Buy Now, Pay Later Write For Us
Buy Now Pay Later Write For Us – Buy Now Pay Later is a payment choice that allows you to purchase without paying out of pocket. Typically, you sign up with a company that offers this service and takes payment when you make your purchase. And also, if you are to send your article to the Technologywebdesign site, please email us at contact@technologywebdeisgn.com.
However, one time the lender pays on your behalf, you must pay back the amount within a stipulated time. Unlike a personal loan, interest is not charged under the BNPL scheme. You can pay for it as a lump sum or via Equal Monthly Installments (EMI) at no cost. If you do not pay the quantity within the given repayment term, the lender will be required to charge you interest on your amount. A longer delay could have a significant impact on your credit score.
How does Buy Now, Pay Later Work?
BNPL service providers share the same operating model, with the terms and conditions being the only differentiator. This is how it generally works:
- Purchase at a participating retailer.
- Opt for the “Buy now, pay later” choice.
- Pay a small deposit on the total purchase amount.
- The remaining amount will be deducted in a series of interest-free EMIs.
Note: EMI payments can be made by bank transfer, check, credit card, debit card, or directly from the bank account.
Buy Now Pay Later Eligibility Criteria
The eligibility criteria you will need to meet to benefit from the Buy Now, Pay Later feature are:
- You must be a resident of India.
- You must reside in tier 1 or 2 major cities.
- You must be over 18 years old. In several cases, the maximum age of eligibility can be up to 55 years.
- Must be a salaried person.
- You have to have a bank account and all KYC documents in place.
Advantages and Disadvantages of Buy Now, Pay Later
Buy Now, Pay Later Financing agreements allow consumers to pay over time without interest charges. And getting approved for this type of financing is possible, even if you’ve been barred from other loan options due to a poor credit score. BNPL loans do not increase your credit card debt but increase your loan debt. They usually don’t affect your credit score, especially since they are often too short to report to the credit bureaus.
On the downside, getting them and paying them back also doesn’t help you establish and build good credit (as more conventional financing methods do). You also miss out on the benefits that credit cards offer, such as cashback or reward points,
And if you want to return an item you bought through BNPL, it can get complicated. You should contact your money back, of course, but there may be a delay until the merchant notifies the BNPL lender of the refund. You may need to continue making payments in the meantime. If you don’t, the price could be marked as late or missing, and you could then incur fees, and late payments will eventually hurt your credit score.
Advantage
- A convenient and disciplined way to pay for purchases over time
- Often zero or lower interest rates than credit cards
- Suitable credit/high credit score not required to qualify
- Fast approval
Disadvantages
- Payments can be difficult to track
- Missing or late payments incur late fees, damage credit rating
- No rewards or cash back on purchases
- Payments can continue even if the item is returned.
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