Buy now and worry about paying later with an awesome offer of buy, now pay later on apps
Several “buy now, pay later” (BNPL) apps have been introduced in the Indian market over the last few years. Similar to credit cards, these apps give users a line of credit that can be used for almost any purpose, such as paying utility bills, buying food, and shopping. People can take advantage of this convenient method of paying for daily expenses without having to worry about cash in hand. The BNPL Android and iPhone apps allow you to purchase now and pay later. Let’s see what offers are available for the buy now, pay later apps.
The buy now pay later (BNPL) model functions like credit cards by providing users with free credit lines in exchange for small-ticket loans. Depending on the purchase amount, you have the option to spend online or offline and then pay it back on the set date without incurring interest charges. The buy now, pay later option can help manage cash flow for those who do not have credit cards. The key features and features that different buy now, pay later apps to offer are:
Key features: BNPL apps
Buy now, pay later apps provide instant credit lines with a paperless KYC process to provide an instant credit line. You can transact with a merchant who accepts UPI by paying with your UPI ID or by scanning the barcode.
Paying for goods can be done offline or online through services like Myntra, Ola, Flipkart, Zomato, Bookmyshow, Uber, Swiggy, and others. When you choose the Easy EMI plan, you will be able to convert a transaction valued at more than Rs. 10,000 into it.
There is an interest-free period of 15 days post, and you will have to pay back and clear the bill (on the 3rd and 18th of every month). Automatic payments can be set up, or you can manually pay with UPI, net banking, or debit card. Here are the main features of these apps:
With UPI, you can scan and pay
Use online merchants such as Flipkart, Bookmyshow, Zomato, and Swiggy
A 15-day repayment period with no interest
Up to Rs. 1,000,000 in credit limit
Offers from merchants on a regular basis
Fees for late repayment are listed here
In what ways does a buy now, pay later app work?
BNPL apps generally work this way:
Connect your credit card or bank account after downloading the app.
Thousands of online stores are available on the app, including Amazon and Dell.
Put item(s) into your shopping cart.
When checking out, select BNPL as your payment method.
Is it safe to use a buy now, pay later app?
Using a buy now, pay later app is a responsible way to buy something that you need but cannot afford at the moment. As an example, suppose you need a new laptop for work for Rs. 1,000. Currently, you have less than one thousand rupees in your bank account, but when the month is over, you’ll have much more. You’ll need a laptop, though, because that’s what you’ll need for your job!
Credit cards do offer 0% introductory APR periods, but you’ll pay a lot of interest unless you’re in those periods. Personal loans are available, but you’ll almost certainly be subject to interest rates of around 6%-10%. Plus, most BNPL applications are approved instantly, unlike personal loans, which take up to a week to process.
We highly recommend staying away from payday loans since they’re dangerous and ruin lives. The best choice is to buy now and pay later. Nevertheless, you should make your payments on time to avoid delinquencies and fees by doing the following things:
Your bank can automatically send payments to your BNPL app.
You should set reminders for the dates of your upcoming payments.
Apps offering pay-later financing are convenient and safe options for financing medium-sized purchases without incurring interest or consequences. Among the half-dozen apps, you should find one that matches your specific needs. Why not give it a try? You can shop without worrying about running out of money.
