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Afterpay vs PayItLater

Afterpay vs PayItLater

We are proud to announce that we now offer PayItLater alongside our other pay later services at checkout. While all pay later services may seem quite similar, each has a slightly different way of doing things that can work better for different people. Compare the differences between Afterpay and PayItLater to find out which will work best for you.


What are the differences between Afterpay and PayItLater?

What Do They Do?

Founded in 2014, Afterpay is one of the most recognisable and trusted pay later systems in Australia. It allows its buyers to purchase items online or in stores and pay for them in installments. PayItLater is a relatively new pay later system that serves the same function. They operate by extending a line of credit to their buyers on behalf of the store.


Sign Up Process

Signing up for Afterpay is quick and easy. All that is required is a valid credit or debit card and you are on your way. PayItLater works much the same way. You simply select Pay It Later at checkout, create your account or sign in, and agree to their terms and payment schedule. PayItLater then makes on-the-spot credit approvals without you needing to fill out any tedious paperwork.



Neither Afterpay nor PayItLater charge any setup fees or interest. Where they make their money is through late fees. If you miss a payment and 24 hours pass, both systems charge $10. Should 7 days go by without any payment, PayItLater charges another $10 where Afterpay charges $7 on top of the original late fee.


Payment Schedules

The biggest difference between Afterpay and PayItLater is their payment schedules. Both have fixed schedules consisting of 4 repayments. Afterpay charges you in 4 payments over 8 weeks, spreading the purchase out over a longer stretch of time. PayItLater also splits the payment into 4 but it instead of an 8-week repayment schedule, all 4 payments come out of your account in just 4 weeks.



The final difference between the two systems is that Afterpay has an app and PayItLater doesn’t. On the Afterpay App, you can monitor your payments and account, making it easy to keep track of your payments from wherever you are. Tracking payments with PayItLater is not as easily accessible, but still manageable through their website.


While there are many similarities, there are also a few key differences between Afterpay and PayItLater. If you prefer more time to pay off your purchase and easy tracking, then Afterpay may be for you. For those of you who would rather a quick pay back schedule, your best pick is PayItLater. 


Afterpay PayItLater
Interest & Sign Up Fees Nil Nil
Late Payment Fee 24 Hours $10 $10
Late Payment Fee 7 Days $7 $10
Payments Split x 4 x 4
Payment Frequency Fortnightly Weekly
App For Your Phone Yes No
Available on Later Gator Yes Yes
More Information


Put some thought into which system is right for you and your finances and feel free to contact us if you have any questions.

Like to compare other buy now pay later services? Check out these two blog posts from the Later Gator Blog

Afterpay vs. zipPay

Afterpay vs. Laybuy

Afterpay vs. Openpay

Afterpay vs LatitudePay

Full Buy Now Pay Later (BNPL) Comparison

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