A Buy Now Pay Later (BNPL) facility allows you to shop at a range of retail stores without the need to pay upfront for the items purchased. It is a new-age payment option with which you can satisfy your shopping spree without draining your hard-earned savings upfront. You can simply borrow the required amount within your credit limit to shop across a variety of product categories and “pay later”. 

Top digital lenders maximise the flexibility of using the BNPL option. For instance, LazyPay’s Shop Now Pay Later facility can be availed at both online and physical retail stores. You just need to use their credit card alternative – LazyCard at your nearest physical store or choose LazyPay under the Pay Later option at the checkout of an online merchant. 

Besides flexible usage, here are some other important reasons to choose Buy Now Pay Later. 

Top 4 Reasons to Opt for BNPL

  • Availability of Instant Credit

You only need to enter your mobile number to get an instant personalised credit limit. You can receive credit in as little as 9 seconds if you choose a top lender like LazyPay. There is no hassle of following multiple OTPs nor do you need to fill in any personal details for a transaction. Since the BNPL facility is virtual and does not depend on any card, there’s no requirement for any PIN. Just with one tap, you can confirm your purchase and buy in a flash.

  • No Need to Repay in EMIs

After you shop using the Pay Later option, you need not worry about the payments anytime soon. You can repay the borrowed amount in one go in the next 30 days. 

  • No Need for Credit History 

Unlike credit products offered by traditional lenders, a BNPL facility offered by digital lenders is available to salaried individuals even without a credit history. This makes the Pay Later option easily accessible to multitudes. 

  • Simple Eligibility Criteria 

The eligibility criteria for a Shop Now Pay Later facility are quite simple. Before applying for it, you can check your eligible credit limit on the lender’s app in minutes with a few details only. Your eligibility is usually determined based on the following basic criteria: 

  1. Age: The borrower must be 22-55 years old. 
  2. City: The borrower must live in one of the major tier-I or tier-II cities. 
  3. Other criteria: The borrower must be a resident of India and a salaried individual. 

Other Reasons to Choose BNPL

Minimal Documentation

You need not arrange too many documents to apply for a Buy Now Pay Later facility. Just a few are required to approve the funds. You can upload them online during the sign-up process. These documents include: 

  • Address proof list
  • Photo ID proof list
  • Bank details (such as your account number and IFSC code)
  • Your selfie 

Keep these basic documents handy to get quick access to funds. 

Security of Payments

If you choose a trusted digital lender for a BNPL facility, you need not worry about the security of your payments. The lender would maintain the highest level of security of your transactions to make sure that all your information remains safe with them. 

Transparency of the Lender

If you choose a reputed digital lender, you need not pay any interest for using the Pay Later option. Moreover, there are no hidden charges associated with the facility. These are clearly mentioned by the lender to maintain transparency with the borrowers. 

Access to Multiple Online Merchant Stores

If you choose a leading digital lender like LazyPay, you can use the BNPL option to shop from a wide selection of online merchant stores. These include more than 250 apps and websites of popular online retail stores. Examples are Swiggy, Zomato, FreshMenu FoodPanda, Box8, Faasos, BookMyShow, Reliance Energy, Airtel, Hathway, AbhiBus, Croma, Niki.ai and many more. 

Therefore, you can use the Pay Later facility to finance transactions across diverse categories like food, travel, movies, mobile phone bill payments and so on. You can also get access to exciting BNPL merchant rewards. 

The list of benefits of using the Buy Now Pay Later facility goes on. For instance, it even allows you to stack all your orders while shopping and pay later for them together once. You would not come across any failures in BNPL transactions at the checkout page. On the lender’s app, you can get regular reminders for offer updates, bills due and repayment. You can use the app to even enhance your credit limit up to ₹1,00,000 based on your eligibility. So, start your BNPL journey by downloading the app of a renowned digital lender like LazyPay on your Android or iOS device. To know more about the features and benefits of using the Pay Later facility, you can also check the social handles of the lender, such as their YouTube and Facebook accounts. 

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