PuneinvestPuneinvest
  • Home
  • Mutual Fund
  • Form Download
  • BNPL
  • Mediclaim
  • Post Office
Reading: LazyPay Pay Later Review: Is it worth it?
Share
Aa
PuneinvestPuneinvest
Aa
  • Mutual Fund
  • Financial Planning
  • SIP Cancellation
  • Post Office Saving
Search
  • Mutual Fund
  • Financial Planning
  • SIP Cancellation
  • Post Office Saving
© PuneInvest 2023. All Rights Reserved.
Puneinvest > Blog > BNPL > LazyPay Pay Later Review: Is it worth it?
BNPL

LazyPay Pay Later Review: Is it worth it?

Last updated: 2023/07/27 at 2:37 PM
Rajendra Todkar Published July 27, 2023
Share
lazypay review

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.

Contents
How LazyPay Pay Later WorksBenefit of LazyPay Where can use LayPay Pay Later?Reason for LazyPay is not good option

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.

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -

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.

Share This Article
Facebook Twitter Email Copy Link Print
By Rajendra Todkar
Follow:
Rajendra Todkar is an experienced finance, investment, and insurance writer with a passion for educating readers about personal finance and helping them make informed decisions. With over 15 years of dedicated experience in the field, Rajendra Todkar has established a strong reputation for providing valuable insights and practical advice.
Previous Article E insurance account e-Insurance Account (eIA): Your Key to Hassle-Free Policy Management
Next Article Shriram Finance Fixed Deposit Shriram Finance FD Interest Rate Jul 2023

Latest Post

  • The Regulatory Landscape of Pay Later: Consumer Protection and Regulations
  • How to select Right Mutual Fund?
  • Generating Reliable Income via Debt SWP Strategy
  • The Importance of Aligning Your Investments with Your Goals
  • ePayLater Review
  • The Benefits of Investing in Mutual Fund for Long-Term Wealth Growth
  • Volt Money Loan Against Mutual Fund Review

You Might Also Like

The Regulatory Landscape of Pay Later: Consumer Protection and Regulations

August 13, 2023

ePayLater Review

August 2, 2023

Mobikwik ZIP Pay Later Review

July 30, 2023
ola money postpaid
BNPL

Ola Money Postpaid Review

July 21, 2023
Freecharge-Pay-Later-Review
BNPL

FreeCharge Pay Later Review

July 8, 2023
Amazon pay later review
BNPL

Amazon Pay Later Review

July 6, 2023
Decoding-Credit-Cards-Understanding-the-Good-and-the-Bad
Credit Card

Decoding Credit Cards: Understanding the Good and the Bad

June 30, 2023

Paytm HDFC Bank Credit Card Review

June 28, 2023
Show More
© 2023 Puneinvest. All Rights Reserved.
  • SiteMap
  • Terms and Conditions
  • Disclaimer
  • Privacy Policy
  • About Us
  • Advertise with Us
  • Our Services
  • Contact Us
Welcome Back!

Sign in to your account

Lost your password?