Buy Now, Pay Later is a flexible payment option offered by retailers. It allows customers to pay for a product or service in instalments over a specified period of time. Many major brands and online shopping sites such as Amazon, Myntra, Zomato, Make My Trip, and Uber offer BNPL at checkout.
These brands partner up with third-party lenders and Buy Now, Pay Later apps. The application and approval process is done through the lender, who checks your credit score and credit history. They approve you for a certain amount and you can spend it on the different brands available through the app. The interest rates, repayment schedules, and other terms vary from lender to lender.
There are many such apps available in the market and it can be hard to pick one to meet your needs. To help you decide, we have looked at various apps and analysed interest rates, hidden terms, software bugs, and many other metrics to bring to you your best BNPL options on the market. Read on to find out the best Buy Now, Pay Later Apps of 2022.
ZestMoney
ZestMoney is a consumer lending company founded in Bangalore in 2015. It was the brainchild of Lizzie Chapman, Priya Sharma and Ashish Anantharaman. It has a user-friendly app which allows you to pay for your purchases with one tap. The credit owed is to be repaid over 3 to 12 months. The maximum amount you can borrow is Rs. 2 lakhs and there are no joining fees.
ZestMoney can be used in over 10,000 online stores and 75,000 offline stores in the country, which makes it a popular option for many individuals.
Money Tap
Money Tap is an initiative of the Reserve Bank of India which offers Buy Now, Pay Later through a personal line of credit. As lines of credit work, you can borrow money from a set of funds which is to be repaid in monthly instalments. You can borrow up to Rs. 5 lakhs and interest is charged on the amount borrowed. While there is no collateral, the interest rate starts at 13% per year but varies on the partner bank and your credit history.
The catch here is that Money Tap is only available for salaried employees with a minimum monthly salary of Rs. 30,000. It may accept certain self-employed professionals such as doctors, lawyers, and business owners, but is not open to all professions. It is also only available in major Indian cities.
LazyPay
LazyPay works with many major brands such as Make My Trip, Book My Show, and Swiggy amongst others. You can borrow up to Rs. 1 lakh and pay it back over 3 to 9 months. To avoid paying interest, you can pay the full amount within 15 days of purchase.
Paytm Postpaid
Paytm is a major financial services app that offers UPI payment options. Paytm Postpaid is their Buy Now, Pay Later service. The maximum amount of money you can spend each month is Rs. 60,000. They charge a 0-3% interest rate on every repayment. It is available to use with major brands such as Dominos, Croma, Indian Oil, and more.
CASHe
CASHe is a fintech company founded in 2016 by V. Raman Kumar. We offer to Buy Now, Pay Later plans with Amazon, Myntra, Flipkart, and Big Basket for all your online shopping. With CASHe, you can borrow up to a maximum limit of Rs. 60,000 for each merchant. You can repay the amount over 6 or 9 months. We offer a 100% online application process, quick approvals, and a 7-day interest-free grace period for each instalment. Our minimal interest rates vary between 0% to 0.75%.
Other Buy Now, Pay Later Apps
Simpl, Mobikwik ZIP, Bullet, Freecharge, and ePayLater are other Buy Now, Pay Later apps with attractive interest rates, easy to use services, and trustworthy reputations. While choosing a pay later app, we recommend understanding your financial needs and reading the fine print. Go with the app that has brands you shop from and offers lower interest rates, lenient eligibility requirements, and grace periods.
Shopping on Amazon, Uber, Myntra, Big Basket, Flipkart or Apollo Pharmacy? Download the CASHe app today and Buy Now, Pay Later for your purchases!
