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  • 6 Reasons Why ‘Buy Now Pay Later’ Is Your Ideal Choice for Credit Shopping

    Published on January 28, 2021

    Multiple varieties of credit lines exist around the world, making the lives of people convenient and comfortable. One such form of credit is ‘BUY NOW PAY LATER’. Buy Now Pay Later is an increasingly popular scheme, especially among millennials. As the name suggests, this scheme allows you to buy now and make the payments later. You don’t have to worry about coming up with the money upfront, especially if it is a big purchase. Here are 6 more reasons why you should opt for BNPL the next time you think about shopping on credit:

    1. Free Trial: You get a free trial on your purchases even if the seller isn’t offering one. When you choose ‘Buy Now Pay Later’, you get a head start of 14 days before you are required to make the payments. In these 14 days, you can use the product, review it, and decide if it fits your requirements. If not, you can pack it up and send it back to the seller. You are allowed this service free of charge. If you like the product, you can keep it and make the payment after the stipulated period.
    1. Instant Interest-free line of credit: Unlike credit cards which offer the same service, the book now pay later scheme is free of interest. Credit cards work similarly. They also allow you to make purchases on the card without having to pay instantly. You can pay them when your credit card bill surfaces. However, the interest rate on credit cards is as high as personal loans. As opposed to that, BNPL allows you to make purchases and use a free line of credit for a stipulated period. Unlike credit cards, you don’t have to go through a tedious process or pay an annual fee to avail credit.
    1. Borrow money without a credit check: The ‘buy now pay later’ option is available to you for all purchases, big or small, which means that you can get a credit line opened for you for the smallest of your purchases. You can do so when you have a credit card too. But applying for a credit card requires you to jump through hoops of credit checks and application process. If you have a low credit score, your credit card application may be denied, or higher interest may be levied on your purchases. Opening a pay later account on a BNPL requires no such conditions. BNPL is available to almost everyone, without any effect on your credit score.
    1. Easy Repayment options: Book Now Pay Later platforms allow you to make purchases at a much later date from your purchase and help you manage your payments. You can make purchases from multiple platforms and pay for all of them together through your BNPL platform. If it is a big purchase, most BNPL platforms allow you to convert them into easy EMIs whose tenure you can choose according to your comfort.
    1. Security: Not everybody is comfortable with entering their bank account/card details on online platforms. Book now pay later allows you to protect yourself from phishing attacks and hackers by only entering your payment details on a secure BNPL platform. Your pay later account uses a One Time Password sent to your phone every time you make a transaction. It offers end-to-end security.
    1. Ease of Access: Accessing and making payments on BNPL platforms are simple. You can use a QR code scanner to pay or pay using UPI apps. You can also pay traditionally using your internet banking or debit card services. Payments can be made within a few clicks on BNPL platforms.

    So, if you haven’t tried it yet, make your next purchase with a pay later account and enjoy the convenience.

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