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What Is Buy Now, Pay Later, and How Can It Help You Afford a Product or Service When You Want?

A study found that 56% of American adults used a BNPL service in 2021.

How often have you had to postpone a purchase in the past because you didn’t have enough money for it? If you’ve experienced something like it, that’s not an ideal situation, and saving up can take some time. That is why buy now, pay later is an option that helps people make purchases on the spot and pay over time without burdening themselves.

Buy now, pay later is a type of short-term financing that allows people to make a purchase and pay for it over a said period. Sometimes, people may need a product or service immediately, but the lack of funds becomes an issue and prevents them from making the purchase.

If your kitchen appliances stop working and have no warranty, you might have to purchase new ones immediately. For instance, an electric stove can cost anywhere from $350 to $1700. It can be difficult to pay for it out of pocket. BNPL can help those in need of financial assistance to make purchases they currently cannot afford.

How Does Buy Now, Pay Later Work?

Some companies offer a buy now, pay later option, allowing customers to finance the product or service they are purchasing. Not every business provides this feature, but for those who do, their customers are delighted. You can pay in installments, usually taken out of your debit account. Some companies will accept credit cards as well.

Some providers like Denefits, offering the buy now, pay later option, don’t make any credit checks on the customers, but some do. While a few others base your approval on an algorithm that has high approval chances.

You must provide basic information, such as your name, date of birth, and address. After these few simple steps, you can either make a down payment or set up your account to start making monthly installments.

What Are The Benefits of Buy Now, Pay Later?

Buy now, pay later has become even more popular post-pandemic. People can lower their credit card debts and be more efficient with budgeting. There are many benefits of BNPL and why customers enjoy it.

Credit Checks

Most buy now, pay later companies do not require a credit check. If they do, it’s a soft check which doesn’t harm your credit score. If you’re making your payments on time and repaying your BNPL loan, it can help improve your credit. Most providers will report your activity to credit bureaus, so this is an excellent opportunity to build your credit and improve your financial situation.


Some BNPL providers expect you to complete your payments within a certain period. Some require biweekly payments for a month, while others may grant you three or six months. Depending on the company and product/service, you may receive additional time to make your payments.

If you choose to decrease your monthly payments, you have the option to make a down payment. The more money you put down initially, the less your monthly payments will be. If the BNPL company charges interest, then your monthly payments’ interest will also become low.

Fast Approval

Unlike a credit card, you don’t have to wait long to determine your approval status. With BNPL companies, you get results instantly, and the chances of being approved are very high. Obtaining a loan from a traditional lender like the banks can take a long time. Approval rates are not as high, and the waiting period can be lengthy. That is why with BNPL, the fast approval rate allows you to get going with your purchase and avoid complicated processes.


Buy now, pay later is a convenient and disciplined way to make purchases. It’s convenient because you don’t have to fish out money to make a purchase. If you’ve got other bills or need to keep funds for emergencies, you can decide not to spend all your money in one go.

Paying four payments of $50 a month for your medical bill is better than paying $200 upfront. It allows you to spread out your finances and ease your mental state.

It’s also a way to practice discipline. You can budget your money because you’ll know when each payment is due. You can also prepare to make your monthly payment while balancing other bills.

Low Interest

BNPL companies charge almost zero to low interest when customers finance through them. Credit cards can charge high-interest rates unless you find one with a 0% annual percentage rate (APR). With credit cards, your interest accrues on top of your initial balance. If you make minimum payments, your initial balance never gets paid off. Whereas for BNPL, each monthly payment contributes to lessening your balance. You get closer to paying off your total bill each time.

Where Might You Need Buy Now, Pay Later?

There are many instances where you may need to buy now and pay later. For example, if you require dental work and learn that you’ve got multiple cavities, the cost for treatment can be in thousands. It is an ideal situation where BNPL can come in handy.

Here are a few other standard purchases that buy now, pay later can help with:

  • Medical Bills (cosmetic surgery, chiropractic, medication, checkups)
  • Purchasing Furniture
  • New Car Payments
  • Purchasing Cosmetics
  • Lawyer Bills
  • Appliances (house, hair, dental, electronics, and many more)

How To Access Buy Now, Pay Later?

Not every business has an integrated buy now, pay later feature, but it’s best to shop with those that do.

For example, Sephora allows customers to make purchases online and in-store without paying their entire bill upfront. Customers can have products delivered to their homes and continue making payments online over time. This feature gives Sephora an advantage over other cosmetic companies that don’t offer this option to their customers.

Finding companies and service providers that allow this type of financing will make shopping easier for you and allow you to choose. You’ll have more power over your money and be able to decide how and when you’d like to make a payment.

Denefits is software integrated into many businesses’ websites. It’s partnered with companies from different industries, helping the customers conveniently pay over time.

It offers flexible payment plans, allowing customers to choose a plan that suits them best. Each applicant is guaranteed approval with no credit check. So your credit score stays unaffected. Denefits offers customer support to businesses and their clients to help keep a tab on their activities.

Denefits is a fast-growing platform helping many businesses provide the BNPL feature to customers.


Denefits is a leading complete payment solutions platform used by customers and businesses alike across many industries.

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