Buy now pay later explained

Buy now pay later or instalment services are a form of payment that let you split the cost of a purchase into multiple repayments. You pay the first instalment up front, and the remaining instalments every few weeks.

Some buy now pay later services may charge you interest or fees to use it and depending on which buy now pay later service you’re using, you may only be able to shop at specific stores.

Our buy now pay later service

NAB Now Pay Later is our buy now pay later service, connected to one of your NAB accounts. It lets you split the cost of a purchase into four fortnightly repayments. 

NAB Now Pay Later doesn’t charge you any interest or fees and you can shop anywhere VISA is accepted.

Learn more about how NAB Now Pay Later works.

What to consider before using buy now pay later

There are a few factors you should weigh up before applying for buy now pay later or instalment services.

Impact on your credit score

Some providers may check your credit score when you apply for a buy now pay later product. It’s important that you understand credit reporting and your credit history.

Your budget

When you shop with buy now pay later, make sure you know your budget and can afford to pay your instalments. Late or missed payments may impact your credit score, and you may be charged fees.

Fees and additional charges

Buy now pay later services don’t usually charge interest on the purchases you make. However, you should check if any fees apply to the service you’re using. Some services charge set-up fees or ongoing account fees. There can also be fees for missed or late payments. While no one plans on paying late, these fees can be significant, so you should keep them in mind.

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Important information

The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial and taxation advice before acting on any information in this article.

NAB recommends you consider the NAB Internet Banking terms and conditions document, before making any decisions regarding this product. This product is issued by National Australia Bank Limited. The NAB Mobile Banking app is compatible with Android and iOS, minimum platform requirements apply.

Target Market Determinations for these products are available at

Full terms and conditions will be available in the NAB app when applying for NAB Now Pay Later.