Hi, i just want some more information about how buy now pay later works
Im looking at buying a new laptop for about £1300 and looking at doing a 12 months buy now pay later on it
I understand that obviously if you dont pay its off in time the remainder of whats left has compound interest from day 1 slapped onto it on whats left, i just want to know will i have a set monthly balance to pay off that will just automatically get taken out of my account of will i be free to just pay it as and when i have the extra funds in my account?
For example could i buy it now then just pay nothing on it for 3 months then say i have a birthday and i just put all my month from there into it, then maybe pay off some here and there with spare month i have as and when i feel like it then say i sell my old pc and just put all the money that i earn from that i to it too? Or will adding extra month into it essentially just shorten the amount of time it will take me to pay it off as ill be paying a set amount each month?
Any advice helps just so i know what im getting into
original posted by Briggsy1213 to r/personalfinance on Thu, 29 Feb 2024 01:11:53 GMT.