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West Australian
2 days ago
- Business
- West Australian
Shyneka Long: Australian woman reveals the eye-watering amount she spent using Afterpay in two years
An Australian has urged other young shoppers to delete 'buy now, pay later' app Afterpay after discovering the eye-watering amount she had spent in just two years. In a since deleted TikTok, Shyneka Long admitted that her Afterpay usage had spiralled out of control before warning people to check what they were spending on the platform. 'This is literally your sign to either delete Afterpay or go and look at your bank statements and see how much money you've spent on Afterpay in the last two years,' the 21-year-old said. 'I could've bought a car. I'm really about to expose myself but in the last two years I have spent $19,000 on Afterpay, what the f**k. 'I could have had a f**king car. Is there like, addiction anonymous for Afterpay? Because where do I sign my whole f**king family up? This is bad. This is so bad.' Afterpay is a buy now, pay later service that enables shoppers to pay for purchases in four interest-free installments over six weeks. Other popular BNPL services include Klarna and Zip Pay — BNPL apps are the third most popular credit product behind credit cards and home loans. However, Ms Long wasn't the only one with an embarrassing Afterpay confession — dozens of other TikTok users flooded the comments section admitting to their outrageous spending habits. 'Babe I'm going to hold your hand when I tell you mine since 2023 is $62,815,' one commenter said. 'I think I might take the cake — $122,502,' another declared. '$29,909 for me, why did you make me go look?!' a third person wrote. Others offered advice, with one user saying that she even set rules for using the app. 'I have a rule for Afterpay: only one at a time, and always wait a month before buying something new/starting a new one.' As of Tuesday, new regulations came into effect for BNPL providers to stop consumers being affected by potentially harmful credit contracts. It means BNPL products are now regulated in the same way as credit cards. The providers will be required to hold an Australian credit licence and, under ASIC, they may be required to complete mandatory checks and inquiries about a consumer's financial situation, including in relation to their income and expenditure, to prevent financial strain.
Perth Now
3 days ago
- Business
- Perth Now
Aussie reveals eye-watering amount she spent on Afterpay
An Australian has urged other young shoppers to delete 'buy now, pay later' app Afterpay after discovering the eye-watering amount she had spent in just two years. In a since deleted TikTok, Shyneka Long admitted that her Afterpay usage had spiralled out of control before warning people to check what they were spending on the platform. 'This is literally your sign to either delete Afterpay or go and look at your bank statements and see how much money you've spent on Afterpay in the last two years,' the 21-year-old said. 'I could've bought a car. I'm really about to expose myself but in the last two years I have spent $19,000 on Afterpay, what the f**k. 'I could have had a f**king car. Is there like, addiction anonymous for Afterpay? Because where do I sign my whole f**king family up? This is bad. This is so bad.' Shyneka confessed to having a shopping addiction. Credit: Shyneka Long Afterpay is a buy now, pay later service that enables shoppers to pay for purchases in four interest-free installments over six weeks. Other popular BNPL services include Klarna and Zip Pay — BNPL apps are the third most popular credit product behind credit cards and home loans. However, Ms Long wasn't the only one with an embarrassing Afterpay confession — dozens of other TikTok users flooded the comments section admitting to their outrageous spending habits. 'Babe I'm going to hold your hand when I tell you mine since 2023 is $62,815,' one commenter said. 'I think I might take the cake — $122,502,' another declared. '$29,909 for me, why did you make me go look?!' a third person wrote. Others offered advice, with one user saying that she even set rules for using the app. 'I have a rule for Afterpay: only one at a time, and always wait a month before buying something new/starting a new one.' As of Tuesday, new regulations came into effect for BNPL providers to stop consumers being affected by potentially harmful credit contracts. It means BNPL products are now regulated in the same way as credit cards. The providers will be required to hold an Australian credit licence and, under ASIC, they may be required to complete mandatory checks and inquiries about a consumer's financial situation, including in relation to their income and expenditure, to prevent financial strain.
