With everything around us having its price on the rise, inflation does not seem to ease up anytime soon. Even the essential products with such high rates have become a pain in the bones of consumers. While all of these have made people worry about their budget, there is something already available to help them out.
Yes, we are talking about Buy Now Pay Later (BNPL) here. BNPL has made its place in the lives of consumers very shortly. The reason for it being so much liked by people is the option of buying things online when needed and paying later for them.
BNPL has become a godsend, especially for teen customers who do not possess credit cards. The idea of BNPL is also very appealing to the people living in an outer city who are running on a low budget and are unable to fulfil their necessities for the time being.
What is Buy Now Pay Later (BNPL)?
Buy now pay later (BNPL) is a short-term financing system launched for customers to help them out meeting their needs when they are on a low budget. BNPL allows people to buy the products that they want, providing them leniency to pay later for the same.
This service has become quite popular among people in a very short period. BNPL has made it easier for people to shop for their needs without being worried about paying immediately. It does not even charge any interest most of the time, which makes it more beneficial for people.
BNPL service is pretty much similar to the Credit Card system as both provide the customer with an option to delay their payment and repay their loan at a given time.
For the ones who don't know how to use Buy Now Pay Later yet, here are the steps are given below. Following these, you can easily use BNPL.
How to Use Buy Now Pay Later (BNPL)?
Before knowing how to use Buy Now Pay Later, you must know that its terms and conditions criteria may vary depending on the company. For instance, if you want to use BNPL on LazyPay, here's how you can use it.
- Firstly, you will have to purchase from any participating retailer.
- Now click on the ‘Buy Now Pay Later option before proceeding to check out the items in your cart. You can pay the retailer through LazyPay.
- Finally, you will have to pay this amount in full within a duration of 15 days. LazyPay also provides you with an option to repay your loan in EMIs. No interest will be charged to you, and you can easily pay later for your purchase.
Mistakes to Avoid while using BNPL
As exciting as this idea of paying later sounds to you, remember that there are always consequences to everything that we do. Therefore, before making a hefty amount of purchase from any participating retailer, you must analyze your potential of being able to pay later. Common mistakes to avoid are:
- If you are using BNPL, you must know that its interest-free duration is 15-45 days, and you will have to repay your loan within the given time period, and you will be charged an interest rate.
- Not repaying your loan at the given period of time can affect your credit score badly.
- While making a purchase, you should keep the fact in your mind that it is not free. It is a loan that you have to pay later. Try to keep your list short and make a purchase to an extent because, let's be real, only you will have to pay it sooner or later.
- Remember to keep track of your payment dates. As you purchase something using BNPL on LazyPay, you are obligated to repay your loan amount all at once. That too within 15 days of your purchase.
- As it is very crucial, make sure to read out all the terms and conditions of BNPL along with its fee charges before using it.
You must know that not repaying a BNPL loan on time can impact your credit score and chances of getting other loans in the future.
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