Buy now pay later is a phrase that many people love. Because most Nigerians are living on meager salaries, they often opt to buy things now and settle payments in installments. What we are all looking for in life is how to make living easier, and having to pay for a smartphone, for example, little by little gives a person joy and peace of mind.
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Are you interested in learning more about these shops that let you get an item and then pay it back in installments? It will be beneficial to check out the best of these platforms so that you don’t get into trouble after you have subscribed to the service.
Who loves to use the buy now pay later service?
This type of commerce is common among young people in Nigeria. These are among the least paid in the country. Most young people who have just left secondary school hardly get more than $50 in salary per month. That means most of them may not be able to pay for a smartphone all at once because they have to spend their salary on food, transport, clothing, and other amenities. Young people in Nigeria enjoy these services, but they are not the only group of people who enjoy buying goods now and paying later. Other adults who are of the low-income range also look to owning things such as refrigerators, TV, and other high-ticket home appliances or electronics.
However, most of those who use this service are seeking to buy smartphones or other ‘small’ electronics.
How buy now pay later works in Nigeria
In some cases, the business deal is good in the sense that the person who wants to buy now and pay later will do so at a discounted price. However, we have heard of cases where by the time a buyer completes the payment, he or she is paying more than the regular price. Before we outline the best shops for buy now pay later, we outline some steps you need to take before you accept the deal.
1. Check the reputation of the shop – You may do this by asking your close pals, or anyone who may have dealt with the shop in the past.
2. Ask about documents that they will require – Are you really able to submit these documents? In some cases, an applicant may think that the buy now pays later shops are asking for too much. It helps that one backs out if any requirement is uncomfortable.
3. Check out the complete price and compare it with how much the product costs elsewhere – Even if you must pay higher because you will pay in installments, you must be comfortable with the total cost at the final stage.
For some people, buy now pay later is seen as taking a loan without paying interest. Let’s now consider the best stores you may check out in Nigeria for buy now pay later services.
1. Easybuy
This is actually a mobile app operated by Palmcredit that people use for loan purposes in Nigeria. In fact, some see it as one of the best loan apps in the country. The loan interest has the following features:
- Get loans from N10,000 to N50,000
- Pay within 91 days to 180 days
- There’s a six percent interest rate that is cheaper than many other loan apps in Nigeria
However, you may do other things with the app, such as buy smartphones of any brand and make payments in bits.
Features of BNPL on Easybuy
- You will need to pay at least 30 percent of the amount of the cost.
- You will be asked to state how long you want to pay (3 to 6 months)
- Link your bank account so that it will be debited monthly until you’ve fully paid for the product
2. Spredda
This platform is a web-based one that offers users the opportunity to buy the following and pay later:
- Home appliances
- Electronics
- Mobile phones
- Furniture
- Computers
- Generators
- Fashion and beauty products
The store offers these and more products at affordable prices. They so with two options available to buyers:
- PayQart – Take the item with you to your home and pay it back in the space of six months. You pay extra interest if your payment isn’t complete within six months.
- Lay-by – With this option, the merchant may retain your item for three to four months, while you make an advanced payment of 20 percent at the initial stage. It doesn’t attract interest at all.
The arrangement is very reasonable to many buyers who often come back to buy again and again. It is known that Spredda has a good customer relationship culture.
3. The Alternative Mall
This store is a business set up by Sterling Alternative Finance in Nigeria. Many people have commended this store for making it so easy for shoppers to do their thing. The duration of buying and paying back also explains that. Instead of buying back in six months, shoppers are able to spread payments over 12 months.
What you can buy at The Alternative Mall
- Home appliances
- Electronics
- Mobile phones
- Furniture
- Computers
- Generators
- Fashion and beauty products
- Sports and fitness products
They claim that their products all come at affordable rates but you have to do your research as situations could change and I’m unable to verify that at all times. Log on to an internet browser to check out their e-commerce website.
Both salary earners and non-salary earners are able to benefit from the services of this company. When you use this service to finance an item, you don’t have to worry about extra charges. Some have put the company at number one among buy now pay later stores in Nigeria.
How it works
- Buy and pay later spread within 12 months
- No need to deposit any amount upfront
- Billing will be based on your annual income which attracts 33.3 percent of what you earn
- You may need to create a SAF account to be used as a repayment account
4. CDcare
In case you don’t know, this store is one of the biggest buys now pay later stores in Nigeria. The better part of it is that it operates on Android and iOS, and you could look them up on a web browser to visit their website. That means they are ready to reach all Nigerians whether they have phones or not.
