Afterpay is preparing for looming regulations that would require buy now, pay later operators to perform tighter credit checks on new customers, and is raising credit limits to $4000 for consumers who meet certain criteria.
“What the government is proposing will mean that we will need to do credit checks on all of our new customers,” he said. “The fact that we’re building a process for customers who are going from $3000 to $4000 means we will be well-positioned to respond to that change.” Limits can be increased as customers demonstrate they can make higher repayments, to a maximum of $3000, after which the credit check would kick in.
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