Buy Now Pay Later Service: With the changing times, there have been many changes in the way of shopping. Nowadays people can shop without having any money through credit card and Buy Now Pay Later facility. The facility of Buy Now Pay Later option is being provided through many big e-commerce sites. Many big companies like Flipkart, Amazon etc. are giving this facility to their customers. Due to this the use of BNPL is increasing very fast. People are able to shop easily even after the account is empty and later pay those money in installments. If you are also thinking of using this facility, then we tell you what are the advantages and disadvantages of this. Who should use this facility-
BNPL is a type of loan
Let us tell you that Buy Now Pay Later is only a type of loan which is given for a short period. There is a partnership between e-commerce companies and finance companies for such a facility. If you do not have money at the moment and you have to shop, then you can do shopping using Buy Now Pay Later. After this, the company gives 14 to 20 days to the customer so that the customer has to pay the shopping bill. You will not have to pay any interest during this time period. You may have to pay interest after the stipulated time.
Benefits of using BNPL
BPNL is a type of credit facility which is similar to a credit card but it is cheaper than a credit card. Along with this, you also get its bill payment and EMI option. If you are buying an expensive item, then you can pay the bill in installments. You can use this facility for many types of work like Travel Ticket Booking, Hotel Booking, Online Shopping, Ride Booking, Online Food Delivery etc.
Keep this thing in mind while using BNPL
Since the Corona epidemic, the use of facilities like BNPL has increased very rapidly. People have started doing this facility a lot these days, but while using it, keep in mind that it is a kind of loan only. If you do not pay the bill within the given time frame, then you may have to pay heavy interest for it. You may also fall into the debt trap later due to rising interest. In such a situation, such facility should be used wisely.
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