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Arnav Singh

Arnav Singh

Asked on 2 January, 2019

What documents are required for 'buy now, pay later' service?

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The "buy now, pay later" service providers require users to create a profile and provide personal identity details like name, phone number, email id, Aadhaar number, etc. Some providers might need additional documents or details.

Tejas Dasgupta

Tejas Dasgupta

Asked on 2 January, 2019

Are these services offered for free of cost? Is there any processing fee?

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Most of the "pay later" service providers do not charge any processing fees from the customer and offer these services for free. However, some might charge interest on the loan amount; the interest rate might vary depending on the amount and repayment tenure.

Shaurya Trivedi

Shaurya Trivedi

Asked on 2 January, 2019

Will these companies charge late fee if I fail to repay on time?

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Yes, most "pay later" service providers levy a late fee or some other charge if the customer fails to repay on time, by the due date. These charges vary from provider to provider and are usually calculated on a daily basis. If the customer has opted for auto-debit repayment facility and doesn't maintain sufficient account balance, they will have to pay bounce charges too.

Sanvi Tata

Sanvi Tata

Asked on 2 January, 2019

How to use LazyPay option on a website?

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Users must choose LazyPay as a payment mode on a merchant's (partner) website. After that, an OTP is sent to the user's registered mobile number for verification purposes. After entering the OTP, transaction is processed.

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