Every day, much work is put into making life easier for people. Most of these solutions are created through the aid of technology and are expensive to acquire. One of these solutions is the Buy Now Pay Later model which is helping many people purchase gadgets and pay in installments.
What are Gadgets?
I believe the first thing that crosses your mind is the mobile phone, then the laptop. Gadgets are electrical, electronic or mechanical devices that people frequently use in their daily lives, especially the ingenious ones.
Typical examples of gadgets are; the camera, laptops, mobile phones, television, and a blender.
How Accessible are Gadgets?
Gadgets are very accessible both on and off the internet. As much as we can easily find these things, the high cost of it has been a hindrance to many people who wish to own one.
Presently, different Buy Now Pay Later (BNPL) platforms have been created in Nigeria, which allow one to pay in installments upon purchase of a gadget. These platforms aim to ensure that these gadgets are not just accessible but can also be easily obtained. It allows a customer to buy and pay in installments in the future with some level of interest needed.
As a student, one needs to own a mobile phone or a laptop for research purposes. These devices are expensive, and being a student in Nigeria also means being low on funds. The BNPL platforms can be handy for students who depend on their phones for their school work and those who work and earn online. Having to pay in little bits until it is completely cleared reduces the amount of pressure.
Budding photographers who own mobile phones will need a good camera for better practice. The cost of a quality camera is enough to make one switch career paths; many people now go into mobile photography due to the high price of cameras. BNPL is easily the best way to purchase a quality camera without emptying your account.
These same measures go to everyone who wants to own an expensive gadget but can’t afford it at one payment. Buy and pay later.
How Buy Now, Pay Later Works
The processes involved in BNPL vary. In most cases, you opt for a ‘buy now, pay later at checkout after purchasing your gadget. After submitting the relevant documents, you will be asked to deposit at least 25% of the original price. Some platforms require as much as 50% of the actual price.Â
As much as a considerable risk is being taken by the company considering some buyers may choose not to pay, specific penalties also apply to those who make late payments.
Buy Now, Pay Later has made owning a gadget easy in Nigeria. Although people. One platform heavily leading this space is CreditClan, founded by Femi Bejide. Creditclan helps businesses & individuals offer point-of-need credit to consumers across Africa.
It is also essential to have a stable source of income when opting for this procedure; you do not want to have a pile of debt to get depressed about, especially if you’re starting to use these products to cope with the increased cost of living.
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