This is effective on purchases made from 21 October.

The timing of this announcement comes as Australians open up their wallets following an end to lockdowns and the return of 'freedom'.

Klarna states that having a flat and consistent late fee means the maximum additional cost to shoppers per order is $9 - as the company is based on the business model of 'paying in four instalments'.

Total order value

Late fee per installment

Maximum late fee per order (across 3 late repayments)

Up to $49.99

$0

$0

$50+

$3

$9

Source: Klarna

What else is changing?

Klarna is also changing its 'snooze' function, which provides customers with an additional 14 days in order to make one of their four instalment repayments.

There are now no fees on snoozed repayments for purchases less than $50, while purchases over this amount have a snooze fee of $2.

Snoozefee.jpg

Source: Klarna

Advertisement

In the market for a personal loan? The table below features unsecured personal loans with some of the lowest interest rates on the market.

Rates
Features
Fees
Other
Lender
FixedUnsecuredN/AN/AMore details
  • Whether its for car, holiday, home renovations or refinancing your debt, kickstart your goals with our fixed -rate loans, with no surprise fees
  • Get a quote with no credit score impact: Getting your personalised quote is credit score safe
  • Access your cash instantly: If approved, get your money in seconds straight into your Revolut account
  • Repay flexibly, with no monthly fees or nasty penalties
Disclosure

Unsecured Personal Loan (Excellent Credit) (5 Years)

  • Whether its for car, holiday, home renovations or refinancing your debt, kickstart your goals with our fixed -rate loans, with no surprise fees
  • Get a quote with no credit score impact: Getting your personalised quote is credit score safe
  • Access your cash instantly: If approved, get your money in seconds straight into your Revolut account
  • Repay flexibly, with no monthly fees or nasty penalties
More details
Disclosure
FixedUnsecuredN/AMore details
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
Disclosure

Low Rate Personal Loan Unsecured ($5k-$75k) (5 Years)

  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
  • Get quick decision. Funds in 24 hrs if approved
More details
Disclosure
FixedSecuredN/AN/AMore details
Interest rates subject to change based on your personal circumstances
  • Interest rates start at 16.95% and could be as high as 29.95% based on your personal circumstances and loan term
  • Australian residents and citizens only
  • Personal Loans from $3,000 to $25,000, with loan terms ranging from 25 - 36 months
  • Terms, Conditions and Lending Criteria apply
Disclosure
Interest rates subject to change based on your personal circumstances

Secured Personal Loan (3 Years)

  • Interest rates start at 16.95% and could be as high as 29.95% based on your personal circumstances and loan term
  • Australian residents and citizens only
  • Personal Loans from $3,000 to $25,000, with loan terms ranging from 25 - 36 months
  • Terms, Conditions and Lending Criteria apply
More details
Disclosure
FixedSecuredN/AMore details

Personal Loan Secured (5 Years)

    More details
    FixedSecuredN/AMore details

    Personal Loan - Secured (5 Years)

      More details
      FixedUnsecuredN/AMore details

      Personal Loan Fixed (5 Years)

        More details
        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

        The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

        Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of November 22, 2024. View disclaimer.

        Important Information and Comparison Rate Warning

        Head Image Supplied