure you know the exact date that the interest free period ends, and always aim to pay off the full amount by this date.
• Calculate how much you need to pay each month to ensure the full amount is paid within the interest free period. The minimum monthly amount may not be enough, which means you will incur interest charges.
• Genuine interest-free credit deals are hard to beat, but acceptance is not guaranteed - expect to be credit scored.

Look for answers to these questions:

1. Do you need to make payments along the way?
2. When, exactly, are payments due?
3. What penalties are you likely to have to pay if you don't follow the contract precisely?
4. Does the overall interest rate increase because of the deferral?
5. Are there additional handling fees that have to be paid to defer payments?