An In Depth Guide On Everything You Need To Know About Buy Now And Pay Later Shoes

Information coming from retailers shows that many shoppers have taken into buy now and pay later (BNPL).  Princess Poly, a fashion retailer, reported a 20% increase in sales after introducing BNPL.

The company further reported a 60% increase in order value. Surfstitch has also published a 52% increase in the cost of orders it received.

There’re many different products you can buy through this option — electronics, clothes, meals, and so on. Buy now pay later shoes are also available in the market.

Individuals often wonder if they can buy shoes now and pay later. We share what you need to know.

How BNPL Works

Seeing that it’s a relatively new trend, the inner workings of BNPL are a mystery to many. You might wonder why anyone in the clothing and fashion business would take the risk of giving their shoes to some stranger. There are no guarantees that they will pay and there is no collateral.

In BNPL, there’s a third party financier who absorbs all the risk, unlike traditional interest free credit given by retailers.  When you place your order, the third party financier pays the retailer and waits for you to pay for the shoes.

Features of BNPL

  • Loan Term. Like in every other loan, this is the period within which you’re required to have paid for the shoes. Depending on the cost of the shoes you buy, the loan term may be as short as six months or as long as three years.
  • Frequency of repayment. The service provider underwriting the retailer determines the rate of payment. However, the General convention is that shoes financed through the line of credit require monthly payments.Merchant payments, on the other hand, are usually repaid in four equal installments.
  • Convenience: You can make an application for BNPL services at the point of sale and have approvals granted immediately.If you went shopping and found cute shoes you can’t afford at that moment; you can pick them, conveniently apply for BNPL as you leave the store and take them with you.
  • It’s paperless: One of the reasons why approval of applications is so fast with BNPL is that you apply entirely online. You don’t need to fill any papers to apply.
  • It’s widely accepted: If you offer a line of credit payment option, you can apply BNPL in any outlet that accepts regular credit cards.The merchant option isn’t as widely accepted, but its acceptance is growing. In the meantime, the choice is only available to partner merchants.
  • The credit is ongoing: This line of credit is unique because it doesn’t come to an end when you have repaid your loan. It’s possible for you to buy some other shoes using the same card at a later date should you need to.

Factors to Consider Before You Apply For Buy Now Pay Later Shoes

While this business model is enticing, there’re certain things to look out for before making the application. They include:

How you interact with these facts could mean the difference between you enjoying your shoes or ruing the day you bought them.


Your service provider sets the interest-free period for your BNPL shoe repayment. Any repayments you make after that set period will attract interest.While you intend to pay within the interest-free period, it’s prudent for you to check the interest as a precaution.

Some of these services will charge you at a rate of up to 29% per annum. It’s better for you to go for a cheaper option just in case you need to pay the interest.


Like every other financial products, there’re always fees charged. The payments may be for processing of the loan or a charge for every transaction. Make sure you understand how much you’ll be required to pay as fees.

Minimum Repayments VS. Interest-Free Period

There’s a minimum amount that you’ll be expected to pay as an installment. In most instances, if you make the minimum repayment at the end of every month, you’ll not fully repay the advance during the interest-free period.

You need to calculate your installments and pay in installments that can enable you to complete payments before the end of the interest period.

Entry Into Credit History

Though it enables you to get cool shoes quickly, always remember BNPL is a loan. If you default or fall behind in your payments, it will trash your credit rating. Consider this fact or else you’ll one day wish there was a financial Detox Center you could visit.

From the beginning to the end, there are three steps you have to take in a BNPL transaction.

Sign Up

You need to sign up with a store that accepts this payment option. Signing up can be done in the store or online. Once you sign up, the service provider immediately informs you whether you qualify.

Place Your Order

Once your application has been approved, you can go to the retailer and order the shoes you want. When deliveries are made, the retailer allows you to try on shoes and see if you like them. You keep what you want and send back what you don’t like.

Payment under this option is typically paid in installments. The installments are deducted from the payment service you’ll have chosen. It may be a credit card or a merchant service like PayPal. It’s imperative for you to have money in the payment option you give when the payment is due.

The period for which the payment is extended varies from retailer to retailer and from purchase to purchase. If the payment is extended for 30 days, you’ll not have to pay for anything until 30 days are over.

Payments kick in once the extension period ends. It’s then that you’ve to start your payments according to the agreed terms.

Why You Should Be Careful

Late payment charges, fees, and interest can load up the initial cost of shoes to cause you real grief! You should be careful to meet the terms of your agreement.

Buy now pay later shoes could also turn into a debt trap for shopaholics and shoe lovers. Avoid it if you are one of them! Check out our other article on Detox Center.