Buy Now Pay Later has been around for a long time but is now making a real name for itself! Here is some useful information provided by Fastloans.ph that you need to know.
Introduction
When you went shopping but didn’t have enough money in your wallet, in the past.
You have always been able to choose from a wide variety of payment options including buy on credit, swipe a credit card, or purchase with installment bills.
Now, shoppers can use Buy Now Pay Later (BNPL). It’s finally here – a new way to pay for things that eliminate all the above problems!
Use BNPL
What Is Buy Now Pay Later?
BNPL, which stands for Buy Now Pay Later, is an installment loan where the used car or motorcycle you purchased gets divided into a number of equal payments.
The first part of the payment is due shortly after purchasing your vehicle. The remaining payments are made monthly until your car or bike is fully paid off!
BNPL plans are available in stores where you can find the details on interest and late fees if applicable.
Some companies charge neither, while others may have a detailed list of requirements that consumers must meet in order to be eligible for this type of plan.
How Buy Now Pay Later Works?
Buy now, pay later programs are all different. Most of them charge interest at 18 percent a month, but some may have slightly different terms and conditions.
To start shopping on the buy now, pay later scheme, visit your participating retailer, fill in the necessary details, and decide how much you are willing to spend.
Once you are done, you’ll instantly receive a notification letting you know whether or not your application has been successful, and if so – when it will be ready for payment.
You can choose from various forms of payment (direct debit with no interest is one of them)! After that, all you need to do is wait for a couple of days till your order arrives!
How Buy Now Pay Later Works?
What You Need to Pay Attention
When you use a credit card to pay for things, you’re only charged interest on the remaining balance of the amount owed before your next billing cycle and then only when you haven’t paid it off in full at that time.
You cannot accrue interest if you’ve paid off prior to the end of the billing cycle except for special cases like going into default with your bill (with goods or services not delivered or properly provided, etc.).
In contrast, BNPL arrangements charge interest. They’re also not as rigid as some loans, however.
You can often gain better terms by extending the length of the repayment schedule.
Typical terms include weekly or monthly payments over a period of several months to several years long. Like other personal loans, you’ll need to apply for a BNPL arrangement.
Some purchases might not be eligible for buy now, pay later financing. In such a case, this can be really tedious, even an obstacle to online shopping.
Most of us are used to taking what we need in the first moment to have it done and over with. That is why buy now and pay later never really took off until e-commerce boomed in 2020.
Pros And Cons Of Buy Now Pay Later
Buy Now Pay Later financing options can make purchasing things you want much easier. In cases where standard lenders have shut out your loan application due to a low credit score
It could be the opportunity for you to get that vacation home you had always been dreaming about without having to pay interest charges or worry about racking up credit debt.
You’ll have time to pay off the cost of the thing you bought entirely, and you won’t have that hanging over your head.
One of the drawbacks is that debt isn’t good for your credit history – even short-term debt like a payday loan.
That’s because when you take out a payday loan, you’re borrowing money and paying it back all within two weeks or less.
It means that it’s not reported to the credit agencies as other forms of financing would be. As well, any benefits traditionally associated with doing business by credit card aren’t available through these types of loans.
When you want to return a product that you purchased via BNPL and a merchant offers a refund, it can get complicated.
You not only need to wait for your money, but you also have to make sure the merchant marks the transaction “returned” for the BNPL lender before summarizing your payments (and charging late fees) or using any other method to mark it as tardy or missing.
Should I use buy now pay later?
Which Platform Let You Buy Now Pay Later?
Lazada Loans
Lazada Loans offers a quick and easy way to get the cash you need when it demands it.
While not quite as quick, or necessarily easy, as cash loans one could get from an accredited Cashalo or unaPay partner, they make up for it in terms of strict standards that suggest they may be less risky overall.
It’s nice to know that no collateral is required to receive support if you’re selected!
CLiQQ Loans
CLiQQ is one of the very few options for customers to make single-use cash purchases on the go with ease. It’s also a convenient way to get credits before you walk into other retail outlets in the Philippines, including grocery stores and restaurant chains!
Cashalo
Cashalo is a financial services company that promotes inclusion and empowerment among Filipinos.
They have various loans for people who want to start their businesses, such as 0% interest installment loans with other stores like Lazada, Centroplay, Motoactive, Spyder, Vans, Gear Up, Bikelane.
BillEase
BillEase allows its users to make payments for all their online purchases and other online business transactions with ease.
We’ve also noticed that this platform is very helpful in making transactions on these top-notch Filipino e-commerce sites: Lazada; DataBlitz Analytics Incorporated (DBAIncorp), an analytics conglomerate whose services include data analysis of financial products such as insurance premiums).
Tendopay
TendoPay is a credit service that allows you to purchase goods without the hassle of actually having cash on hand.
Suppose a user finds that they have any items they’d like to buy from merchants such as Zalora, Lazada, 7-Eleven Vision Express. In that case, the user can go on TendoPay’s App within the application platform and request for “Post-Purchase Credit”.
After this is done, an approved amount will show up in their account so that they may finally make a purchase from the said merchant or from any other affiliated vendor with whom TendoPay has agreed.
Payment method at Afterpay
Unapay
The Philippines is bustling with commerce, and newly acquired technological wonders are altering how we go about our day-to-day lives.
With UnaPay and Lazada, payments are quick and easy, and users can get all they need online without leaving the comfort of their homes.
Conclusion
Buy Now Pay Later is an emerging trend in the credit industry. We believe BNPL will take hold in the Philippines further down the road and benefit Filipinos who decide to use it.
Hopefully, you can find this article helpful and start becoming accustomed to buying and selling in a new manner. As always, thank you for reading, and see you soon!