What you can buy
- Any gadget available in the store
- Household appliances
- Phones
- Kitchen appliances
- Freezers
- Microwaves
- More
The store’s buy now pay later mode doesn’t attract any interest either, so you could find it attractive. Simply use the website or your phone app to make use of CDcare’s services. In case they don’t have what you want, you have the option of asking them and they could source it for you. That’s another attractive side to doing business with them.
How it works
- At the initial stage, you get a payment scheme that allows you to pay back a fixed amount weekly or monthly
- Once you make 50 percent of the full payment for the product you want to buy, the product will be released to you and you will continue to pay after that.
- You have the option of setting how you want to pay, subject to CDcare’s review.
Many users have commended the store, and encourage anyone who is interested to check out the options that work best for them, as this is one of the best buy now pay later stores in Nigeria.
5. Zoomba
It is heartwarming to Nigeria when they hear the words pay little by little. And that is what Zoomba is all about. When buyers make use of the service of this company, they are rest assured that life is easy when it comes to buying and getting what they want.
What you can buy on Zoomba
- Phones
- Laptops
- Home appliances
- Generators
- Freezers
- And many more
If you want to buy now and pay later, know that it will go through Layaway on Zoomba, and that is a way to have your product marked.
Policies
These policies mentioned below are mainly targeted at the Layaway mode. Though the store is friendly, it is also strict and realizes that it must recoup funds no matter what, especially if some buyers tend to be non-cooperative. The store doesn’t condone nonsense from buyers at all.
6. PayQart
You love apps, and PayQart should have given you a superior way to interact with one. This app is supposed to be easy to use and with it, you can pay for goods and services in installments right here in Nigeria. However, the app art may not work.
How it works
- Go to any merchant that supports PayQart
- Shop a minimum of 50,000 naira worth of goods or services
- Select how often you want to make repayments: You have from two to six months to pay for what you need to buy
- Checkout with PayQart as the payment option
- Sign up or sign or sign in to your PayQart account and complete the application
Right now, as I write this, their website has expired. You may walk into any of their stores to see if you could still benefit from their service. I can’t assure you that the service is still on.
PayQart supports online and offline stores. So, you could walk into any of the following stores and ask if the PayQart option is still available for customers.
- LG
- Zerofinance
- Nexus
- Panasonic
- Samsung
- Reohob
- Techno
In case everything fails, you may just walk into the PayQart store at the following address: 32, Lewis str., Lagos Island, Lagos, Nigeria.
7. Credpal
This is a financial tech company that allows businesses and shoppers to purchase anything available across online and offline stores. Technology has a way of providing the credit that buyers need to finance a product that they dearly need. Though this isn’t a buy now pay later store, I have included it here because it works with various stores both online and offline to fulfill your product needs in Nigeria.
How Credpal works
- Download the Android or iOS app
- Sign up or sign in if you already have an account
- Submit BVN and your bank statement. Also, add other requirements
- Apply for a credit card. The amount given to you will be according to your credit score
- Shop on supported stores that you see on the app and checkout with Credpal as the payment option
- Complete your transaction and you’re done
- Buy now and pay later in installments of six to twelve months (Verify that because terms and conditions may change) Your credit score determines how long the payment can be
- Once you meet the loan requirements, Credpal will provide credit that can cover anything you have bought
Here are some of the stores in Nigeria that use Credpal
- Shoprite
- Slot
- Jumia Food
- Hard Rock Café
- Pointek
- Bukkahut
- Airtel
- Adidas
- Cakehub
- LG
- Sales 366
- Just rite
Take note that as this app works for shoppers, it also works for merchants that may intend to register and benefit through the program.
8. Slot
Slot sells phones in Nigeria, and the store also engages in buy now pay later schemes for helping people who need phones now but can’t pay for them fully all at once.
How it works
- Slot makes use of the Easybuy option
- You get a loan of N50,000 to purchase any device you see at the store that’s up to that amount or higher
- Make a 30 percent down payment
- Spread payments over four months
- To begin, visit Slot (any branch) and ask to speak with an Easy-Buy agent who will assist you with what you want to buy
When you get to Slot, note that an application form will be given to you that you must fill out. Some documents will also be required from you. After you submit these, your application will be processed in 24 hours.
Conclusion
In case you need a phone badly because of work, or communication purposes, or maybe you need another item of great urgency in your home but there’s not much money to get the product all at once, you may opt for buy now pay later. Used judiciously, both you as the individual and the store you partner with will find the experience a rewarding and refreshing one. Remember, each store will require some documentation from you and this is the correct way to ensure that you’re qualified and you will be able to pay or complete the money for what you bought.
