Crypto Buy Now Pay Later is a platform that allows users to buy crypto without having to pay for it immediately, and then make payments over time.
Binance, Bitmama, and Xend Finance were founded for the purpose of trading in crypto and they were inspired by their own experiences with cryptocurrencies. They realized that the traditional banking system had banned trading of crypto in Nigeria and was not able to meet their customers’ needs for making cryptocurrency purchases.
So they wanted a solution that would allow their customers to buy crypto immediately, but also allow them to pay it off later or with their credit card or crypto returns on their app later through weekly or monthly installments.
What is Crypto Buy Now Pay Later
Crypto Buy Now Pay Later is a new way to buy cryptocurrencies without having to pay for them immediately. Instead, you pay for your purchase over time with interest. This is great news for people who are looking to get into the cryptocurrency market but don’t have much money right now.
Crypto Buy Now Pay Later is a popular service that allows you to pay for your cryptocurrency loan at a given period. You must have an account with a crypto exchange to use this service. The service is available in Nigeria and most other African countries.
Read – Make Money Playing Blockchain Games
How Crypto Buy Now Pay Later in Nigeria Works
Crypto Buy Now Pay Later works by allowing buyers to make purchases in the form of cryptocurrencies. Once the purchase is made, you can start paying off your purchase over time with an interest rate that varies between 2% and 15%.
Read- Coinbase Review: Is it Available in Nigeria
This can be done through monthly payments or weekly payments. If you choose weekly payments, your payment will be due every last day of the week until all funds have been used up.
You will receive regular updates on how much money has been spent and on how much remains in order to make additional payments until the full amount has been paid off completely.
Read- Crypto.com Review – An in-depth Examination of Trade ecosystem on Crypto.com
Crypto Buy Now Pay Later in Nigeria
If you have been looking for the best crypto buy now pay later solution in Nigeria, then this is it.
The crypto buy now pay later solutions in Nigeria can be found at:
- Bitmama
- Binance. This is where you can find the best crypto buy now pay later solutions.
1. Binance crypto buy now pay later
Binance is a leading crypto buy now pay later solution provider in Nigeria. With their solutions, you can buy cryptocurrencies on the platform and trade with it to multiply your income and pay later using credit card or crypto on the app.
You don’t need to worry about your funds being frozen or stolen because they use a secure online payment platform that allows you to store all of your personal information safely, and securely.
Feature of Binance buy crypto and pay later
Cryptocurrencies to borrow on Binance: The following are crypto currencies to borrow on Binance: BUSD, USDT, BTC, and ETH. You can click here to check out other cryptos to borrow on Binance.
Loan terms: Binance buy crypto and pay later loan terms are available from 7, 14, 30, 90, and 180 days but it is best you repay on time.
Interest rate: Interest is calculated hourly and it starts to accrue once you borrow. Note also that less than an hour is calculated as one hour. To read more on the features of Binance buy crypto and pay later loan, click here.
How to get Binance Crypto Loans
Learn how to get Binance Crypto Loans in the video below.
Pros and cons
Pros:
- Binance buy crypto and pay later loans can be staked or used to trade on the spot, margin, or futures markets, or even withdrawing the funds.
Cons:
- They will send you an overdue duration of 72 hours (for loan periods of 7 and 14 days) or 168 hours (for loan periods of 30, 90, and 180 days), during which Binance will charge you 3 times the hourly interest. If no payment is received by them from the user after the overdue time, they will liquidate the user’s collateral to repay the loan.
2. Bitmama Crypto Buy Now Pay Later Loan
Bitmama offers an innovative way to take loans and buy cryptocurrencies to pay back later. Here, all of your transactions are completely transparent and secure.
This means that even if something were to happen at the moment of purchase, they would know about it immediately and would be able to help resolve any problems with their customers’ funds.
They also offer a wide range of other services such as exchange services and 24/7 customer service support.
Features of Bitmama buy now pay later
Currency: Naira, Ksh and Gh
Loan period: The loan period is a maximum of 30 days
Interest rate: Has a 15% interest rate per month on each loan
Use: Can only use the loan to purchase BTC, ETH and CELO Only for now.
Repayment: The amount collected is automatically deducted from your wallet at the end of the loan period plus the interest accumulated.
Availability: Has presence in Nigeria, Ghana and Kenya only for now.
Pros and Cons of Bitmama
Pros
- This is the best way for customers to lock in positive returns on trades without having cash in their wallet to trade.
- This can perform as a channel to the crypto ecosystem which puts into consideration those without cash to also buy crypto on credit and pay later.
Cons
- As a user, if you lose your crypto due to its volatility nature, you will still have to repay the loan and the interest accumulated. Failure to do so will have your credit history on Bitmama affected.
How it works
- Bitmama platform made the loan available to all users even first time users
- You can’t exceed a maximum of $50 for your first loan application.
- To increase your credit limit, it is best you pay back your loan on time as this also helps to build your credit worthiness. If you refuse to payback on time or are unable to pay earlier, you will have your loan limits lowered.
- The Bitmama loans cannot be transferred to another platform until they are paid back the loan.
- You are only permitted to use the loan to purchase crypto on the platform. As a user, you can only view your account performance.
- They will grant access to your returns once your account is funded and principal loan plus interest paid back on time.
Other Crypto Loans in Nigeria
Other crypto loans in Nigeria are:
- Xend Finance
1. Xend Finance
Xend Finance introduced a new savings secured loan which is given to those who committed to saving and planning for their financial future. So this product is devoted to helping them achieve their goals.
How Xend Savings Secured Loans work?
The Savings Secured Loans help their customers who meet the eligibility and requirements to access up to 90% of their savings as a low-interest loan.
Unlike the long process other platforms deploy which you have to go through to get a loan, the Xend Finance Savings Secured Loan can be completed in exactly 4 to 6 minutes.
Example:
Assuming you have up to $3000 locked in your Fixed Savings plan and suddenly something arises and you need $1500 urgently.
With the Xend Finance Savings Secured Loan, you will be able to access the $1500 that you need as a low-interest loan, without having to touch your savings. Your savings will serve as collateral for this loan.
How to get started?
To get started with Xend Finance Savings secured loan, simply follow these steps below:
- Be sure that you have completed your basic KYC on the Xend Finance app
- Make sure to have up to $500 in your Xdnd Finance Fixed Savings plan
- Fill the form to apply for the Xend Finance savings secured loan loan
- The Xend Finance Savings Secured Loans are at 4.5% interest rate.
How to send feedback or Complains
To send feedback, thoughts, suggestions and questions about this offering, click here.
Conclusion
The buy now pay later or buy crypto pay later loan features reinforces confidence in the crypto market and makes users utilize its potential.
Despite the current market cycle, buy now pay later serves as a gateway to the crypto ecosystem, by driving adoption and financial inclusion which allows everyone to trade, including those who are without cash or illiquid still purchase either BTC, ETH, and pay later.
Users who secure this loan can go further to open up more loan limits as they pay back their loans. But if they don’t pay back, their creditworthiness will be affected.
If you have any other idea on Crypto Buy Now Pay Later and how it works, please drop your suggestions in the comment section.
