LazyPay Pay Later Review: Is it worth it?

LazyPay Pay Later stands as one of the options, offering users the ability to defer payments for purchases and transactions. LazyPay Pay Later stands as one of the prominent options, offering users the ability to defer payments for purchases and transactions. This review aims to delve into the workings of LazyPay Pay Later and assess whether it is truly worth considering as a payment solution. This review aims to delve into the workings of LazyPay Pay Later and assess whether it is truly worth considering as a payment solution.

How LazyPay Pay Later Works

LazyPay Pay Later operates as a simple and convenient payment solution that allows users to defer their payments for purchases and transactions. The process can be broken down into the following steps:

Registration and Eligibility: To use LazyPay Pay Later, users must first register on the LazyPay platform. During the registration process, users may need to provide some personal and financial information for verification purposes.

Integration with Partner Merchants: Once registered, users can enjoy the benefits of LazyPay Pay Later with partner merchants. LazyPay has a network of partner merchants across various sectors, including e-commerce, travel, dining, and more.

Making a Purchase: When a user decides to buy a product or service from a LazyPay partner merchant, they can choose LazyPay Pay Later as their payment option during the checkout process.

Instant Credit Decision: Upon selecting LazyPay Pay Later, the system will perform a quick credit check. If the user meets the credit criteria, LazyPay will extend a line of credit to cover the purchase amount.

Deferring Payment: With LazyPay Pay Later, users don't need to make an immediate payment at the time of purchase. Instead, LazyPay settles the payment on behalf of the user, and the user receives a deferred payment period. Users enjoy upto 15 days of interest free credit from LazyPay to repay on the 3rd & 18th of each month.

Repayment Options: During the deferred payment period, users have the flexibility to repay the owed amount to LazyPay. LazyPay typically offers multiple repayment options, such as bank transfer, debit card, or other online payment methods.

Interest and Charges: While LazyPay Pay Later offers an interest-free period, users should be aware that interest charges may apply if the repayment is not made within the provided timeframe. Additionally, late payment fees could be imposed if the user fails to repay the outstanding amount on time.

Benefit of LazyPay

Here's a summarized list of the benefits that make LazyPay worth considering:

Wide App and Website Support: Use LazyPay on all your favorite apps and websites for added convenience.

Interest-Free Credit: Benefit from up to 15 days of interest-free credit to Buy Now Pay Later.

Credit Limit: LazyPay offers personalized credit limits to shop according to your needs.

Users have the option to convert large purchases into manageable EMIs, or they can complete their KYC (Know Your Customer) details to preserve their credit limit for unforeseen emergencies.

Where can use LayPay Pay Later?

LazyPay offers its convenient Buy Now Pay Later (BNPL) services as a payment option across a wide range of merchants. You can use LazyPay for your purchases at more than 100 merchants, including popular platforms like:

1. Swiggy
2. BookMyShow
3. Zomato and FoodPanda
4. FreshMenu
5. Faasos
6. Box8
7. Ixigo
8. Reliance Energy
9. Hathway
10. Niki.ai
11. Croma
12. AbhiBus

These are just a few examples of the many merchants where LazyPay is accepted. Enjoy the convenience of deferred payments and seamless transactions on these platforms and many others with LazyPay's easy-to-use Buy Now Pay Later option.

Reason for LazyPay is not good option

In my view, LazyPay Pay Later is not a good option for several reasons, which I discovered while visiting their website and analyzing their services.

Firstly, I found that they do not clearly indicate the interest charged on EMIs, which can make it challenging for users to understand the full cost of their purchases.

Secondly, LazyPay does not provide adequate details about their financial partners, which may raise concerns about transparency and compliance with RBI norms.

Furthermore, I couldn't find a comprehensive late payment charges chart, which can lead to uncertainty for users who might incur late fees if they miss payment due dates.

Additionally, after reading reviews on the Play Store, I noticed that many users reported issues with the app not functioning correctly on payment due dates. This can result in late payments and subsequently being charged late fees, which is not a positive experience for users.

Considering these factors, it seems that LazyPay Pay Later may not be the most reliable or user-friendly option for managing payments and finances. Users should exercise caution and carefully review all terms and conditions before using their services to avoid potential drawbacks and unexpected charges.