Is Pay Later the Same as a Loan?

Is Pay Later the Same as a Loan?

A BNPL loan is a type of loan that allows you to buy something now and pay it off later.

Unlike a personal or business loan, the entire complete amount isn't credited to your bank account; instead, you get a credit limit that you can use to buy things from the partner store.

In BNPL, you need to make repayments after a particular time frame, which starts from the date of the transaction, which is dynamic in nature, whereas in personal/business loans, the amount is deducted in the form of EMI systematically on the 5th of every month.

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