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What are the Benefits and Drawbacks of Buying Now and Paying Later?

Allison Janney

The buy now and play later system has made life way better since the day it was introduced to the public. It enabled a lot of people to buy things without giving a lot of thought about the payment of the item. It is a very important system and helps people a lot. 

With these people can buy anything and everything if they can provide the seller with proper information. You can buy every essential you need including gadgets, books and even you can buy now and pay later furniture. 

Klarna, laybuy,clearpay are the providers of the buy now and pay later schemes. They provide the customers with such an easy system to avail this offer that more or less everyone can use it to buy the essentials or whatever they feel like.  

There are very few conditions which you need to follow in order to avail this system. One of them and probably the most important one is that you should have an account with any of the providers. That account must be updated with every single information that is needed. Any change in the information should be updated right away or else it will be impossible for you to get the facility. 

Okay, the system which you need to understand is what exactly is this buy now pay later system.

It is basically buying something and paying for it later. Here, there are two ways in which one could pay. One is that you have to pay the price which will be divided into several installments. The other way is that you buy something and then pay the whole price at once but on a marked date away from the date on which you buy the item. 

In this article we will mainly look into the merits and demerits of using this buy now pay later facility while shopping. 

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Before we start with the main topic let’s see how exactly this works. The steps are really easy and can be used by anyone and everyone. 

So, the first step is while you are buying an item online to place the order you need to checkout. 

Then, in the checkout page you can look at it and find the option of buy now and pay later and then select the option if you wish to. 

The third step is to make sure which platform you want to use as there are many providers in this field. 

The step is to look and make sure that you have all the needed documents to avail this and once this is done you need to see that the seller agrees on whatever documents you have given to them are enough for them to give you the facility. 

Then you are to choose which option you prefer on the matter of paying the money. Go with whichever option you feel suitable with. Either the installment option or paying the whole price at once after a few days on a marked date. 

With this facility you can buy anything and everything including clothes and make your fashion game strong or you can go buy now pay later furniture and make your place look and feel more comfortable. 

So let’s see the merits and demerits now and then consider the whole thing once again after knowing these. 

Merits of buy now pay later finance 

  • The thing which is very attractive about this whole system is that it is very easy to access. Like anyone who has a bare minimum knowledge about the internet and online shopping can get the facility. 
  • With this you can instant access to credit with which you can buy whatever you need to. This enables you to get things which are essential for you to live but at the given time you do not really have the money to afford it any other way around. 
  • The buy now pay later facility comes with zero interest generally. That means you can buy things now and pay for it later and the money you pay will not be any more than the price of the item you bought. This makes the whole deal even more attainable. 
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The demerits of using buy now pay later finance –

  • Suppose you buy something and then miss the installment or the date to pay the money back, in that case they will charge you a good amount of fine. So if a situation like this occurs then definitely you lose money to them. 
  • With an amazing facility like this people generally start buying things which they don’t really need. This impulsive tendency is very bad as this results in attaining a lot of credit and messing up the whole budget they might have. 
  • Being said that they don’t really charge an interest but then again there are few companies who do charge you an amount of interest. Klarna is one of them and with them it is not really clever to deal with. 

These are the basic demerits and merits which you should definitely have in mind before you decide to get into this system. 

It is a very attractive and useful facility for humankind but at the same time one should be very careful while using it. Because from the understanding it can be said that although it is a very useful thing to deal with but it can cause you trouble too if used without considering larger facts. 

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