An installment plan lets people suffer less stresses, even you can save more and cost less with it.
In fact, you can find many online stores and businesses offer this payment option. Installment plans give you a chance to pay in equal installments monthly.
Under an installment plan, people are able to purchase without cash. Shopping on installment plans have become more and more popular in recent years.
Even there are many APPs that let you pay in installments. Sometimes it will be named as point-of-sale installment loans or ‘ Buy Now, Pay Later‘.
But before you use one, you should know how do the installment plans work, and whether it is suitable for you or not.
Here Passfeed will go through the ideas of installment plan with you, let’s find out together.
What is an installment plan?
An installment plan is a payment method of paying over time. While you go shopping online or in the retail stores, you do not need to pay the full price in advance. Instead installment plans allow you to pay the bills after a period.
As a modern payment option, you can see many payment gateways offer this. No doubt installment plans are shaping the payment industry. Today Youngsters prefer installment plans than full payments.
Even if people who do not use installment plans, they will appreciate to have this choice. When people are not able to buy something over budget, they may use credit cards instead of installment plans. Unfortunately most people yet have myths about installment plans. They think installment plans have a high interest fees, but in fact some don’t charge any fees at all.
With PayLater by Passfeed, you can have a modern option of ‘Buy Now Pay Later‘, which let you enjoy your goods first.
How can you use PayLater by Passfeed to pay in installments?
Many institutions offer installment plans, such like banks, credit card companies, payment APP. Here we use PayLater by Passfeed as a case study.
While you want to accept installment plans, most providers will offer this option at the checkout page.
Step 1. Download Passfeed or visit its mobile version
Before using Passfeed’s installment plans, you need to use Passfeed’s APP or its mobile website.
Step 2. Choose whatever you need
For example, after you click the goods from flash sale, you will find there is a PayLater notice. With this ‘Buy Now Pay Later’ option, you can pay in installments and pay nothing for 30 days.
Step 3. Buy Now with PayLater
After logging in your account and adding your address, you will see the notice of PayLater.
By confirming you know the T&C of PayLater, then you can submit your installment plan.
Although different installments institutions have different T&C, most companies are similar. Compared with the traditional payment gateway, PayLater by Passfeed let you pay over 4 weeks without any interest fees.
After finishing all purchasing process, you can receive your products first. Just enjoy your favorites at home with PayLater in advance, then pay your bills later.
Tips to choose your installment plans
- Check installment terms: Even if you are in a hurry to get installment loans, you should review the terms and conditions carefully. Otherwise you may miss some hidden rules.
- Choose the reliable one: Many companies provide these services, but you should choose a reliable one.
- Confirm your due date: Most installment plans are interest-free, but you need to pay before the due date. Otherwise you may have extra cost.
- Know your amounts: Before confirming your installment plans, you should ensure you know your amounts. Ask yourself how much should you pay, which should include the interest fees if they need.
If you do not have the ability to pay back, then you need to re-consider again.
Choosing your best installment service
As you may know, there are many installment services online.
- PayLater by Passfeed
- QuadPay
- Afterpay
- Affirm
- Klarna
So which one is your best choose?
Generally speaking, your installment plan will rely on the platform you choose. Different eCommerce platforms and retailer support different payment methods.
For example, if you go shopping at Passfeed, then you will find PayLater is your best choice.
Should you use an installment plan?
No wonder with an installment plan or PayLater by Passfeed, everything could be affordable.
Whether you want to buy new clothes, furniture, an installment plan will be a nice way to split your payments. For example, you can pay everything at Passfeed over time with PayLater.
Sometimes you may get some cash-flow problems, installment plans offer you an urgen fund. But before you choose your installment plans, you’d better choose the interest-free one like PayLater. Otherwise you may cost more and it will be dangerous if you ignore its high interest fees.
Final thoughts on installment plans
Installment plans could be a good way for you to afford large purchases. Just ensure you choose the reliable one, and it is interest free with no extra cost.
Besides do remember pay back your installment loans before the due date.
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