The layby payment technique offers online shoppers an uncomplicated payment plan without any interest charges.
It allows the buyer to preserve the purchase and split the cost. Usually, it works between 4-6 months, with an equal pay rate.
How to be eligible to use the lay-buy facility?
When a user is newly registered, the lay buy conducts a credit check to obtain the credit score. Once the score meets the requirements and is accepted- Lay buy assigns you a credit Lay buy limit and, then you can begin to shop.
How does the payment system work in the Lay buy?
The first payment is made upon confirming the order. Then, the remaining amount is spread among the 4 to 6 weeks to be paid on a specific day. Once you select the lay buy option at the checkout and make the first payment; the retailer will ship you the goods to the delivery address.
Things to consider when opting for the lay buy option:
The layby system is another form of the buy now pay later system.Before making an agreement, it is essential for you to understand the terms and regulations of the repayment method. These repayment terms can vary from one company to another depending on their policies.
For example, a company may require you to pay the remaining balance once every two weeks for a month long time frame. While depending on the amount, some companies would also extend the repayment period for 3 to 6 months. Below mentioned are the pros and cons of the lay buy system.
The pros of the lay buy technique are as follows:
- It is convenient to make a purchase
- Disciplined manner to pay the payment for the purchase
- The entire cost is split within weeks to months, hence, the cost of the product is low
- No interest fee for the payments
- Easy procedure than credit cards
- Does not demand a high credit score to be eligible
- The request is approved instantly
- There is no sign-up fee for using the lay buy method
The cons of the lay buy procedure are as follows:
- Late payments can result in damaging the credit score
- There is no reward or points earned for the lay pay purchase
- Even if the item is received the payments are non-refundable
- There is a credit limit for the lay buy option which cannot be excited
The whole concept of the lay buy system is to make goods and services accessible to consumers without burdening them with the price tag. The idea behind it is to satisfy the immediate needs of the consumers. That too, while leveraging them with some extra time to settle the payments.
Perhaps, many people also opt-in for this option to balance their finances. As it is, this method does not demand the whole amount at once! This method of paying for goods purchased online has seen a great increase in demand in the recent few years. Especially, during the phase of pandemic and eCommerce shopping. This was the best way for shopping on pandemic.
