Buy Now, Pay Later: Truth Behind Installment Loans
Have you ever wanted or needed to buy something, but the total amount to heavy to pay on the get-go? How about the time you wanted a new air conditioner to escape the searing heat of summer, but just found it too pricey to pay upfront?
Don't worry! You can go ahead and purchase whatever it is you need through installment loans.
Installment loans are not new. Initially offered by banks, installment loans allow you to borrow the full amount that you need then pay later in multiple payments. This gives you a lighter and more manageable way of buying urgent needs.
But if it's common, why isn't everyone getting it?
Installment loans still need to be repaid and banks enforce stringent procedures to ensure your ability to pay your loan in the future. Due to these measures, it makes it difficult for a lot of people to go through the process and apply for a loan, even for small amounts.
Overtime, fintech companies saw the opportunity to offer the same services as banks and lessen the risk. Because of this, buy now pay later programs became common.
What are installment loans?
It’s actually very simple. Installment loans simply allow you to buy the items you want now and you can pay a portion of the total amount at certain intervals until you cover the full amount. Installment payment is when you pay a small amount at regular intervals over a period of time. This payment method provides you the option not to pay for the full price all at once.
What are the benefits of Installment payments?
- Fast and easy application process
- Gives you control over your budget
- Gives higher loan credit when you pay on time
- Terms are flexible
- Amenable terms for delayed payments
How to choose the best installment payment partner?
To find out the best installment partner, you have to know that the company has your back by giving you the best terms. Compare the interest rates, application processes, and installment terms that let's you save more in the long-term.
UnaPay is an easy "buy now, pay later" solution for shoppers where you could turn large payments and split it up to 6 months. Best of all, no credit card or bank account required. Click here to apply!