How Does Layby Work? A Layby Purchase is when you pay for your purchase in instalments, and once full price has been paid, or the required number of instalments specified in the purchase agreement, you receive your items. You can refer to the link below to read more about Layby purchases and your rights as a consumer:
What is a layby sale?
What does "laybys and buy now pay later" mean?
How long does it take to get a layby statement?
How much does Max pay for layby?
What to do when it's hard to afford a layby?
Can you be charged interest on layby?
Do Laybys make cheaper products?
See 4 more
About this website
What is the rules of layby?
A lay-by is an agreement between you and a customer where you: agree on a fixed sale price and payment conditions. hold the goods until the customer finalises the payments. do not charge interest on the outstanding debt.
Do you pay upfront with Laybuy?
There are no upfront fees to pay on your Laybuy account. Interest-free. Laybuy only offers 1 payment plan, but you won't have to pay any interest and will be able to spread the cost over 6 weeks with equal payments. Easy-to-use app.
How many payments is Laybuy NZ?
6 weekly automaticLaybuy lets you receive your purchase now and spread the total cost over 6 weekly automatic payments.
How often do you pay for layby?
Laybuy offers online shoppers a simple interest free payment plan that lets you secure your purchase today and pay for it in 6 equal payments, once a week for 6 weeks. Laybuy performs a credit check to obtain a credit score on all new users upon registration.
Do you pay every week with Laybuy?
How Laybuy works in-store. Laybuy lets you receive your purchase now and spread the total cost over 6 weekly automatic payments.
How much can you spend on layby?
Laybuy offers a minimum credit limit of $120 and a maximum limit of $1,200. Laybuy reviews its customer's credit limits every two to three months and emails customers directly if they're eligible for an increase. Laybuy is available both in-store and online via partnered retail outlets.
What is the highest Laybuy limit?
When a customer signs up to use Laybuy, we do a credit check to determine their Laybuy limit (ranges between $120 - $1,500).
Does Laybuy affect your credit?
When you agree to Buy Now, Pay Later through Klarna and Clearpay, the companies will only do a soft check of your interest-free borrowing. This soft check won't directly impact your credit score. But Laybuy and OpenPay do a hard search of your credit report. This will show on your credit report to other lenders.
What happens if you miss a layby payment?
What Happens When You Miss a Laybuy Payment? Laybuy will charge you default fees when you miss a payment and you can't pay the outstanding within 24 hours.
Can you pay layby fortnightly?
All of the Laybuy payment schedules are 6 weekly payments - at this stage we do not have the capability to change this to fortnightly. However, you can pay your individual instalments off in advance at no additional cost.
Can you pause a payment on Laybuy?
Our NEW Pause Payments feature is now live on our website! We understand that there may be instances where you need to pause your payments due to financial or other reasons. Our new pause payments feature lets you pause your payments on up to 5 orders by 2 weeks.
How do I check my layby balance?
In Store. Dialling *130*602# from your cell phone (for free)
Can you delay payments on Laybuy?
Can I Delay a Laybuy Payment? You can't delay a Laybuy payment unless you request a 'hardship' repayment arrangement. There's a built-in feature that allows you to change a payment date for the 5 instalments.
What's the highest limit on Laybuy?
When a customer signs up to use Laybuy, we do a credit check to determine their Laybuy limit (ranges between $120 - $1,500).
Does Laybuy affect your credit score?
When you agree to Buy Now, Pay Later through Klarna and Clearpay, the companies will only do a soft check of your interest-free borrowing. This soft check won't directly impact your credit score. But Laybuy and OpenPay do a hard search of your credit report. This will show on your credit report to other lenders.
What happens if I dont pay Laybuy?
If you don't make the payment within the next seven days, we'll charge you another late fee of £6. We'll do this up to a limit of £24 for each time you buy something with Laybuy. The late fee will be taken from the default payment method for your Laybuy account.
Laybuy | Buy now, pay later, no extra cost
Laybuy lets you receive your purchase now and spread the total cost over 6 weekly automatic payments. Interest free.
Buy Now Pay Later with Afterpay
Afterpay allows you to buy now and pay in four instalments over 6 weeks. No interest. Use online and in-store. No fees when you pay on-time. Smart spending limits. Simply download the Afterpay App and start shopping.
Noel Leeming - Technology and Appliances Store in NZ
For all your technology and appliance needs, look no further than Noel Leeming - New Zealand's leading consumer electronics and appliances retailer!
What is a layby sale?
A layby sale is when: you pay for something in instalments. the retailer keeps the item until you’ve paid for it (or an agreed part of it) the item costs less than $15,000. Any sale that matches this description or type of sale is a layby sale, even if the seller calls it by another name, eg part-payment.
What does "laybys and buy now pay later" mean?
Laybys and buy now, pay later. Laybys and buy now, pay later. Layby means you pay instalments and get the item once it's paid off. Buy now , pay later means you get the item straight away then pay it off. Consumer laws protect laybys but not buy now, pay later sales.
How long does it take to get a layby statement?
You can also ask for a free statement of your layby account at any time, which the retailer must provide within five working days. The statement must include:
How much does Max pay for layby?
Max buys an entertainment system on layby for $10,000. His wife is horrified when he tells her. Max cancels the next morning and the retailer charges him a $100 cancellation fee. Max offers to pay $20, which he thinks is reasonable for the 10 minutes of staff time he used setting up the layby. If the retailer disagrees, they need to justify that the $100 fee is reasonable.
