Best Pay Later Apps in India
There are many different types of pay later apps, but they all have one thing in common: they allow you to buy something now and pay it off in small instalments over time. This can be a great alternative to a credit card if you’re looking to build up a good credit history and don’t want to pay a high-interest rate or get charged expensive fees. Pay later apps also allow you to build up a “credit history” without the long credit history requirements of traditional credit cards. The downside is that these apps tend to have higher interest rates and fees than traditional credit cards, so it’s important to compare these apps.
LazyPay
As the name implies, Lazypay is best suited for all the users who prefer to make a single large payment rather than a series of tiny payments. They have recently introduced a monthly payment system in place, as well as a one-tap payment rule that allows you to pay in different stores across India without fuss.
You can use this platform and make payments via your Lazypay UPI (LazyPlus), LazyCard (similar to Physical Credit Card), both online and offline, and there are no hidden fees or interest charges if you pay them back on time. The company also allows you to convert the high amounts of bills to easy EMIs for 3/6/9/12 months. Users can also apply for a personal loan for up to 5 lacs within the app.
Simpl
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Simpl is yet another buy-now-pay-later app with over 5500 retailers across India. The app offers an exceptionally user-friendly layout that allows you to pay for items online on credit and then pay the bill on a bi-monthly basis.
It allows you to borrow money for free and only charges you a late fee if you fail to pay your payment on time. The application frequently updates your limitations, and the more on-time you pay your dues, the higher your limits will be.
PostPe
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Postpe is another online buying and payment app that lets you buy now and pay later on anything. The app provides credit up to 10lacs depending on the user’s credit score. Users have the option to convert the bills to easy EMIs. It provides you with an interest-free credit for up to 30 days and users can earn cashback and rewards.
Postpe offers a physical card that acts exactly like a credit card and can be used anywhere (online & offline). BharatPe, an Indian Fintech firm focused on small merchants and retail establishments, owns Postpe. BharatPe is the country’s market leader in delivering QR codes for UPI payments.
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