If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.
Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.
Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as Mastercard and Visa, can offer buy now pay later arrangements.
Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts.
Before you sign up, keep in mind:
If you are someone who could make use of BNPL services, you may wish to:
If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.