Buy Now Pay Later Apps in Nigeria

Buy Now Pay Later Apps In Nigeria

Have you ever heard of a form of short-term financing called the “Buy Now Pay Later App“?

These apps enable customers to make purchases and pay for them over time, typically with no interest.

Although using Buy Now Pay Later financing can be practical, there are several possible pitfalls to be aware of.

Read till the end and learn more about the Buy Now Pay Later Apps in Nigeria.

Stay glued!

See: Loan apps in Nigeria

What Are Buy Now Pay Later Apps?

Buy Now Pay Later Apps are installment loan apps. Your purchase is broken up into several equal installments, the first of which is due at checkout. Until your purchase is fully paid, subsequent payments are billed to your debit, credit, or bank account.

Buy Now Pay Later Apps are financial tools that make it simpler for consumers to get credit for their purchases. In addition, they often allow users to shop for little to no extra cost compared to other payment methods like credit cards.

The consumers can easily carry out their activities and settle the bill offsite with the deferred payment provider thanks to the Buy Now Pay Later apps’ smooth integration with merchant outlets. The buyer might then make multiple payments for the goods they received later.

When Are Buy Now Pay Later Apps Appropriate For Use?

Ideally, it would be best to use Buy Now Pay Later Apps only for necessary spending and emergencies. This is because of the possibility that these applications will have high-interest rates and fees, and they may also encourage excessive spending.

Additionally, many buy now, pay later apps don’t report payments to the three major credit bureaus, making it challenging for borrowers to establish credit.

But this type of financing can help low-credit borrowers who lack the cash to make an urgent or necessary purchase. In addition, qualified customers should consider alternatives like 0% APR credit cards with stronger consumer safeguards to buy now, pay later applications.

What Happens When You Don’t Pay?

If you don’t make your payments on time, the lender could freeze your account to prevent further transactions and turn over your debt to a debt collector. If you default on your Buy Now Pay Later loan, your debt may be transferred to a debt collector, which might lower your credit scores. It may also be reported to a credit reporting agency.

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Buy Now Pay Later Apps in Nigeria

1. Easybuy

Easybuy is a mobile device financing marketplace run by the consumer finance app Palmcredit. Customers can buy mobile phones and other goods on credit through this marketplace and repay the balance over time.

Customers must put down 30% of the price of the phone or other gadget they want to buy, and there are loans available with terms of three to six months. The agreed-upon monthly payments are automatically debited from the borrower’s bank account after registration, and the initial deposit is complete until the loan period is through. The length of the loan determines the Easybuy interest rate.

You must go to the stores in person and speak to an agent; thus, they use a more manual approach. The agent will guide you through the purchasing process, and to take the device home, you will need to pay a 30% deposit. Easybuy is mostly concerned with cell phones. Please read the detailed procedure below for additional information on utilizing Easybuy as a Buy Now Pay Later platform.

Easybuy Know Nigeria
Easybuy| Buy Now Pay Later Apps In Nigeria

2. PayQart

PayQart Is one of the Buy Now Pay Later Apps in Nigeria that enables its customers to make payments for goods and services over time in installments.

As a customer, you can use PayQart to make purchases from shops and benefit from the chance to make modest payments.

They allow retailers who partner with them to give customers the opportunity to pay over time without providing any collateral or paperwork.

Once you have been approved as a customer by PayQart, you can opt-in for payback every week or every month for 2–6 months.

3. CDcare

Over a thousand Nigerians already use CDcare’s Buy Now Pay Later service in Nigeria to make smart, stress-free purchases of the things they love.

In Nigeria, CDcare is an online store where you can purchase technology and home appliances and pay in low-interest installments. Buy things. Pay a modest portion of the list price with no interest.

When you purchase a device or household appliance on the CDCare marketplace, you can make weekly or monthly installment payments.

Half the total amount due in the middle of the installment plan will be used toward your purchase, and the remaining balance will be applied until it is paid in full. The CDcares payment system uses Flutterwave and is safe and secure.

