Zip, the Australian BNPL provider, is preparing Zip Cash, a loan of up to $500 that pays out the same day for expenses that don’t happen at checkout, and will start with a limited group of customers in some US states this holiday season. More than 100,000 customers have joined the waitlist, over 40,000 of them in the first 72 hours. Each loan may carry a single flat origination fee shown before the customer accepts, which Zip contrasts with rivals that split one loan into several fee-generating pieces or rely on tips. Approval won’t require a hard credit check, the money can reach a linked bank account the same business day, and borrowers can ask to move their repayment date, but anyone who misses a payment can’t take another Zip loan until it’s paid.
