Are looking for a platform to buy now and pay later loanthe you are in the right place as we take you around how best to go about it.
The use of buy-now and pay later plans is a growing trend in retail. It allows buyers to delay paying for products they can take home right away, just like the name suggests.
This is a great deal. You can get what you want right away and then pay it off over time. It seems too good to be true, doesn’t it?
How does it work to buy now and then pay later?
Anyone who likes to use a product or service and wants to buy it now, can pay later. A fashion retailer might allow buyers to purchase the new jeans, dress or shoe they want right away. They don’t have to wait to get it because they can’t afford it right now.
A short-term loan that you can pay off now is called a buy now and pay it later.
How can you get buy now, pay later loans?
The person or organization that is granting the loan, and the type of business they run will greatly impact your chances of getting a short-term loan through the Buy Now Pay Later scheme. No matter the lender’s business model, getting a loan would require you to take some of these steps:
- The borrower will need to identify the product that he is looking to purchase in order to apply for the loan. This could be a phone or electronic accessories.
- After selecting the product of interest, the borrower completes an application for the loan amount. This is equal to the purchase price of the item(s).
- After conducting background checks and due diligence, the lender approves the loan. The borrower is presented with the loan agreement.
- If the terms of the loan suit the borrower, he signs it. The product will then be made in installments until the loan amount is fully paid.
There are, however, conditions that must be met depending on which lender you have. A part payment of the purchase price of the product that you are interested in buying from creditors may be required. This is usually expressed in percentage.
To ensure prompt repayments, other loan agencies in Nigeria limit their lending services to only salaried employees. Before you apply for a loan under this scheme, it is important to understand the terms of the lender.
What are the Advantages of Pay Later and Buy Now?
- There is a possibility of no additional interest if the payments are made on time before the loan term expires.
- You can shop for your desired items anywhere you are.
- This reduces buyers’ hesitations about buying.
- This increases the average order value of retailers because more buyers place purchase orders.
- This leads to an overall rise in sales.
- The loan interest creates an income stream that generates new sources of income.