A Lazada credit card installment payment is a method of payment that allows customers to divide a full payment into smaller chunks. These parts are paid off at intervals over a certain period. If you are considering applying for an installment plan, have you thought about its advantages and disadvantages? In this piece, we will look at the pros and cons of using a Lazada installment credit card.
These days, it is easy to apply for an installment plan. With several lending companies out there offering online applications which do not require collateral, all you need to have is a valid government ID and a stable source of income.
Applying for an installment plan is easy and it is also easy to overlook some vital factors. In this piece, we have come up with some pros and cons associated with Lazada credit card installment plans.
Pros of credit card installment
Here is a breakdown of some of the benefits of using Lazada installment credit card plans.
- They are convenient
This type of installment plan is generally convenient. You can buy them now and pay up later. With installment plans, you also have the chance to divide the payment amounts into smaller amounts. Doing this ensures you pay up your debt in conformity with your earnings which makes it hard for you to default.
- Ease of application
Applying for an installment plan is quite easy as a matter of fact, it is easier than applying for a loan. The requirements for this type of plan are not as stringent as that of a loan.
- No need for collateral
Installment credit cards from Lazada do not need you to have any form of collateral or co-maker before you get approval. This makes it an easy and hassle-free installment plan for customers.
Cons of credit card installment
One notable drawback of this type of payment is that you can only use a certain amount. Regardless of the amount the installment plan is worth, it is the company that will still determine how much you can use. Even though having a borrowing limit may be annoying, it does have its unique benefits.
Also, the majority of the credit companies out there some establishments to give the customer the installment plans. Such partnerships are often exclusive. Hence, if you seek to buy from an establishment not supported by Lazada credit card installment payment, you need to go through the installment plan provider plan.
Buying using Lazada credit card
Pre-payment still represents a preferred choice for Lazada shoppers. Using a credit card is ideal because you don’t have to bother about having sufficient cash when the delivery comes in. It feels nice knowing the payment has been made. You should know that not all vendors offer cash on delivery.
All major credit cards supported by MasterCard and Visa are accepted by Lazada.
How to buy from Lazada using Installment
Lazada holds a reputation for being one of the top platforms for people to shop online. The platform offers different products on its site. Lazada also offers unique discounts and deals for its members. Currently, Lazada partners with BillEase to give shoppers installment plan options that can be used to buy items whether they have credit cards or not.
All a customer needs to do is submit an application form and await its approval. Once this is done, they can await the approval and then get the voucher which they can use for shopping.
Safety tips to remember
While using your Lazada credit card installment payment plan, you need to be careful not to become a victim of circumstances. Here are some tips you should not forget while purchasing online.
- Guard your numbers jealously
You need to be careful when using your credit card online not to reveal it to unscrupulous elements. If your number falls into the wrong hands, they may take advantage of it to defraud you.
- Don’t buy more than you can pay back
When buying on Lazada using credit card installment make sure you do not bite more than you can chew. Ideally, only purchase items you need and can pay back within a short time.
Not that you know what Lazada credit card installment plans are and how to take advantage of them, you can go get yours. But remember to apply the tips in this article as well.