Buy Now, Pay Later Service Of Apple – Introduction

This is a system introduced by Apple to its customers. The same can be availed by a person with Apple Pay and Apple Wallet. Apple has introduced this system keeping the financial health of the customers in mind. 

This has been at work for a year and the customer does not need to pay any interest for this service and can pay in easy instalments over six weeks. However, whether Apple induces late fees or not and by how much these things are still not clear. This has also fallen under the radar of the government as a threat but the stance of the government is still not clear on this front.

Advantages of Buy Now, Pay Later Service

• A person who can not afford the required asset due to the heavy price of the goods can purchase it without burdening the pocket.

• As mentioned above unlike, banks and other financial services there is no interest charged to the customer.

• This is more convenient and the receiver does not require to follow a set of protocols to receive the service.

• In this service, a user who is aspiring to avail of the facility is not judged on behalf of his credit score.

• The payments can be scheduled as per the requirement and the platform offers more flexibility than banks and financial institutions.

• There is no extra fee or processing charges induced on the customer and he/she can purchase the needful without any trouble.

• Unlike loans, there is no harsh credit check procedure involved that can affect your credit score.

Disadvantages of Buy Now, Pay Later Service

• This has the probability of inducing impulsive spending tendencies however, the platform can not be regarded as the reason for impulsive spending. This is very tempting and any sort of misuse of it can cause hazardous financial losses to the receiver of the service and hence, should be lookee thoroughly to own a financial profile before using it.

• However, Apple has not made it clear that there will be a late fee or not for the delay in instalments but generally, there are late fees induced by the platforms for BNPL services. The late fee significantly affects the financial health of the service receiver.

• Money is auto-debited from the wallet and can be an issue if you have put your money for a different purpose.

• Any sort of trouble in meeting BNPL instalments can affect your credit score adversely.

Conclusion

A person can buy without paying for the asset or needful he/she wishes to purchase by this ( Buy Now, Pay Later ) service of Apple. This has multiple advantages that can help a person really in need. If a person is misusing this facility by going under the drive of impulsive buying he/she may face fatal financial consequences.