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Pay Later as a service has become popular. It allows users the flexibility to buy now and pay later. It is important to know how it works and its impact before using it.
Pay Later is a service that lets you buy products and pay for them later. You get a short period, usually 15-45 days, to clear your bill.
A Pay Later service pays the seller on your behalf. You repay the amount by the due date. In most cases, no interest is charged if the amount is repaid in full on time.
Pay Later services in India include LazyPay, Simpl, ZestMoney, Amazon Pay Later and Flipkart Pay Later. Each service offers different features and limits.
Pay Later makes it easy to buy things sooner than you can afford them. This may lead you to buy things you do not need, affecting how you manage your money.
Pay Later can make things feel cheaper since you do not pay right away. This can lead you to spend more than you planned.
Using Pay Later often can harm your spending habits. Easy credit can cause you to lose track of your budget and long-term savings.
If you miss payments, Pay Later can add extra fees. Unpaid dues can grow fast and put you in debt, affecting your financial health.
Paying on time helps to improve your credit score. Missing payments will lower your score and may make it harder to get loans in the future.
Always track your Pay Later bills. Pay them on time. Do not use many Pay Later services at once. Know your limits and spend carefully.
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