Buy Now, Pay Later: Get To Know The New Trend In Online Shopping

Imagine this: your five-year old phone decided to give up on you and you badly need a new one. Or it’s your wedding anniversary in three days and you couldn’t leave your house because, well, responsibilities. What do you do?

Two words: online shopping.

Here’s the thing: shopping online doesn’t mean you are exempted from paying. In fact, you are required to pay before your order is processed – unless you opted for cash on delivery.

Thankfully, there’s a “buy now, pay later” scheme that allows you to shop online and pay in installment basis.

What is Buy Now, Pay Later scheme?

This payment scheme lets you delay payment from one to 24 months, depending on how much you spend, interest included.

You can borrow for as low as P2,000 up to a maximum of P50,000. Interest may be as low as 3.49 percent with approval as quick as one minute upon submission.

For instance, you can divide your P10,000 bill into three equal installments, thereby giving you more time to save and eventually pay for your bill. Still, take note that you will have to pay for the interest, which means your P10,000 worth of purchase will be increased by the end of the term.

Can You Avail Of This Scheme Online?

The good news is yes. In fact, many online installment companies partnered with Lazada (as of this writing) to allow you to pay for your purchases later. Plus, you don’t need to have a credit card or bank account to qualify for this scheme.

Having this financing option allows buyers to make purchases and be able to pay for it at the most convenient time. This will also allow you to stretch your money as you enjoy the items you bought.

Some of these companies that offer this scheme includes:

  • BillEase
  • TendoPay
  • Hey Jungle
  • Cashalo
  • Pera247
  • PondoPeso
  • Atome
  • PeraJet
  • Paylater

These companies will be discussed in detail in succeeding posts.

How Does It Work?

Availing of this scheme is easy. All you need to do are:

  1. Apply first with your preferred Lazada loan provider. Details as to how will be discussed in detail in succeeding posts.
  2. Once approved, you will receive your funds in your Lazada Wallet.
  3. Start shopping in Lazada.
  4. Use the funds as payment upon checkout. You might also have to pay for a certain amount depending on the approved loan.
  5. Wait for your items to be delivered at your doorstep.

Tips To Remember Before You Use BNPL Scheme

  • Cash out as much as you can. This could reduce the amount to be paid, which means you get to pay lower interest, too.
  • Always pay the required amount on time. Otherwise, you might incur penalty fee, which you must avoid at all costs. Plus, this could affect your future application with installment companies.
  • Aim for a shorter installment term. In fact, the longer the term, the more you’ll pay.
  • Buy only what is necessary. In fact, having this scheme does not give you a license to buy whatever you like. Stick to what you need only so you won’t have a hard time paying for your purchases.

Having the BNPL scheme is a good payment alternative, especially for those who don’t have sufficient cash on hand but badly needs a specific item. Still, only use this option only when needed and not to fulfill capriciousness.


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