LatitudePay

Another Aussie buy now, pay later giant closes impacting hundreds of thousands of JB Hi-Fi, The Good Guys, Harvey Norman and Kogan customers · LatitudePay shuts ...

'The number that surprised me, there's only seven million buy now, pay later accounts in Australia – most of them for people between the ages of 20 and 35. He said at minimum, the government was considering putting in place credit checks. You don't need to take any action to close Once your total amount owing has been paid in full, we will close your account. Signing up to a 'buy now, pay later' account could soon require the same financial checks as getting a credit card Consumer interest groups want buy now pay later providers to be subject to the same stringent lending laws as conventional credit providers. The threat of regulation bursting the buy now, pay later bubble remains ever-present, as the government looks to stop consumers racking up debts they can't pay back. Any balances owing will continue to be debited from your debit or credit card as usual until the balance is repaid in full In a submission to a Treasury review into the sector, corporate regulator ASIC last week backed new rules that would subject these companies to the same lending rules as banks and credit card providers. The closure of LatitudePay comes just a week after a separate buy now, pay later company went under. 'Given this, and as a consequence of the uncertainty surrounding the future regulatory environment, Latitude believes now is the right time to exit the sector.' 'Any balances owing will continue to be debited from your debit or credit card as usual until the balance is repaid in full,' the email said.