BNPL
Buy Now Pay Later
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Noticed a new payment option when you check out your purchase? A whole slew of Buy Now, Pay Later (BNPL) platforms have recently appeared. They promise an easy way to afford your latest purchase, usually without any interest or fees. But how do they work, and what’s the catch?
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Split your purchase into multiple payments.
With Astra Solutions, you can get a headstart. Split your purchase into multiple interest-free payments at thousands of stores.
What is Buy Now Pay Later
BNPL platforms let you make purchases by splitting the cost into monthly installments, usually at 0% interest. Alternatively, some platforms let you delay the payment until the end of the month or the following month. The catch is that they might charge you late payment fees if you don’t pay up.
Here’s how it works:
- When you purchase something through a participating retailer, you can choose to pay via a BNPL platform.
- You may be asked to make a down payment, typically the first month’s installment of the purchase amount.
- You pay off the rest through monthly installments.
Advantages of Buy Now, Pay Later
0% Interest Installments
Most BNPL platforms offer 0% interest on your purchases. This means that you don’t have to pay any interest or fees – unless you miss a repayment.
Manageable Payments
BNPL can be useful if you have a large purchase, but you want to break it up into smaller payments so you don’t strain your monthly budget.