It lets you shop at over 2,000+ retailers online and in-store. Zalora, The Face Shop, Shein, Ezbuy, Machines, AgodaĪtome is a Singapore-based platform that’s one of the largest BNPL players in Asia. Pay at the end of the month or 2, 3 or 6 months RM10 account reactivation fee if paying by instalment (max RM30 per purchase) RM5 or 1% on outstanding amount per late payment - whichever is higher RM30 per late payment (max RM60 per purchase)ġ.5% of outstanding payable amount per late instalment Which BNPL platform should you go with? Here’s a comparison of eight platforms available in Malaysia: Atome, FavePay Later, myIOU, Hoolah, PAYLATER, PayLater by Grab, SPayLater by Shopee and Split. Some platforms may report your missed payments to credit reporting agencies, which could hurt your credit score. May hurt your credit score if you miss payments.While this can be useful for things that you need, it also makes it easier to spend on impulse purchases or unnecessary items. BNPL platforms make it easier to buy things you might not otherwise be able to afford if you had to pay for it in full, or if you hadn’t budgeted for it. Depending on the platform, this may end up being more expensive than using a credit card. Most BNPL platforms will charge you a fee if you can’t pay your instalment. This gives you some financial buffer in case another financial emergency comes up this month. For example, if your laptop suddenly breaks down, and you need RM3,000 to replace it, you could break that into three monthly payments of RM1,000 instead of draining your emergency fund. BNPL can be useful if you have a large purchase, but you want to break it up into smaller payments so you don’t strain your monthly budget. Break purchases into manageable payments.But some BNPL platforms may not perform credit score checks, which means you could take out an instalment with them even if you have a poor credit score. And to get one, you’d need a decent credit score. To apply for a 0% interest instalment with a credit card, you’d need, well, a credit card. Might not need a good credit score to qualify.This means that you don’t have to pay any interest or fees – unless you miss a repayment. Most BNPL platforms offer 0% interest on your purchases. You pay off the rest through monthly instalments.You may be asked to make a down payment, typically the first month’s instalment of the purchase amount. When you purchase something through a participating retailer, you can choose to pay via a BNPL platform.The catch is that they might charge you late payment fees if you don’t pay up. Alternatively, some platforms let you delay the payment until the end of the month, or the following month. But how do they work, and what’s the catch? What is Buy Now, Pay Later?īNPL platforms let you make purchases by splitting the cost into monthly instalments, usually at 0% interest. They promise an easy way to afford your latest purchase, usually without any interest or fees. Noticed a new payment option when you check out your purchase? A whole slew of Buy Now, Pay Later (BNPL) platforms have recently appeared in Malaysia.
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