Buy Now Pay Later Service: With the changing times, the way of shopping has changed a lot. Nowadays people can shop without money through credit cards and the Buy Now Pay Later facility. Many leading e-commerce websites offer the option to buy now and pay later. Many big companies like Flipkart, Amazon, etc. are giving this facility to their customers. As a result, the use of BNPL is increasing rapidly. Even after the account is empty, people are able to make purchases easily and later pay that money in installments. If you are also thinking of using this feature, then we tell you what are its advantages and disadvantages. Who should use this facility-

BNPL is a type of loan,
Buy Now Pay Later is just one type of loan which is given for the short term. E-commerce businesses and finance firms are concerned about such a facility. If you do not have money at this time and you have to do shopping, then you can do shopping using Buy Now Pay Later. Thereafter, the business provides 14 to 20 days to the buyer to settle the purchase bill. No interest will be charged from your side during this period. If you wait past the deadline, you may have to pay interest.

Benefits of using BNPL

Using BNPL BPNL is a type of credit facility which is similar to a credit card but it is cheaper than a credit card. Along with this, you also get the option of bill payment and EMI. If you are buying an expensive item then you can pay the bill in installments. This feature can be used for a variety of tasks, including ordering food online and reserving travel tickets, hotels, rides, and online shopping and shopping.

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Keep in mind when using BNPL
The use of facilities like BNPL has increased very rapidly since the Corona epidemic. People have started using this facility a lot these days, but while using it, keep in mind that it is only one type of loan. If you do not pay the bill within the given time frame, you may have to pay huge interest for the same. You may also fall into the debt trap later due to increased interest. In such a situation, the such facility should be used judiciously.

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