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Shopping with buy now, pay later has not only paved the way for businesses to increase sales and acquire more customers, but it has also helped end users to unlock the unlimited benefits that come with meeting their needs and spreading their payment over a period of time.

Entrepreneurs and business owners have been serving as agents of awareness for the BNPL payment option by offering it to their customers. The narrative is changing and the more businesses accept the payment option, the more customers are aware of it.

Shopping with buy now pay later can be tricky if you do not understand the basics of the payment services.

Educating yourself about a payment method that you have not used before is the best way to avoid running into debt especially because it can affect your finances. Here are the key things you should know before and while using a BNPL service.

1. Understand the payment options

Many of the BNPL financial organizations offer multiple payment options for your purchases. At CredPal, we offer 2 payment options. You can either pay at once or spread your payment within 6 months. You get the option to pay at once if your order amount is within your credit limit. You are offered the option to spread your payment within 6 months if your order amount is higher than your credit limit.

For example, if your credit limit is 20K and you are making a purchase of 10K, you can pay at once, but if you are making a purchase of 25K, which is higher than your credit limit, you will have to spread your payment within 6 months.

Make sure that you read up the terms and conditions before you accept the mode of payment so that you don’t pay for your ignorance later.

2. Examine the interest rates

You should know the amount you would be paying back when you are making your repayment. Our BNPL interest rate is based on your card type.

CredPal card plan

  • BASIC: 0 Naira annual fees; 21% monthly interest (restricted to users with less than 7k credit limit)
  • STANDARD: 0 Naira  annual fees; 14% monthly interest
  • PREMIUM: 6,500 Naira  annual fees; 6% monthly interest
  • PRESTIGE: 52,000 Naira  annual fees; 3.8% monthly interest

shopping with buy now pay later

3. How to pay

After you have confirmed the interest rate and you have selected the one that you are comfortable with, the next step is to know how to pay when you want to make a purchase using the payment option. We allow our customers to pay within the CredPal app.


  • Log in to the CredPal app and head to the marketplace on the home page.
  • Search for the merchant you want to buy from and enter your product information,
  • Choose a way to pay, and when you want to pay back ( 2 – 6 months)

4. Return policy

It is essential that you clarify if you can return the products that you are purchasing using BNPL. We always ensure that our customers call the merchants they want to buy from to confirm the availability of the product and the price before they pay for it. Because once a product is paid for, the money leaves your credit limit and you would be expected to pay later at the due date.

However, we can reach out to the merchants to ensure that faulty products complaints are addressed.

5. Don’t overshoot your budget

Do not take for granted the ‘pay later’ part of the payment option that you begin to spend more than your budget. That move is not okay for your financial well-being. So, when you want to buy with the BNPL payment method, ensure that you stick to your budget.

Now that you are aware of the things you should know when you want to shop with CredPal’s BNPL payment option, head over to your CredPal app and begin to shop from our partnered merchants.

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In the wake of minimal access to loans, we are driving a lending ecosystem that increases the purchasing power of consumers and economic growth across Africa by offering better and easier access to consumer credit through credit cards, buy now, pay later, and loans.

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