All about Buy Now Pay Later(BNPL)

What is BNPL?

This is such a scheme in which you can take credit for a short time and return it with a minimal interest rate in the future. With this credit, you can now buy anything online, pay your bills, and many more.

How does it work?

Many companies are proving BNPL services with terms and conditions. We need to go through these conditions before registering.

1. You have to register yourself at the BNPL site of your choice.
2. After verification, you will get credit.
3. While making payment opt for buy now pay later.
4. You need to pay some amount at the time of purchase and the remaining you can pay in EMIs at a low-interest rate.

Advantages of BNPL

1. Easy to use.
2. Safe and secure.
3. Simple and secure transaction.
4. Low-interest rate.
5. Minimal or zero processing fees.
6. Fast approval.
7. No need for credit score.

How to start using BNPL

BNPL vs Loan

    BNPL                   Loan

1. Offers unsecured loan         Offers secured and unsecured loans
2. No limitations on usage                                  Limitations on usage
3. Repay time is up to 90Days         Repay time is up to 60 months
4. Interest rate is fixed          Interest rate varies on the amount

Things to know about using BNPL

1. Term and conditions of BNPL.
2. Can repay at a time to avoid a late fee.
3. If your income is not certain please avoid BNPL, it may lead you to debt.

Some BNPL Apps

1. Slice
2. Lazypay  https://www.youtube.com/watch?v=kFi9tUeZBtg&t=2s
3. Simple  https://www.youtube.com/watch?v=dq1nKpaqRzk
4. ePay Later
5. Zest money
6. Paytm Postpaid   https://www.youtube.com/watch?v=B3BPvvbA6ZY
7. Flipkart Pay later
8. Amazon Pay later
9. Ola Money Postpaid
10. Postpe  https://www.youtube.com/watch?v=4AxSPDp34w4
11. & many more...