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What is buy now pay later?

Buy now pay later is a credit term that first came into existence to deal with the growing need for consumers to buy items on finance. Before this, most people would go out and apply for a credit card in order to buy something they needed but could not afford. This lead to many people developing bad credit because of missed payments or high interest rates that they couldn’t afford. This has escalated to the point at which most people with no credit history being refused a credit card or a loan. Thus, many retailers decided to offer finance to their customers who were willing to open a personal account with them. As such, it is far easier to be accepted for credit from a catalogue or online store than it is from a bank.
 
What makes buy now and pay later so useful is the ability to spread the payments over a series of weeks or months, just paying a small fee each time. So, rather than pay a huge sum for a new TV. You can instead pay £7 a week for 12 months, interest free!
 
Summing it up, buy now pay later is ideal for anyone who struggles not only to save but also getting accepted for credit. The benefits are clear to see. You get what you want when you want. You pay no more than you would if you bought it up front and you improve your credit rating with every successful payment!