Financial experts advise individuals not to buy goods that they can’t cover the cost with the available cash. Well, this is true, but not practical, especially when you need something that your paycheck or savings cannot cover. Thankfully, there is another way you can pay for an item that you don’t have the cash to pay for at the moment. That is, the Buy Now and Pay Later (BNPL) service.
BNPL allows individuals to purchase items on credit, then pay the money later on, and is usually interest-free. The service can be used for both online and in-store shopping. So, you can get the clothes, TV, or any other item that you want in the same way you could have when you buy them outright, only that with this method, you make the payments afterward.
The main advantage of this payment method is that consumers pay for goods over time. And, one can get approved for this financing even when they aren’t eligible for other loan options because of their poor credit score.
If you don’t have the cash to pay for the items you want upfront, here are some of the best buy now and pay later options to consider.
Get a Payday Loan
Payday loans are very attractive if you need quick access to cash. They can help you buy the item you want without delay. These unsecured personal loans are mostly to be repaid by your next payday check, which means, if you’re shopping in the middle of the month, you can get the item you want using this loan then later pay it when your salary arrives.
Payday loans feature a shorter repayment period. Consumers usually pay them within a few weeks. And this short payment term can be cost-saving in the long run as the interest will not increase, unlike with a loan that has a longer payment term. Plus, as they have fewer requirements, getting cash is more convenient.
If you’ve seen a good product on sale and you don’t have money to pay for it yet, taking a payday loan can be a viable option. Well, you may decide to wait until you save enough money for it, but remember that you’ll not be guaranteed of getting the same product. And if it was on discount, the promotion might not be running by the time you get the cash.
Are you wondering where to get a payday loan? Consider CashFlex. This is a quick online lending service that helps consumers access the right loan for their situations. Their application form is simple, and their decision time is very fast. You can have the cash sent out to your account within minutes. Check CashFlex’s website for more information on payday loans.
Pay with Credit Card
Financial experts have always advised against using credit cards. And that’s because many people use them irresponsibly, which lands them in debt. However, if you can use your credit card responsibly, you’ll find this financing option great.
Credit cards allow individuals to get the item upfront then pay for the fees later. Swiping your credit card is like taking a loan. But, it’s not one time and doesn’t come with a fixed repayment date. Plus, you can always use your credit card, as long as your account is in good standing.
Most time, credit card companies don’t care what you are purchasing with your credit card. So you can buy anything you want. Plus, since credit cards are not secured, the lender doesn’t have the right to take those items that you buy. However, we encourage paying them as defaulting hurts your credit score.
But you can also take secured credit cards if you want to build and improve your credit. However, you’ll have to pay for the deposit. Also, note that with unsecured credit cards, your line is influenced by the annual purchase rate, which is dependent on your credit history. This means if you have good credit, you can borrow at lower interest rates.
But we should also mention that when individuals take a new credit or are given an offer by their existing one, the issuer usually gives them some promotional period to purchase something and repay later without interest. That means that you can buy the product you want with your existing credit card, then apply for a new credit card with attractive balance transfer offers.
So if there’s something you want to buy but can’t afford, paying with a credit card is a great option. However, we insist that you approach this method with care to avoid getting into a cycle of debt. It’s best for a one-time purchase of an expensive item like a washing machine and not everyday expenses.
Buy All Kind of Technic on Lease
Leasing is where the owner (leaser) of an item gives another person (lessee) permission to use that item while they are making periodical payments (lease rental). Although the ownership remains with the leaser, the lessee has the right to use that item, and at the end of the contract, they can choose to purchase the item or renew the lease agreement.
Leasing has several advantages in that most lessors don’t need you to pay for the down payment. This method allows you to access items that would be too expensive to purchase. Additionally, leasing offers you several options since one is not limited by high upfront costs. And as you don’t pay for maintenance, you’re not responsible for fixing the equipment. Leasing is suitable for jewelry, appliances, electronics, accessories, musical instruments, mobile devices, mattresses, etc.
Buy now and pay later allows you to purchase the items you need or want and pay them overtime. And, depending on the method you use, it can help build your credit while adding quality to your life. However, as with all financial decisions, you should weigh your options first.