What is the Benefit of Paylater Instead of Credit Cards

Paylater and a credit card work similarly. Using both of them, you can shop now and pay back later. But, about the paylater, the best part is- “No minimum monthly due”. While on a credit card paying a fixed sum every month is a must. If not, along with the interest a penalty is added in dues. In this, interest is applied and the rate depends upon your financial health. Whereas the paylater comes with low or no interest at all. Along with these, It comes with many other great features which make it a better financial backup for you than a credit card.

Benefits of Paylater Over Credit Card

  • Convenience: Getting approval for credit by using a pay later credit app is very easy and 100% online. Albeit in a credit card, the application is not so easy and without any physical verification, approval is not granted. Thus, in an emergency as well, getting a loan using a pay later app is easy and quick.
  • No credit check: When you apply for credit through a paylater app, the lender doesn’t really check your credit. Even with a low income or poor credit score, you can get credit easily. On the other side, approval on credit cards and their limit is completely dependent on your credit health and income.
  • Pocket-friendly interest: Using a paylater credit app is simple, and pocket-friendly interest is charged as well. You can pay off your purchases in installments, typically with low or no interest at all, depending on the lender you choose. While in a credit card, interest is a must and is often charged at a high rate.
  • Instant payments: A paylater credit app is easy to use. You can pay online for your purchases with just one click. Also, there are pay later apps like FlexPay which even allow you to pay money offline at merchant stores by simply scanning the QR code. Also, you can make credit transfers with just your phone. But, for using a credit card, a swipe machine is required or you should use an ATM nearby to withdraw money, where you will be charged a high interest for drawing money using your credit card. Also, paying through a credit card is time-consuming as you need to wait for OTP or enter the PIN to complete the transaction.
  • Easy repayment: Lenders who offer credit using their paylater app gives you a chance to repay the money in flexible payments conveniently. Let us take the example of FlexPay, you can choose to pay as per your choice easily. There are no fixed EMI’s, and there is no penalty as well. While on a credit card, every month paying a minimum due is inevitable. In case of failure, a penalty or extra fee is added. So, repayments are not just smooth with pay later but also affordable.

Easy accessibility, affordable rates, and smooth repayment all together are making the pay later the best and they are growing quickly in India. FlexPay is one such pay later credit app that is growing rapidly. FlexPay credit is approved only for salaried employees and serves them the best with its flexible payback options along with the flexible tenure of 3-36 months. It is easy to apply for FlexPay credit online. Once you complete the loan application, your credit will be approved within no time.

Without any credit check, just based on your salary slip, you can avail credit from FlexPay, which is now the best pay later credit app. Along with being one credit solution to all your needs, you can also track your spending and transfer funds through UPI using FlexPay paylater credit app. Considering all the benefits it has to offer, go for paylater instead of a credit card.