Pay Later Loan Apps: A savior in Crisis 

 October 4, 2022


India is rising at an unprecedented rate. Indian culture emphasizes saving money before spending it, earning money first. However, times have evolved. Buy Now and Pay Later is one of the developments generation Z can credit the millennials for. The millennials have contributed to several changes in society. As the name implies, purchase now pay later applications in India offer a service that enables you to consume now and pay for it later.


Pay later method

You can purchase something using the Pay Later payment option without having to use your own money. Typically, you register with a company that provides this service, and that company makes the payment when you purchase something.

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However, after the creditor makes a payment on your place, you must make the required repayments within a predetermined time frame. In contrast to a personal loan, the Pay Later program does not charge interest. You can choose between free Equated Monthly Installments (EMIs) or a lump sum payment. If you don’t pay back the money within the designated repayment term, the lender is obligated to charge you interest on the amount. Further delays could negatively affect your credit score.



Pay later apps

It began with credit cards. Many people have been reliant on credit cards for a very long time. The “buy now, pay later” concept is credit card inspired. Still, it’s a superior credit card version because you don’t even need a physical card or go through lengthy application and approval processes. You only need minimal documentation for Zip pay later by MobiKwik, which provides you credit of up to Rs 60000, which you can use to shop at top brands. You can profit from EMI utilizing a pay later loan app by using buy now, pay later in EMI.

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Benefits of Pay Later Apps

  • Instant credit is available with the buy now, pay later All that is required is a single purchase with the option to pay later. Also, it offers buyers a highly personalized alternative. Additionally, it enables customer interaction across numerous platforms.
  • Pay later apps are fantastic for usage as a safer mode of payment because they are RBI-approved. Other than maintaining your budget, there is no harm.
  • To begin the application process, new users need to provide basic information. Upload KYC documentation, then pick an EMI plan and a merchant. Most apps have similar conditions, such as that users must be 18 or 21 years old.
  • The ideal option for people looking to use EMI plans is to choose to pay with interest-free installments. A pay later loan app mostly provides no-cost EMI.
  • You may manage your credit score well and at the lowest cost by making on-time payments. Pay later but on time.
  • You can easily pay bills, order food, medicine, gadgets, clothing, groceries, and much more with options like Zip pay later from MobiKwik and enjoy interest-free repayment by completing it on time.
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Things to remember

Only individuals who are certain their repayments will be made in line with the company’s rules should opt for the pay later process. Failing to do so will lead you to pay fines or additional interest. In addition, as was already mentioned, a missed payment may result in a person’s credit score being lowered, making it challenging for them to apply for future loans. For those in the following situations, Pay later is ideal for:


  • Lenders who receive a set wage or regular income
  • People in business who lack liquidity
  • Someone who wants to raise their credit ratings
  • Those who intend to use it as a hassle-free, cashless payment method before paying the service provider the whole amount
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It is not at all advised for individuals without a fixed source of income and those who do not anticipate a steady income stream in the near future. Such borrowers should instead choose personal loans that meet a set of conditions and criteria.




Buy now, pay later is a concept that allows consumers to receive the stuff they need right away while giving them a little more time to pay for them. This financing is very appealing if you can’t or don’t want to pay for something all at once. These loans increase your credit limit without charging high-interest rates, but they do so with a repayment period to prevent you from building up a huge amount of continuous debt. But think about whether the repayments are manageable and the fine you may have to pay if you can’t make them.

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