Buy Now, Pay Later apps, like LazadaPay Installments, Atome, and others, are changing the way Filipinos shop. They make it easy to buy things without paying the full amount upfront. But there is a growing concern. Are these apps encouraging people to buy things they really cannot afford?
What Are “Buy Now, Pay Later” Apps?
BNPL apps allow you to split your purchases into smaller payments over weeks or months, sometimes with little or no interest. For example, you see a gadget worth ₱15,000. The app splits it into three monthly payments of ₱5,000. Some apps charge no interest, while others add small fees for late payments.
It may sound convenient, but the reality is you are essentially buying now with money you do not yet have.
Are BNPL Apps Making Filipinos Spend Recklessly?
1. Encouraging Impulse Buying
BNPL apps make expensive items feel more affordable. That ₱15,000 gadget suddenly seems like just ₱5,000 per month. Because of this, people often buy on impulse, even if they did not plan to make the purchase.
2. Buying Without the Money
Unlike saving up, BNPL allows you to take home a product without having the full cash ready. Many Filipinos are falling into the habit of spending money they do not have yet, which can easily lead to overspending and financial strain.
3. Creating a Hidden Debt Cycle
Using multiple BNPL apps at the same time can add up quickly. Before you know it, your monthly payments exceed your actual budget. Missing a payment can lead to fees or penalties, and for some, this quietly turns into a cycle of debt.
Tips to Avoid BNPL Pitfalls
- Treat BNPL like real cash. Just because payment is delayed does not mean it is free.
- Budget every installment. Only buy what you can realistically pay for in the coming months.
- Avoid impulse purchases. Pause and ask yourself, “Do I really need this right now?”
- Track all apps. Using multiple BNPL platforms can quickly add up.
- Read the fine print. Fees for missed payments can sneak up on you.
Blogger’s Corner
BNPL apps are changing Filipino spending habits, but not always for the better. They encourage people to buy things immediately, even without having the money. This can lead to overspending and financial stress if not used carefully.
If you use BNPL wisely, it can be a helpful tool. If not, it can become a gateway to debt. The key is knowing the difference between planning a purchase and giving in to impulse.