Sydney Morning Herald
4 days ago
- Business
- Sydney Morning Herald
The big change coming to your buy now, pay later options today
If existing Afterpay customers want to raise their spending limit, they will also be required to have a credit check. The company is not required to verify customers' declared income. Saadat said this reflected the spending limits it offered, and the fact it would be doing a credit check on customers. Afterpay currently has credit limits of $3000, or $4000 for people who request an increase. Loading Zip, a rival BNPL firm, said its Zip Pay product would now be regulated, while three other products it provides are already regulated. 'Zip welcomes the new buy now, pay later legislation in Australia and the introduction of these standards, which are aligned with Zip's existing practices,' a Zip spokesperson said. Afterpay, the biggest BNPL firm in Australia, was formed in late 2014. It expanded rapidly, with digital payments surging as online shopping boomed during the COVID-19 pandemic, before being bought by Block in a deal that valued Afterpay at $39 billion at the time. Banks have also sought to copy the BNPL model, with Commonwealth Bank launching its own product in 2021 and investing in Swedish BNPL firm Klarna. While consumer groups have long accused BNPL firms of exploiting loopholes in the credit laws, Labor last year said its BNPL laws sought to balance consumer protection, innovation and competition. The chief executive of the Consumer Action Law Centre, Stephanie Tonkin, said the new regulations would result in a 'very light touch' credit approval process for people seeking less than $2000. 'I think we will continue to see plenty of buy now, pay later facilities being approved up to $2000,' she said. 'It's a very, very common form of credit. It's always been very accessible. Now we are going to see some level of checking and verification of affordability.' Afterpay on Tuesday released research it commissioned, which showed its customers had an average credit score slightly lower than that of credit card applicants, but higher than personal loan applicants. Payments expert Lance Blockley, managing director at The Initiatives Group, said the new regulations would probably have a limited impact on Afterpay and Zip in the short term because the changes applied to new customers, rather than existing customers. 'Everybody who wants to have a BNPL account in Australia has probably already got one. It's like closing the stable door after the horse has bolted,' Blockley said. BNPL firms were more focused on signing up more Australian merchants to accept BNPL payments, he said, as well as expanding in the more lightly regulated US market.
The Age
4 days ago
- Business
- The Age
The big change coming to your buy now, pay later options today
If existing Afterpay customers want to raise their spending limit, they will also be required to have a credit check. The company is not required to verify customers' declared income. Saadat said this reflected the spending limits it offered, and the fact it would be doing a credit check on customers. Afterpay currently has credit limits of $3000, or $4000 for people who request an increase. Loading Zip, a rival BNPL firm, said its Zip Pay product would now be regulated, while three other products it provides are already regulated. 'Zip welcomes the new buy now, pay later legislation in Australia and the introduction of these standards, which are aligned with Zip's existing practices,' a Zip spokesperson said. Afterpay, the biggest BNPL firm in Australia, was formed in late 2014. It expanded rapidly, with digital payments surging as online shopping boomed during the COVID-19 pandemic, before being bought by Block in a deal that valued Afterpay at $39 billion at the time. Banks have also sought to copy the BNPL model, with Commonwealth Bank launching its own product in 2021 and investing in Swedish BNPL firm Klarna. While consumer groups have long accused BNPL firms of exploiting loopholes in the credit laws, Labor last year said its BNPL laws sought to balance consumer protection, innovation and competition. The chief executive of the Consumer Action Law Centre, Stephanie Tonkin, said the new regulations would result in a 'very light touch' credit approval process for people seeking less than $2000. 'I think we will continue to see plenty of buy now, pay later facilities being approved up to $2000,' she said. 'It's a very, very common form of credit. It's always been very accessible. Now we are going to see some level of checking and verification of affordability.' Afterpay on Tuesday released research it commissioned, which showed its customers had an average credit score slightly lower than that of credit card applicants, but higher than personal loan applicants. Payments expert Lance Blockley, managing director at The Initiatives Group, said the new regulations would probably have a limited impact on Afterpay and Zip in the short term because the changes applied to new customers, rather than existing customers. 'Everybody who wants to have a BNPL account in Australia has probably already got one. It's like closing the stable door after the horse has bolted,' Blockley said. BNPL firms were more focused on signing up more Australian merchants to accept BNPL payments, he said, as well as expanding in the more lightly regulated US market.
