![]() ![]() Having a good credit score and credit history are not mandatory requirements. Pay Later apps have a transparent & cost effective pricing model.Ĭredit cards usually involve hidden charges. ![]() The rest of the amount will be deducted through interest-free EMIs via your bank account, bank transfer, cheques, credit card, or debit card.Īdditional Info: Check Best Shopping Credit Cards offers & apply.įollowing are the main differences between Credit Cards and Pay Later apps in India.Now make a small down payment of the purchase amount.Under the payment modes, opt for the ‘Buy now, pay later’ option.Purchase what you wish at the participating retailer.Here is how these pay later apps usually work: Any further delay could have a severe impact on your credit score.Īll BNPL service providers have the same way of operating. If you fail to repay the amount within the stipulated tenure, the lender is authorised to charge interest on your amount. You can either pay the borrowed money as a lump sum amount or via no-cost EMIs (Equated Monthly Instalments). ![]() Once the lender pays for your purchase on your behalf, you can repay the amount (purchase amount) within a stipulated tenure. You sign up on the app that provides this facility, the company will make the payment for your purchase. Buy Now Pay Later apps are a payment option wherein you can purchase something through the app without paying from your own pocket. ![]()
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