Buy Now Pay Later Sites
Buy Now Pay Later Sites have become rather popular and continue to emerge on the web due to the economic crisis that we have been facing the last several years. The sites range from leading brick and mortar retailers such as WalMart, Sports Authority and others to online retailers such as FingerHut, Littlewoods and Seventh Avenue. Additionally, services such as PayPalsTM Bill Me Later® service is now a payment option on many.
There is a large variety of BNPL sites on the internet today that are dedicated to the following categories:
- Amusement Parks
- Viagra (Yes, Viagra)
This is just a short list of what you can find when looking on the web for sites and retailers that offer flexible payment options.
Fingerhut is One of Many Buy Now Pay Later Sites Offering Payment Options
As we looked for the many sites for where to buy your goods or services that are offering the buy now pay later option, we came across Fingerhut. Fingerhut was started in nineteen-forty-eight (1948) as a small business and grown into a direct retailer nation-wide. They offer a broad range of products available to buy online or via regular mailings. Fingerhut offers items in the following categories:
- Bed & Bath
- Toys & Baby
- Health & Beauty
They make it easy for you to purchase affordable items by offering various credit and payment options. And, they pride themselves on their customer satisfaction. One of their payment options is their credit account named FreshStart.
With the Fingerhut Freshstart installment loan program, all you need to do is shop on their website and find what you want and put thirty dollars ($30) down. That is all, place your order and put thirty dollars down. Once your payment clears, your order will be shipped.
You then need to make six on-time payments to pay off the balance of your order. Once you pay off your balance you will be given a revolving Fingerhut Credit account.
Walmart on Board with Offering Alternative Payment Options
One of the big retailers and BNPL stores offering this service is Walmart. Walmart is using PayPalsTM Bill Me Later®offering and offers no payments for ninety (90) days for purchases over two-hundred and fifty dollars ($250).
In order to use this service, all you need to do is simply select the Bill Me Later® option when you are checking out of the store or when buying online. Walmart advertises this option as one that will have you speeding through checkout because there are no worries, no waiting and no account numbers.
Universal Orlando & Disney Offer Flexible Payment Options
In addition to online retailers and stores, theme parks are now offering BNPL options when purchasing season passes for their parks. Universal Orlando is now offering a Flexible Payment Option (Flex Pay). With this option, you can purchase up to six annual park passes by simple paying one initial down payment. Then the rest of the payments are spread across 11 additional months.
Your Universal annual pass will start on the date that you first use your card and you will be charged each month on or about that day. So, if you start your pass on the 20th of April your next charge will be on or about the 10th of May.
Disney’s offer works much the same as that of Universal’s. Simply make your first payment and the remaining annual pass balance will be split into 11 additional payments.
Ebay Offering BNPL
You can now make select purchases on EBay using Bill Me Later®. Let’s say you are shopping on the EBay site to buy motorcycle helmets or motorcycle tires and come across an item that you bid on and win. When checking out, simply look to see if the Bill Me Later® option is available at checkout. If BML is, it will be there at checkout and within the item description page.
Once you select the BML option for payment, you will then be asked two questions. The first is your birth date and the second are the last four digits of your social security number. Once you are approved, you will receive an email containing your statement and account information.
As you will see as you spend more time online looking for additional buy now pay later sites, that this list only represents a tiny portion of what is available to you for purchasing needs.
Be Careful, Big Interest Payments Loom if You Miss Your Payments
While there is upside potential with using these kind of programs that offer differed payments, they do come with a lot of terms and conditions. So it is very important that you read and understand all of the disclosures & terms and conditions that are part of any program. They usually contain information about the minimum payments that must be made each month as well as how the interest will be applied if you do not make all the payments within the allotted time or are late with a payment.
There was a recent ABC news spot that covered a story about a man who made a TV purchase from Best Buy using their deferred interest for three years program. When he failed to payoff the entire balance when the three year program ended, he was hit with a $1300 interest charge on a balance of $800. So, he was charged interest on money he had already paid to Best Buy. The moral of this story is to make certain you can payoff your purchases or you are going to be hit with some nasty payments.