The BNPL apps will eventually pay for your things without paying any money right away, and then produce a bill for you to pay the complete amount later.
The best buy now pay later applications have made your transaction process easy. All you have to do is integrate your buy now pay later app to the internet store where you are purchasing your food, clothing, or anything else.
The majority of these apps charge a low interest rate on the money you borrow.
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Post Pe
Post Pe is a buy-now-pay-later app operated by BharatPe. You have 30 days to repay the money in which you are not required to pay any interest.
It also provides credit up to Rs.10 lakh to clients depending on their CIBIL score.
Customers can use PostPe’s technology to make payments with QR codes and pay back in EMIs afterwards. A bill is generated every month on the 1st. Users can also choose to divide their payments into monthly EMIs of 3/4/5/6.
Bullet
The Bullet buy now, pay later app provides a UI that makes the payment procedure easy.
All of your UPI payments are processed instantly, and your everyday purchasing is backed by a dedicated staff of individuals that are eager to assist you with anything. Both Google Play and the App Store have versions of the platform.
They set your credit limit based on your CIBIL. Hence, the stronger your score, the more credit you can take advantage of. Every 5th and 20th of the month, you have to make the repayment.
Sezzle
Sezzle allows you to divide your total order amount into four equal payments that you can make over the course of six weeks without incurring any additional interest.
Only if you don’t pay your bills on time will you be charged a late fee.
Everything else is completely free! Because the platform uses an instant approval decision technique, it has no influence on your credit score if you miss your payment due date.
They have partnerships with big merchants like Fastrack, Pet Sutra, Giva, and others, so you may shop at your favorite businesses with simplicity.
Freecharge
With Freecharge’s pay later credit, you may buy now and pay later in a few simple steps.
Whether you need to pay for your broadband subscription, electricity bill, or pay your fooding and traveling bills, Freecharge has you covered! It also makes tracking of your expenses simple by displaying a list of all the transactions where you spend money.
Interest-free payments start buying whatever you want on credit until your bill is due. You can spend up to Rs. 10,000 each month with Freecharge’s buy now, pay later option!
The Bottom Line
In the end, it all has to end on financial discipline. Though it may appear that you have it all under control, BNPL’s future success is dependent on how smartly and carefully people handle their finances. As you are getting the benefit of an additional line of credit, you have to be careful. Financial foothold and required knowledge can help people make better financial decisions. While responsible lending and good usage of this credit line may aid BNPL’s success, poor credit behavior might cause problems for users, decreasing their credit scores and making them potentially problematic consumers.
You should always make your payments on time and check your CIBIL score online often. If you are the person who often forgets the due dates, set a reminder. It is important to have a financially disciplined goal set to maintain your credit report.
