It is truly what it sounds like. For those who have heard of buy now pay later catalogues, but never knew exactly how they worked, this simple guide will provide you with a few details you should be aware of, how the catalogues work, what they sell, the pros and cons of this type of shopping, and other relevant information you should know, before you choose to finance with buy now pay weekly catalogues, for the orders you are going to place online.
No. when you finance with buy now pay later, you simply apply for your account, add the items you are going to order to your basket, and at checkout you’ll choose the repayment terms. You can often choose from 12, 24, 36, 48, or even 60-months to pay items off in full with some of the top catalogues. You will pay a minimum weekly or monthly amount, until you pay the balance off in full, through the catalogues you choose to place orders with online.
This will depend on several variables including:
With most catalogues, you will also have the option to choose weekly or monthly financing. So, when you decide to order through buy now pay later financing, repayment duration is going to vary on the different factors, as well as the limit you have when it comes to placing orders through the site.
Every catalogue has their own terms and restrictions as it relates to financing the different items you want to order on their site. Some might not allow financing on electricals, and some catalogues will require a minimum order amount, for you to be able to finance purchases.
Make sure you understand the catalogue’s terms, how much you have to spend, and the types of repayment periods that they offer, in order to choose the right catalogue when the time comes for you to apply for financing and want to pay off the balance of items you are ordering, over an extended period of time.
Like anything, there are benefits and drawbacks when it comes to buy now pay later financing. The benefits include the fact that you don’t have to put anything down. You order today and have items in your hand next day. These catalogues also offer free deliveries and returns.
So, if you aren’t happy for any reason, you can typically return the items up to 30-days after ordering and won’t pay any penalty for returning them. The liberty to make low weekly or monthly payments, and oftentimes to receive interest free financing promotions, also benefits those who shop frequently through different online catalogues.
There are also some cons to online catalogue shopping, which include:
So, even though there are many great benefits you will enjoy if you buy now pay later, there are also some drawbacks which might limit how much you are going to spend, or the type of items you choose to purchase online. It is important to fully understand the terms and restrictions, for the particular catalogue you choose to apply for credit with, in order to ensure you receive the best terms possible, for the items you choose to order with the different sites you shop with online.
A credit check is run; although it is not the only factor which will determine approval, it will play a role in how much you are going to be approved for, and sometimes might result in denial of applications for buy now pay later financing.
So, make sure you read a catalogue’s terms, minimum credit requirements, earning requirements, and payment obligations, in order to determine if buy now pay later is right for you, to decide which of the top catalogues to apply with, and to find out how much you are going to be able to spend online, when you choose to spread the cost of items down and pay them off, over an extended period of time.
Yes. Like other credit lines or accounts, a minimum amount is due either weekly or monthly. There are also fines and penalties for late or missed payments. And, if you purchase during promotional periods, if you are late or miss a payment, you are likely to lose the promotional pricing for items ordered and will incur penalties or fines towards the future payments you make. So, make sure you understand these, and other limits and payment amounts due, when you choose to finance with buy now pay later catalogues online.
There are many reasons to consider buy now pay later financing, especially if you plan on spending high amounts, and can’t afford the full price up front when placing your orders online. With this being said, it is important to be responsible and fully understand the terms of the orders you are placing with online catalogues.
You have many options, and you have several different payment terms you can choose from when you buy now pay later. Before deciding on what works best for you, consider these financing options, and the top catalogues which offer buy now pay later, to ensure you choose the right one for you when time comes to place your online orders.