Would you like to buy a product but you do not have enough money at the moment? There are many things you should consider. Most people, normally find themselves in this situation from time to time. Sometimes, you might have an emergency that needs to be fixed, yet you do not have enough credit. Asking for a loan might seem to be a good idea but sometimes, it might not be effective.
In fact, it might take you days before you are awarded the loan you want. In such situations, you should consider the buy now pay later option. By considering this option, you will be able to purchase that budget-breaking item you wanted and then pay later in installments, the first occurring at the time of purchase. This article will outline the pros and cons of this option and considerations that you should make thereof.
What is Buy Now Pay Later?
Like we mentioned above, Buy Now, Pay Later means that you will be able to acquire that expensive item that you wanted at that particular time with a promise that you will pay the rest of the monies later in form of installments. Here, the cost is normally spread and this makes it ideal for you to acquire even that item you would not afford at your current budget. It can actually be likened to a credit card and paying in installments, only that there is no credit card involved and credit checks are not required.
Generally, instead of you paying at the till on online checkout, the Buy Now Pay Later provider pays the retailer for you. Then, you will agree to pay the Buy Now Pay Later provider back in a few weeks or months. This actually spreads your shopping costs. Since you will not pay the full costs upfront, you will be able to manage your finances as far as your cash flow is concerned.
Advantages of Buy Now Pay Later Guaranteed Approval
By considering Buy Now Pay Later guaranteed approval, there are many advantages that you abound to enjoy.
- Fast Approval: The good news with buy now, pay later transactions is that it is faster than taking a normal loan from your financial lender. This is because the loan might take days or even weeks for it to be approved, considering that the lender has to look at the credit score among other factors. With the buy now pay later option, you will get approval within a few minutes. Sometimes, it is almost instant. The providers of this service will only ask you a few questions, including the account from which they will be deducting your payments. Thereafter, you will get approval and you will be god to go. The seamless that comes with this process is unmatched.
- Allows You to Pay in Installments: Sometimes, paying for an item upfront might mean, breaking the bank. You might have to ask for a loan somewhere else in order to finance the item that you want to purchase. In cases of emergency, you might become helpless if all the financial maneuvers fail to work for you. However, with buy now pay later, you will be paying off the cost of the purchase in flexible installments. This way, you will not have to strain your budget in the long run.
- Auto Charging: By considering buy now pay later; you will enjoy a lot of convenience as there will be no need for you line up at the bank. Better still, you will not need to log into your online account in order to arrange payments. Instead, they will be automatically deducted from the transaction account you gave out during the application process.
- No Interest Charges: Unlike the financial lenders who will charge you an interest on top of the money they have loaned you, buy now pay later does not charge any interest on the amount that you borrow. In fact, the interest here applies when you make your payments later than the agreed date.
- Helpful in Times of Emergency: Sometimes, you might have a plumbing emergency and you do not have enough money to pay for the items that need to be replaced. Buy now pay later might be a good option for you if you want to buy these items immediately without having to pay full cost upfront. Here, you will be able to buy all what you need with a lot of convenience.
- No Credit Checks: Since your credit status will not be checked, this kind of arrangement might be a good idea if you have bad credit. As long as you will be able to make all the necessarily installment payments in good time, you will be good to go. However, you should be careful not to abuse the system. Ideally, you should keep track of your debts so that your credit history can remain pristine. All in all, this scheme is a life-saver for those who have bad credit out there.
- Longer Repayment Period: The other advantage of choosing this option is that it allows for longer payment periods if you purchase exceeds a certain threshold. Remember that most of these services normally act as a short-term loan whereby you are required to pay off the full amount within a certain period of time.
If you want to make a large purchase, it might result in high monthly installments. Therefore, there is need to choose a company that allows you to make multiple repayments tiers, depending on the price of your product. This way, you will be able to steward your funds to ensure that you make timely monthly payments.
Disadvantages of Buy Now Pay Pater Guaranteed Approval
Although buy now pay later guaranteed approval might appear to be a lucrative idea doe many, it also comes with its own share of shortcomings.
Some of the disadvantages of considering this option include:
- High Late Payment Fees: Although the money that you borrow might not necessarily incur interest, if you fail to pay the agreed amount on time, you might be charged a late payment fee which might be high. The longer you default, the more the charges that you will incur. Therefore, there is need to make installment payments as agreed to avoid incurring such expenses.
