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More credit checking, spending limits and caps on fees are among the changes being imposed on buy now, pay later lenders.
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The federal government will classify buy now, pay later options as credit products, as part of sweeping changes to protect both consumers and the industry. Here's what it means in practice.
Buy now, pay later services, including Afterpay and Zip Pay, will be regulated under the Credit Act and required to obtain an Australian Credit Licence under proposed changes by the federal government.
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The menswear style savant is showing today at Australian Fashion Week.