OVO PayLater, Delicious Shopping First Then Later
After the booming online lending from fintech peer to peer (p2p) lending, there is now a hype method of debt. It’s called PayLater, an unsecured loan facility, without a credit card. So it is more practical and the process is fast.
PayLater is similar to credit card work and can already be enjoyed by the public. Call it the PayLater Card from PT Bank Rakyat Indonesia (Persero) Tbk or Bank BRI in collaboration with Traveloka. Users or customers can use PayLater Card to buy plane tickets, train tickets, book hotels, and more via Traveloka on credit.
Another PayLater product of interest is OVO PayLater. Present credit features at Tokopedia and other online and offline merchants. It provides installment programs without a credit card. Users can shop first, pay later at the end of the month.
PayLater OVO Interest and Rules
First, OVO PayLater brought a new style of financial transactions. You must have seen the PayVater OVO banner in front of the merchant outlet. This means that if you don’t have cash when shopping, you can use the credit feature, in addition to OVO Cash and OVO Points.
Like a credit card, but this is a digital version. OVO PayLater is a payment facility in the form of a credit limit provided by PT Indonusa Bara Sejahtera.
Benefits of using PayVater OVO:
Accepted at many merchants
Still get cashback
Credit limit up to IDR 10 million.
The way OVO PayLater works is the same as a conventional credit card. The application company bails out the user’s shopping bills. Next the user pays the principal installments along with the interest.
Now, the OVO PayLater interest rate is like a credit card. To note, credit card interest rates range from 2.2% -2.9% per month.
Reporting from kompas.com, some OVO PayLater facts that users must know:
Users will be subject to administrative costs by the merchant for the use of a credit limit of 5% of the transaction value. While the highest credit limit is Rp. 10 million.
Tenor or maturity of 1 month, 3 months, 6 months, 12 months.
For credit payments, bills will arrive on the 27th of every month. Then the installments are paid no later than the 1st of the following month.
Users can pay these bills via the OVO application or via Indomaret, ATM machines, Bank BCA or Bank Permata virtual accounts. Can also through the merchant
OVO has the right to stop the user’s credit limit if they have not paid at least 50% of the total bill until the 4th day of the following month.
If you pay late, you will get arrears of interest of 0.1% per day from the remaining outstanding amount due.
For example, you bought an item using OVO PayLater on October 1. Then the bill will come on October 27th. Then November 1 is payment due.