In This Festival Season, Many Companies will offer You a “Buy Now Pay Later” Option to Boost their Sale. It is an Interest-Free Option. In This, You can Purchase the Item Now and Pay Later in Monthly Installments. Banks and Other Lending Financial Institutions Bears the Cost of Interest and They Give You Some Time to Pay Without Interest.
But It is Important for You To Know the Terms and Conditions of this “Buy Now Pay Later”. So, here we will tell you What is BNPL, What Things You have to keep in mind Before Using this Scheme, and Last What are the Adverse effect you face if You don’t pay the Installment in Time.
What is Buy Now Pay Later?
As it is Clear From its Name Buy Now Pay Later. if You don’t Have Money to Buy Any Item You can Buy it Now and Pay For this Later In the Form of EMI or Monthly Bill. For Example, If You want to Buy iPhone 13 and Your Salary will be Credited after few Days then you can purchase iPhone 13. And you can Pay Later one time or You can Convert it in EMI.
Things you have to Keep in Mind Before Using BNPL :
1- Know the Price of Item in Offline Market
Before Using the Buy Now Pay Later Offer Check the Price of the Item in the Offline Market or in Any Other E-Commerce Website.
2- Read the Terms and Condition of “Buy Now and Pay Later”
This is the Important which you have to keep in Mind Before Taking “Buy Now and Pay Later”. Read the Terms and Conditions of Offer.
3- Know the Charges if you don’t Pay on Time
Ask Company what charges you have to pay if you are using this buy now and Pay Later Option.
Adverse Effects you will face if You Don’t Pay On Time
1- Huge Penalty and Interest
If You don’t Pay On Time in Buy Now and Pay Later Offer then you have to face Heavy Penalty and Interest
2- Your Credit Score will be downgraded.
Paying not in Time will Downgrade Your Credit Score. This Downgrade will make it difficult for you to take a Further Loan.
Use This “Buy Now Pay Later” Offer If You Need that Item
According to Many Finance Experts Due to This Buy Now and Pay Later Option Many People Purchase Items that they don’t need. And Later they find it Difficult To pay the Loan of that Item. So It is Advised To avoid the “Buy Now and Pay Later” Option