Each order placed on CDcare must be approved. Once payment has begun, a CDcare payment plan cannot be reviewed or altered; it must be finished.

Using the “Product request” feature on the account dashboard, you can also request a product not listed on CDcare’s marketplace.

4. Credpal

Buy now, pay later with Credpal. You have a payment window of two to six months. If you use Credpal, you won’t have to pay interest if you pay within 30 days. Other payment arrangements, however, will have interest charges. In addition, the platform may assign a shopping limit to your account, essentially the maximum amount of money you can spend while shopping.

To make this feasible, Credpal has worked with several retailers. Various merchant categories include groceries, furnishings, electronics, cars, appliances, and appliances and gadgets. To use this BNPL model, you must register with Credpal.

Buy Now Pay Later Apps In Nigeria
Credpal| Buy Now Pay Later Apps

5. Carbon ZERO

With Carbon Zero, the online bank Carbon offers 0% interest small-payment plans for purchasing electronics and gadgets. As a result, you may easily purchase iPhones, MacBooks, smartwatches, Playstations, and other gaming consoles. However, although Carbon Zero has no hidden fees, you might be penalized for late payments.

You can spread out your Carbon Zero payments over three months. This can, however, be extended to 6 months (under certain circumstances). Most retailers using the Carbon Zero platform are in Lagos but are quickly growing. You must download the Carbon mobile app to create a Carbon account to apply for this.

6. Zilla

Over 30,000 customers have used Zilla to shop and pay later. You can shop and make payments over time with Zilla. This platform in Nigeria for buy now, pay later is interest-free as well. Your payments can be divided into four equal installments.

Zilla has no interest or additional fees. Simply pay 25% upfront to receive your goods immediately without hassles or stress.

7. PayFi

One of the Buy Now Pay Later Apps that help with gadget financing programs is Payfi. Payfi enables customers to purchase phones and accessories today and pay later. You will receive the product(s) to you within 1 to 5 days of receiving payment for the initial deposit. The remaining balance can be paid in 3 to 6 installments for 3 to 6 months.

In-service NYSC Corpers and wage earners with a minimum income of 70,000 Naira are eligible for Payfi’s Buy Now Pay Later (BNPL) program.

Payfi Know Nigeria
Payfi| Buy Now Pay Later Apps in Nigeria

Frequently Asked Questions

What is the best Buy Now Pay Later App? 

The best of all buy now pay later apps is Affirm. Due to the absence of fees—not even a late fee—Affirm is our pick for the best overall buy now, pay later app. Affirm only applies simple interest to transactions that require it, so your interest costs won’t increase over time.

Can I get my money back on Buy Now Pay Later Apps?

No, you won’t be able to utilize your card or account to obtain cash at branches or ATMs. In addition, you won’t be able to send payments via BPAY or funds straight from your PayLater account to other accounts (including your Suncorp Bank accounts).

Is my credit score impacted by Buy Now Pay Later Apps?

It varies. While some deferred payment apps perform soft credit checks that do not impact credit scores, others may, depending on how you use them.

What are the risks of utilizing Buy Now Pay Later Apps?

Utilizing Buy Now Pay Later apps carries the following risks:

Encouraging consumer debt, the damage a payment default would do to a user’s credit report, and the increased cost of items.

Can I purchase a phone from Slot and pay later?

With a down payment up front and a 6-month payment plan, you can purchase a phone on credit. A valid ID card, BVN, and ATM card are a few requirements that could be required. For additional information, kindly stop by any SLOT locations nearby.


Buy Now Pay Later Apps allow consumers to make immediate purchases but set up gradual payments, often over six weeks. Depending on the app, this time frame might be extended.

Additionally, you learned how to use the apps and which ones impact your credit score.

Choose one or two of these apps and use them exclusively if you must use one of them. Avoid using multiple apps simultaneously, as managing payments between various apps can be difficult.

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