Buy Now Pay Later Service: In the last few years, many types of companies keep bringing new types of facilities for the customers. One of those facilities is named ‘Buy Now Pay Later’. As its name suggests, customers have to pay their bill after a few days of shopping. In such a situation, even if you do not have immediate funds, you can enjoy shopping. Let us tell you that BNPL is a kind of credit option through which you can make purchases after shopping.
BNPL bill payment can be done through EMI
In this facility, customers are later billed by e-commerce companies. By converting this bill into EMI, customers can later pay the bill through EMI between 3 to 12 months. But, along with the advantages of this facility, there are many disadvantages as well. Many times people do more shopping without thinking about giving money later. Because of this, later he gets caught in the debt trap. In such a situation, later this facility can land you in big trouble. In this facility, money is deducted every month directly from the bank account of the customers. In such a situation, in case of low balance, you will have to pay the bank’s fee along with the penalty of BNPL.
You can get caught in the debt trap
One of the biggest common problem that has been seen while making purchases through BNPL is that people get caught in the debt trap. Due to paying money later, people sometimes do unnecessary shopping. After that they have trouble paying their bills. Along with the bill, you also have to pay the interest of the bill. Many times customers have to pay extra charge to both the bank and the credit card company. Along with this, you have to pay more system cost in BNPL letter. In such a situation, it can also become like a debt trap if you do not repay it on time.
Keep these things in mind while availing the facility of BNPL
Keep in mind that it is very important to take care of some things while taking the facility of BNPL. First of all, see where you can use this feature. Along with this, take full information about the interest rate and terms and conditions on it. Along with this, buy through BNPL according to your need.
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