Deferit

How does deferit work?

deferit works a bit like a "buy now, pay later" solution, but for your bills. Once approved, just take a picture of the bill you would like to pay using the deferit app or website and they will pay the bill as and when you want them to.

Customers will be issued a credit limit upon signing up to deferit up to $2,000. This credit limit is based on your credit history and how long you have been using the service – the more bills you pay using the service, the higher your credit limit will go.

deferit charges a monthly fee of $5.99 for its service. This fee is only charged when you have active bills that you wish to defer. For example, if you choose to defer bills in June but not in July, you will only pay a fee for June. If you fail to pay your fee, deferit will be unable to pay your bills until you pay.

Features of deferit

• Interest-free. Pay no interest for using this service.
• Defer almost any bill. You can choose to defer almost any payment with deferit. You cannot defer your rent payments, credit cards or loans.
• Maximum account balance. You can have a maximum account balance of $2,000.
• Part-payments available. If your available balance is $500 and you want to pay a $700 bill, you can pay off the amount available in your balance and top up the rest yourself.
• Same business day approval. deferit will be in contact the same business day to let you know if a bill is approved for payment through its platform.
• Pay bills on time. Some companies offer discounts for bills paid early or on time. You can take advantage of these discounts when using deferit, even if you don't have the money right now.
• Four fortnightly instalments. Pay your bills in four equal chunks over a two-month period.
• Same-day processing. If submitted before 5pm on business days, deferit will process a bill payment on the same day. If submitted after 5pm or on a weekend, it will be processed the following working day.

How much does deferit cost?

• 0% interest
• No late fees
• A monthly subscription of $5.99 when you have an active bill that you are paying off
• a card processing fee of 1.5% + $0.20

What you should know

In order for deferit to be able to pay your bills, you need to upload clear images of your bills which clearly state the BPAY option and the due date visible. Without this information, deferit cannot pay your bill.

You will also need a minimum balance of $0.50 in your nominated account in order to sign up to deferit, as this charge will be taken in order to validate your new debit/credit card.

If you have bad credit

While it is preferable for any lender that you do not have any defaults on your credit file, deferit do make exceptions for some defaults, depending on their size and recency.

How to sign up

To qualify for deferit's finance service, you must have no defaults on your credit history and you can't be insolvent. Your credit limit will be determined based on your financial circumstances – new users are usually granted a balance of $300-$500, but this can increase if payments are met regularly.

To apply for deferit's service, simply click "Go to Site" and create an account. If you require further information, you can also call or email them directly.

To qualify for deferit's finance, you must:

• Be aged 18 or over,
• Be an Australian citizen/permanent resident OR;
• Have a valid Visa