What to do when it's hard to afford a layby?
If it's hard to afford your layby or buy now, pay later payments, think about why. Look at your spending habits. Talking to a budgeting advisor in your community can help.
Can you be charged interest on layby?
You can't be charged interest if you buy something on layby.
Do Laybys make cheaper products?
Laybys don't make products cheaper. You pay the same price, just spread out over time.
How does LayBuy work?
In Stores: Participating retailers are listed on the LayBuy website; providing your phone number at the counter prompts a payment schedule for the purchase, and the purchase is completed when the customer clicks "Pay Now".
What is laybuy for?
LayBuy is usually offered as a payment option for retailers selling clothing, makeup, décor. There is a risk that the biggest users will be consumerist people chasing the ‘latest’ stuff. Impulse buying could lead users to over-extend themselves, so proper money management is essential.#N#
What is laybuy charge?
Like a credit card company, LayBuy charges retailers to offer their service (4%-10%), as they cover the cost of purchase. The benefits of LayBuy for a retailer is that it brings a new group of people who may otherwise not be willing or able to make a purchase.
How many weeks of laybuy?
Online: Participating retailers will indicate they offer LayBuy on their website, and once a basket of goods is at the checkout, selecting LayBuy as a payment method will show the six weekly repayment amounts.
What happens if you don't pay off your laybuy?
If you don’t make LayBuy repayments, your account can be suspended until the balances owed are paid . A credit card is similar, but it’s easier to make repayments given 2% to 5% is often the minimum balance owed.
When did LayBuy launch?
LayBuy has been quietly growing retailer partners and customers since its launch in April 2017, promising interest-free terms and a 6 week repayment period to anyone who uses its service.
How much does Claire get paid on LayBuy?
Take Claire. She works part-time and studies at university. She has $250 in her bank account and is paid $200 a week by her employer. She buys $180 worth of clothes using LayBuy knowing she’ll pay $30 a week for the next 5 weeks after she makes an initial $30 payment.
How Does the Law Apply to Selling Goods Online?
Whenever you sell goods to consumers for their personal use, you need to comply with different aspects of consumer law. This regulation protects consumers against bad or manipulative deals and gives them certain rights that you, as the seller, need to observe.
What You Have to Do as the Seller
When you sell on layby, you must provide the customer with a copy of the layby agreement. It must be in plain language and in writing. Additionally, the front page must detail:
Consumer Rights in Layby Sales
Furthermore, you also need to observe the specific rights that consumers have in regards to these sales. These include:
Key Takeaways
Selling goods on layby can accommodate your customers’ payment schedules and open up potential sales for you. However, you must comply with the law when you engage in these kinds of sales, which remains true when selling online.
Thousands of brands, one way to pay
Buy now and pay over 6 weekly interest-free instalments with Laybuy at thousands of merchants across the globe. New brands added daily, so check back!
Yes, we have an app
Wherever you're headed, take us with you. Keep your balance, upcoming payments, and the latest from Laybuy at your fingertips.
How long does Laybuy take to pay?
Laybuy offers online shoppers a simple interest free payment plan that lets you secure your purchase today and pay for it in 6 equal payments, once a week for 6 weeks. Laybuy performs a credit check to obtain a credit score on all new users upon registration.
How much is the first payment on Laybuy?
The first payment equal to one sixth of the purchase price occurs once your order is completed.
Why Laybuy?
Laybuy increases your average order value, boosts conversion rate and grows your customer acquisition.
Integration partners
Integration is simple and easy. Laybuy is partnered with leading ecommerce and POS platforms. API documentation is available for online and POS.
Merchant Dashboard
Access rich data, discover who your shoppers are, stay up to date with new product launches and everything in between to help you grow your business with Laybuy’s innovative Merchant Dashboard.
What is a layby sale?
A layby sale is when: you pay for something in instalments. the retailer keeps the item until you’ve paid for it (or an agreed part of it) the item costs less than $15,000. Any sale that matches this description or type of sale is a layby sale, even if the seller calls it by another name, eg part-payment.
What does "laybys and buy now pay later" mean?
Laybys and buy now, pay later. Laybys and buy now, pay later. Layby means you pay instalments and get the item once it's paid off. Buy now , pay later means you get the item straight away then pay it off. Consumer laws protect laybys but not buy now, pay later sales.
How long does it take to get a layby statement?
You can also ask for a free statement of your layby account at any time, which the retailer must provide within five working days. The statement must include:
How much does Max pay for layby?
Max buys an entertainment system on layby for $10,000. His wife is horrified when he tells her. Max cancels the next morning and the retailer charges him a $100 cancellation fee. Max offers to pay $20, which he thinks is reasonable for the 10 minutes of staff time he used setting up the layby. If the retailer disagrees, they need to justify that the $100 fee is reasonable.
What to do when it's hard to afford a layby?
If it's hard to afford your layby or buy now, pay later payments, think about why. Look at your spending habits. Talking to a budgeting advisor in your community can help.
Can you be charged interest on layby?
You can't be charged interest if you buy something on layby.
Do Laybys make cheaper products?
Laybys don't make products cheaper. You pay the same price, just spread out over time.
