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

Asked on 02-01-2019 by Arnav Singh

Answered by NewsBytes

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.

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

Asked on 02-01-2019 by Tejas Dasgupta

Answered by NewsBytes

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.

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

Asked on 02-01-2019 by Shaurya Trivedi

Answered by NewsBytes

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.

How to use LazyPay option on a website?

Asked on 02-01-2019 by Sanvi Tata

Answered by NewsBytes

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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