Houston Credit repair expert, Vanessa Perry explains how the new “Buy Now, Pay Later” programs work with online retailers as well as popular retailers such as Wal-Mart in the latest episode of Ask Impeccable below.
What is “Buy Now, Pay Later”?
Buy Now, Pay Later is a program that has been tested previously on many online retailers and shops. Consumers are now able to split a large payment sum into a payment plan over time. This holiday season is going to be a little different for Wal-Mart customers. They are introducing the “Buy Now, Pay Later” model in their store in lieu of layaway. The difference between layaway versus buy now, pay later is interest. Layaway items would be on hold until paid for in full. As opposed to buy now, pay later, where the customer receives the items first and pays along with interest as a credit option.
Do I️ Need Credit for “Buy Now, Pay Later”?
The interest percentage is based upon credit score. Many of the ads will state “No Interest” but it is only for a small period of time you must pay off your items before interest is added. The lower the credit score, the higher the interest. Make sure that you are aware of the terms and conditions before using a “Buy Now, Pay Later” program. If anything requires a social security number, it will be checking your credit. If you have any problems or issues with your credit or receive a high interest rate from one of these program contact a credit professional for assistance.
Houston Credit Repair
Impeccable Credit Services has been in business for 17 years. We are ranked Top 15 Credit Repair Companies in Houston. Our goal is to educate others about credit as well as help them achieve financial success. If you have any questions regarding your credit please feel free to reach out at 713-378-1500.