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Avoid these 4 common buy now, pay later mistakes

One of the latest and most popular phenomena in the world of financial transactions is the “Buy Now, Pay Later” plan or BNPL financing. These plans involve a third-party payment merchant that allows buyers to make purchases without paying any upfront amount. The due payments are paid over time, mainly without any interest rate or credit check. This process may seem interesting, but there are common mistakes one should avoid when committing to BNPL plans.

Not reading the terms and conditions
Knowing how the buy now, pay later plans work is important. Reading the fine print of these plans will help its users know exactly how they operate and scan through any hidden clauses. Buy now, pay later plans differ from one merchant to another, so it’s crucial that the buyer understand the plans and conditions thoroughly before signing up for it. The terms and conditions will allow the users to know how often payments need to be made, what actions to take when a payment is missed, and what needs to be done if there is an issue with the purchase.

Late or missing payments
This common mistake can lead to a financial crisis if not addressed in time. Most household bills, like electricity, gas, and mortgage payments, are paid on a monthly basis. However, some BNPL plans often require weekly or bi-weekly payments, which can be difficult to manage with a single income source. This can cause the buyer to struggle to make these payments on time, which can result in late or missed payments. Moreover, late or missed payments often come with additional fees and can damage personal credit scores. All in all, it is extremely important to keep track of all the payments and avoid missing a due date to prevent financial burden.

Overspending
Most BNPL schemes provide enticing features, which result in people buying things that are not required for use. Although the BNPL plan is a tool similar to a loan, it is vital to stick to things that are absolutely necessary to buy. Buyers can easily overspend on a lot of things with a BNPL option. And before they realize it, they can accumulate a large amount of overdue payments to clear. Therefore, it is best to steer clear of anything that one cannot afford and don’t really need.

Signing up for multiple loans at once
Earlier, BNPL plans were limited to online retailers. But today, these payment options are available with in-store retailers, allowing buyers to use these plans at checkouts. Since most BNPL plans do not ask for a credit check while signing up, these plans get even more tempting, making it easy for users to make multiple purchases simultaneously. If the buyers are not keeping track of the purchases and payments, they could easily lose track of all the payments they owe and their due dates, ultimately leading to financial trouble.

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