- The Due Date is Decided by the Providers of the Scheme: If you purchase through the buy now pay later scheme, the provider will be the one who will decide when he or she will auto deduct the payments from the account. Here, you will not have the luxury to negotiate on the date either. If by any chance you do not have a sufficient amount of money in your choose transaction account, you should know that you will be charged an extra late payment fee on each day of delay.
Buy Now Pay Later Guaranteed Approval – Guideline
Buy now pay later has proved to be alternative credit options for those who do not want to pay full cost upfront, anytime they want to make huge purchases. Here, you will be allowed to delay or spread the cost of your purchase total into predominantly interest-free installments. All these schemes are ideal when your budget is tight and therefore allows you to do other things with your money.
This scheme can help you prepare for vital undertakings as weddings, job interviews, and even holidays. As you purpose to consider this scheme, there are several considerations that you should make.
- Know The Price of The Product.
- Choose a Good Buy Now Pay Later Service Provider.
- Always Pay Your Installments in Time.
- Keep a Record of Your Purchases.
- Do Not Over-Commit.
- Check The Fine Print.
1. Know The Price of The Product
Before considering this scheme, you should first know the price of the product or service that you want to purchase. This will inform you how much you need to part with and will also inform the decision you will take. Be it to pay it promptly or to consider paying in installments through the buy now, pay later scheme, you will know the best option to consider. More importantly, you should create a budget before going to buy an item. By having a budget, you are less likely to overspend.
Therefore, you will be able to make the necessary repayments in time and thereby avoid finding yourself in strife and potentially hurting your credit score.
2. Choose a Good Buy Now Pay Later Service Provider
The good news is that there are many buy now pay later providers out there. All you have to do is to choose the one who will not charge exorbitant interests and penalties in case you default your regular monthly payments. This way, you will be able to save more money in the long run.
3. Always Pay Your Installments in Time
To avoid paying high costs in terms of penalties, you should consider paying all your installments in time. All you need to note is the amounts that your buy now pay later service provider will be deducting and then we provide that amount in that account each and every month. Within a few months, you will be able to clear the entire costs incurred when you purchased the product, and thereafter, you will be good to go.
For you to remember the repayment timelines, you can consider setting reminders. This way, you will be able to reduce the risk of missing a payment.
4. Keep a Record of Your Purchases
It is advisable that you keep a record of your purchases so that you can remain organized when it comes to making repayments. Doing this not only helps you to remain organized but also enables you to keep track of how much you have spent so far and whether or not, it fits in your budget you have laid out or not.
5. Do Not Over-Commit
While you might see the need to buy a number of items at the same time, you might over-commit your finances unawares. Ideally, you should only commit to a small number of repayments at a time. Better still, you can consider repaying a certain product first and then proceed to buy another one through the same scheme. This is particularly vital for consumers who have multiple accounts on different platforms.
6. Check The Fine Print
To be on the safe side, you should check the fine print in order to be aware of any traps or obligations and rights you have under the law.
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Frequently Asked Questions (FAQ)
You can now get a buy now pay later deal with bad credit through services such as Affirm, Afterpay, and Quadpay. The good news is that these firms normally allow consumers to spread out their payments on a purchase over weeks or months. However, you should bear in mind that these companies charge an interest rate from 0% to 30%.
There are several sites that offer buy now pay later services. They include; Afterpay, Zip Pay, Quad Pay, Klarna, Sezzle and Affirm. It is important to note that these sites differ in terms of features they offer to their customers. To be on the safe side, you should consider checking these features first and then determine if they meet your needs or not.
Yes. This is because buy now pay later is actually a form of credit. Therefore, how you use will have an impact on your credit score. Remember that you will effectively be borrowing the price of the item for the length of the delay period. If you consider buy now pay later scheme and make all your repayments on time, you can be sure that you will build your credit in the long run. This will positively affect your score.
It will only take you a few minutes for you to be approved for Venus. Once you are approved, you will be at liberty to shop thousands of brands and products at Venus.
With the buy now pay later scheme, you will have the opportunity to own that budget-breaking item that you ever desired. This scheme has become a life-saver for many consumers who normally live from paycheck to paycheck. Sacrificing a fraction of their income to buy a certain product or service would mean letting go some essential things in their lives. To some, it might mean going without food for a couple of days and so on.
However, with buy now pay later guaranteed approval; most consumers have been able to enjoy a lot of conveniences as they do not have to pay up everything upfront. Consider this kind of arrangement today and you will not regret it.