Buy Now Pay Later aka BNPL may come in handy when you’ve run out of beauty products and you’re low in cash but is it worth it?
In this article, I examine the benefits, pros, and cons of buy now, pay later beauty plus the different platforms that offer this option.
If your bank balance or current lifestyle is preventing you from topping up your beauty stash or replacing the empties, buy now, pay later beauty may be a solution that’s right for you.
What is Buy Now, Pay Later?
Buy now, pay later is a program offered by many different platforms that facilitate installment payments for different products.
The installment payments are interest-free and split between a few weeks or months depending on the platform.
Buy now, pay later programs are available for beauty, hair care, clothing, lifestyle, and more.
The biggest of the buy now, pay later platforms includes Afterpay and Klarna.
How Does Buy Now, Pay Later Work?
Once you make a purchase, you click the option to pay later and will be taken to the platform where you can create a user account
After creating a user account and linking it to a debit card or bank account, you can choose the installment plan that’s best for you.
Initially, you will have a spending limit on the platform but as you build history, your spending limit will be increased.
So, how do buy now, pay later platforms make money if they don’t charge users interest?
They charge fees to retailers plus if you miss a payment, there will be some charges for that depending on the platform.
Some of these buy now, pay later platforms also provide loans but I don’t recommend utilizing that option.
Benefits of Buy Now, Pay Later Platforms
1. Buy Now, Pay Later Provides Instant Gratification
The biggest benefit of buy now, pay later platforms is that you can purchase anything you want immediately and don’t have to wait until you’ve saved up enough money.
Payments on buy now, pay later platforms are interest-free. However, if you miss a payment or pay late, there may be interest added to your balance.
3. Buy Now, Pay Later is Good for Emergencies
Need to make an urgent purchase or have an emergency? Maybe you’re tight on holiday spending?
Buy now, pay later platforms are a great option to help you afford what you need when you need it.
4. Quick Approvals
You don’t need to wait too long to get approved on buy now, pay later platforms.
Once a soft credit check is carried out to verify your details, the approval should come through.
5. Buy Now, Pay Later Offer Manageable Instalments
Weekly installments on buy now, pay later platforms are minimal and easy to manage.
Just include it in your weekly or monthly budget and the installments will be automatically deducted from your account or card.
Cons of Buy Now, Pay Later Platforms
1. Buy Now, Pay Later May Affect Your Credit Score
While you don’t need perfect credit to apply for buy now, pay later platforms, if you miss a payment or don’t pay at all, your credit rating might take a hit.
2. Buy Now, Pay Later Can Be Abused
If you’re not good with money management, this might end up being a trap that will send you spiraling down a debt hole.
3. Buy Now, Pay Later May Encourage You to Spend More
Several studies including one done by Cardify.ai have shown that when there’s an option to pay in installments, consumers end up spending more money.
If it’s something you were going to buy anyway, it’s fine but for something you buy just because you have the buy now, pay later, it may not end well for your finances.
4. Consumer Protection is Limited
Unlike credit cards that have strong regulation and a host of protections built in, buy now, pay later platforms are relatively unregulated.
Buy now, pay later platforms do not offer the same protections a traditional credit card would provide.
Best Buy Now, Pay Later Platforms
Klarna’s buy now, pay later plans are available for online and in-store purchases through its mobile app.
You can split your purchase into four equal installments to be paid every two weeks. The first installment is due at checkout.
With Afterpay buy now, pay later plans, you pay in four installments over six weeks.
Spending limits start at $600 and go up from there. The plans are available for online and in-store purchases.
Sezzle’s buy now, pay later plans offer payment in 4 installments over 6 weeks with 0% interest.
Some popular beauty sites that offer buy now, pay later plans via Sizzle include Target, Knixwear, Adeline Clothing, Noize, and thousands more.
Pay at your own pace with Affirm. You’ll always know what you owe and there are no hidden or late fees.
With Paypal BNPL, you can break payments over weeks ($30 to $1,500) or even up to 24 months for bigger purchases ($199 to $10,000).
Note bigger payments have interest fees attached. You can also earn cash back at your favorite stores.
Buy Now, Pay Later FAQs
Is Buy Now, Pay Later Safe?
Buy now, pay later is safe as long as you make payments on time. If you default, that’s when things go bad.
Defaulting means late fees and interest charges, and you may be reported to credit bureaus depending on the platform.
What Happens if You Default on Buy Now, Pay Later?
If you default on buy now, pay later, you may be subject to fees and interest charges depending on the platform you’re using.
Your account may also be frozen so you can’t use the service for future purchases and the debt may be turned over to a debt collector.
Is Buy Now, Pay Later Bad for Credit?
Buy now, pay later isn’t bad for your credit. There’s a soft credit check initially to verify your information but that doesn’t affect your credit.
However, if you default on repayments, this might be reported to credit bureaus.
Summary of Buy Now, Pay Later Platforms
Buy Now, Pay Later platforms are a great way to buy the things you need and make convenient payments without any fees.
However, they only work if you pay on time and you buy something you were going to buy anyway.
If you’re not good with money management, buy now, pay later platforms can be the road to landing in a lot of debt.
Tread carefully and don’t bite off more than you can chew!
Abi is a natural curly girl who delved into the world of natural oils after severe hair loss issues. Through her research & testing, she was able to regrow her bald spots & a healthy head of hair. She is also the founder of Healthy Natural Hair Products & Ade Ori Hair Care, and the author of the Healthy Hair Care Series. Learn more HERE…
This post contains affiliate links which means I will make a small commission if you purchase through those links. Read full disclosure HERE.