If there’s anything we Indians hate more than losing a cricket match to Pakistan or England, it has to be paying interest.
But what if we told you there was a way you could borrow money without paying any interest?
No, we are not talking about borrowing from family and friends.
What if your favorite shopping apps gave you money to buy the items on your wishlist that you could repay in easy and pocket-friendly EMIs?
Sounds too good to be true, right?
Your favorite shopping apps like Amazon, Myntra, Flipkart, Big Basket, etc. now offer ‘Buy Now, Pay Later’ schemes to help you shop when you’re going through the end-of-the-month budget.
But make sure the Buy Now Pay Later scheme you’re going for has these must-have features!
Features of Buy Now Pay Later services:
Credit Limit: Like credit cards, buy-now-pay-later schemes come with a credit limit. Different apps have different BNPL options with different credit limits. Make sure your BNPL scheme has a credit limit that is not too low or too high.
A low credit limit may not be sufficient for your shopping, while a high credit limit may result in impulsive purchases and unnecessary large expenses that you will regret later.
Interest-free: Similar to credit limits, interest rates differ among different shopping apps. It also depends on your loan service provider. Most Buy Now Pay Later schemes to charge little to no interest. CASHe BNPL, for example, charges 0% interest on loans with a tenure of 90 days and a maximum of 0.75% on loans with a tenure greater than 90 days.
Remember that if you make a late or missed payment, you may be charged late fees or penalties.
No hidden charges: Contrary to credit cards, a vast majority of buy-now, pay-later schemes have no hidden charges. Some may levy maintenance fees and late fees, but these fees are quite low.
There are no origination or interest costs, and because you can’t spend more than the amount of your loan, there are no penalties for exceeding the limit. When contrast to credit cards, which carry significant fines and maintenance costs, BNPL services charge a minimal price.
No credit checks: The best feature of buy-now, pay-later schemes is that no credit checks are performed by the service provider. It doesn’t matter if your credit score is below 500 or above 700. Everyone and anyone can get BNPL service without any hassle. Availing of a BNPL scheme would be a better option for you instead of credit cards since credit checks can tank your low credit score in case there are multiple hard checks.
Fast verification: Since no credit check is required for availing of a BNPL scheme and the paperwork is minimal, the verification process is pretty fast!
How to apply for Buy Now Pay Later services:
Getting a BNPL is a piece of cake; you can apply for this feature on the app you want a shopping loan for or get this service from a third-party app like CASHe!
If your favorite shopping app doesn’t offer the Buy Now Pay Later scheme, you can get a shopping loan for that app via CASHe!
Follow these simple and easy steps to get a shopping loan:
Step 1: You must first download the CASHe app to use CASHe’s products.
Step 2: After downloading the app, you have to create your profile on the app. You will be asked to provide your details, like name, birth date, PIN code, city, etc.
Step 3: When you open CASHe’s app, you will notice a shopping icon on the home page. When you click on that icon, all of the shopping BNPL services will appear on your screen.
Step 4: Click on the logo of the app for which you want to apply for a shopping loan. CASHe will show different BNPL options for different shopping apps.
Step 5: Choose your loan amount, term, and EMI option.
Step 6: After entering your loan information, CASHe will display an overview of your loan information. Review your loan details and hit “Confirm Details”.
And just like that, your loan will soon be approved.
