In Nigeria, online shopping has become a popular trend. However, not everyone has the money to make immediate payments for their desired purchases. This is where the “Buy Now, Pay Later” (BNPL) services come in handy. One of such installment services that is gaining popularity in Nigeria is Spredda Buy Now, Pay Later. The platform has a user-friendly approach and flexible payment options that can help you meet your purchasing needs even when you don’t have a budget. Spredda offers a convenient solution for consumers to make purchases without any upfront payment.
Spredda is one of the popular Nigerian digital platforms that allows its users to purchase different products like mobile phones, furniture, laptops, generators, fashion and beauty items, home appliances, electronics, sports and fitness equipment and defer the payment to a later date.
What Is Spredda Buy Now, Pay Later?
Spredda’s Buy Now, Pay Later plan is a financial service that allows consumers to make purchases and pay for them in installments over time, without any interest or fees. It is a convenient alternative to traditional credit cards, offering more flexibility and control over personal finances. Spredda partners with various online retailers, like Payqart, to provide customers with the option to choose BNPL at the checkout. By splitting the total cost into smaller, manageable payments, Spredda enables customers to buy products they desire without the immediate burden of payment.
How Does Spredda BNPL work?
Spredda BNPL is a simple and straightforward process. After signing up for a Spredda account, customers can search through their partner websites (Lay-by and PayQart) and select the items they wish to purchase. At the checkout, they can choose Spredda as their payment option. Spredda will assess their eligibility and determine the installment plan details, including the number of payments and payment amounts. Once the purchase is completed, customers receive their products right away, while the payments are spread out over time. By logging into their Spredda account, customers can track their payments, manage their purchases, and even make early repayments if desired, which will further build your reputation.
In other words, Spredda partners with third-party consumer finance institutions, Payqart and Lay-, to allow their customers to take possession of their orders immediately and defer payment on installments for over a period of four to six months, depending on the plan you opt for.
What happens is that Payqart or Lay-by permits people or entities that are employed (self-employed, salaried employees, etc.) in Lagos to take possession of their orders placed on Spredda that are worth N50,000 and above and defer the payment. This means that if the order you placed on Spredda or Lay-by is not worth N50,000 and above, you won’t be able to access Payqart or Lay-by financing.
When you opt for the PayQart option, you will be allowed possession of your items and you will repay the loan within six months but it will attract interest charges if you fail to repay within six months.
While
When you choose Layby at checkout, it doesn’t attract interest but they will keep custody of your goods for about 3–4 months until you complete the payment. However, before Lay-by can reserve the product for you, you must have made a 20% down payment of the product’s cost.
If you wish to use Spredda, all you have to do is select Payqart at checkout, since they do the financing. Once you choose Payqart at checkout, follow the on-screen instructions. At this point, if your order is approved, PayQart will pay Spredda on your behalf and your product(s) will be shipped to you within three to five working days while you repay your monthly payment to the PayQart account. However, there are terms and conditions regulating these transactions; hence, it is best to understand them before opting for their service.
Spredda Buy Now, Pay Later Requirements
To be eligible to access the buy now, pay later offer of Spredda, there are requirements you must present, which include:
- You are expected to provide valid means of identification like National ID card, Voter’s card, Driver’s license, International passport, etc.
- You must have your bank verification number (BVN) handy.
- You will be required to present your employment letter or work ID card.
- Your six-month salary bank statement will also be needed.
Benefits Of Using Spredda BNPL
There are numerous benefits that customers stand to enjoy by using the Spredda buy now, pay later plan, including:
1. Convenience
Spredda BNPL eliminates the need for upfront payments, providing customers with a convenient and stress-free shopping experience. It allows individuals to acquire products without breaking the bank or disrupting their monthly budgets.
2. Flexibility
Spredda offers flexible payment plans tailored to each customer’s financial capabilities. By splitting payments into smaller installments, individuals can spread the cost of their purchases over time, making it easier to manage their expenses.
3. Interest-free And Transparent
Unlike traditional credit cards, Spredda BNPL does not charge any interest or hidden fees. Customers only pay for the actual cost of the product. Spredda ensures transparency in its payment terms, which would invariably allow customers to make informed decisions.
4. Budgeting Assistance
Spredda provides users with a clear overview of their payment schedule, helping them plan their finances effectively. It empowers individuals to make responsible purchase decisions while maintaining control over their spending.
Is Spredda BNPL Right for you?
Spredda BNPL is ideal for people who prefer the flexibility of paying for purchases over time without the burden of immediate payments. It suits those who are on a tight budget or have irregular income streams. However, it’s important to remember that while Spredda BNPL can be a convenient option, it’s essential to use it responsibly. Before making a purchase, consider your financial situation, ensure you can afford the installments, and review the payment terms. Ensure that you will make payments on time to avoid any late fees.
Conclusion
Spredda Buy Now, Pay Later has emerged as a popular alternative to traditional payment methods. With its convenience, flexibility, and transparent terms, it has positively changed the way people shop. By allowing customers to make purchases without any upfront payment and spreading the cost over time, Spredda offers a practical solution for individuals with varying financial needs. However, it’s vital for you to approach BNPL services responsibly and assess your personal financial circumstances before committing to any purchases.
