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What You Should Know Before You 'Buy Now, Pay Later'
This payment plan is not just changing the way you buy things – it’s also changing the way you manage cash and debt.
Thinking of getting that pair of limited-edition sneakers that you’ve admired for a while? Your wallet and this month’s tight budget might not approve buying it, but that doesn’t mean you have to give up getting those cool kicks at all.
You can still get what you want without breaking the bank, thanks to ‘Buy Now, Pay Later’ services.
Buy Now, Pay Later services let you make your purchase first and make payment later with interest-free installments, allowing more breathing space for your savings. Now, you can shop more with less guilt!
Making Payments ‘Later’
Applying for an account takes only seconds and doesn't require anything more than your phone number. Once registered, you are entitled to spend to a certain limit with your Buy Now, Pay Later service provider of choice.
The Buy Now, Pay Later service provider pays first on your behalf, and splits the balance into interest-free installments over a few months.
Let’s take our sneakers on a Buy Now, Pay Later journey!
The Pros and Cons
The convenience of using Buy Now, Pay Later makes it a great shopping companion. But is it too good to be true? Before going on a payment plan, take these into consideration:
| What’s Great | What’s Not So Great |
| Want to try Buy Now, Pay Later plans? If you are confident of paying instalments promptly, you’ll find that these plans are useful in managing your monthly cash flow and still getting what you want. It’s like having your cake and eating it too! | You might lose track of what you’ve been buying. |
| Near-instant approval from service provider. | Failure to pay on time may incur unnecessary charges. |
| Failure to pay on time may incur unnecessary charges. | May also result in overspending. |
| No interest rates. | Service providers have their own list of partners. You may start to accumulate different schemes and payment might become more complicated. |
| There are now more avenues accepting BNPL schemes. | Miss out on more extensive cashbacks or rewards from your debit or credit card. |
| Service providers have a limit on how much you can spend, which makes Buy Now, Pay Later unsuitable for big-ticket purchases. |
Buy Now, Pay Later Responsibly!
Want to try Buy Now, Pay Later plans? If you are confident of paying instalments promptly, you’ll find that these plans are useful in managing your monthly cash flow and still getting what you want. It’s like having your cake and eating it too!
