Zilch and Clothes: Buy Now, Pay Later

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min read

Every once in a while, shopping for new clothes could be potentially reasonable, as long as you will really use it and you can afford it.

When you need new clothes, buy now, pay later services could help you spread the cost of the purchase price over time.

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You could buy now, pay later with Zilch if you want to spread the cost of your payments when shopping for clothes.

Buy Now, Pay Later with Zilch for Fashion

Buy now, pay later (BNPL) is a form of short-term financing that allows shoppers to make a purchase by paying only a fraction of the price upfront. It’s similar to using a credit card, except consumers get the product immediately and pay for it in incremental amounts, usually with no extra fees.

Zilch, which has partnered with thousands of retailers, is one of the leading BNPL platforms that offers consumers the opportunity to buy clothes and pay for them later with 0% APR.

To shop everywhere else, users can pay 25% of the total price together with a transaction fee upfront with Zilch Anywhere.

Here’s how it works:

— Consumers download the Zilch app to their mobile devices and start shopping. For online purchases, they can search the stores with the Zilch app, then receive a notification indicating whether the BNPL service is available free of charge or for a small fee.

— If they agree to the transaction fee, they click on the store to start shopping.

— After shopping is complete, they check out using the Zilch card.

— Shoppers can expect to pay 25% of the purchase price up-front and the rest in three instalment payments over the next six weeks.

— For shopping in person, consumers simply click and pay anywhere they see the Mastercard logo.

After putting 25% down on the purchase, shoppers are required to pay the rest in three instalments:

  1. 25% payment two weeks after the initial purchase.
  2. 25% payment two weeks after the second payment.
  3. 25% payment two weeks after the third payment.

Additionally, Zilch offers consumers the following features:

— Shoppers can manage all purchases and payments through the Zilch app.

— They can postpone payments by hitting “Snooze” on the account, giving them an extra four days to pay. This function can be unlocked by certain users and may incur a fee.

— Shoppers can earn cashback (in Zilch Rewards) on purchases when they pay 100% upfront.

— They can earn Zilch Rewards when they refer a friend.

— They are able to track when their next instalment payments are due when they go to “Purchases and Payments”.

— Refunds are simple. Once the store accepts the return, shoppers are refunded for the purchase and they get notifications on the Zilch website and app when the refund has been processed.

— Ongoing safety and security are assured. Mastercard powers the Zilch app, so it’s as safe as using a debit card.

Benefits of BNPL

BNPL has some distinct advantages for today’s consumers.

— For some BNPL services such as Zilch, they can buy an item and pay only 25% upfront, spreading the remaining payments out over a few weeks.

—Most services do a soft credit check, which won’t hurt an individual’s credit score. Additionally, soft credit checks are done to determine what they can afford and make their available spend bespoke.

— It’s simpler than a loan or credit card. There are no late fees for most BNPL service providers, such as Zilch. It also champions responsible lending and encourages responsible spending so that users can be on track towards the road to financial wellness.

Shopping for the Occasion: Clothes and Buy Now, Pay Later

There are moments in life when getting a new outfit can truly pay off. Here are some of life’s top events that may be worthy of buying clothes now and paying for them later:

A Night Out: Turning Up The Fab With Formalwear

Most people don’t have formal wear lying around the house. So, when they’re invited to a wedding, asked to prom, or invited to a local gala, getting ready can cause anxiety. Fortunately, with Zilch’s Buy Now, Pay Later, individuals can buy the perfect suit or dress for any occasion by paying 25% initial upfront, and spreading the remaining 3 instalments over 6 weeks. 

The Job Interview: Dressing to Impress

Job seekers often send out dozens of applications before they’re granted an interview. Then, once they get the interview, they often turn to the same old outfit that they’ve worn for previous employment searches. When the opportunity for a new job arises, consumers can rely on BNPL to look their best and make a good impression.

A Day at the Gym: Getting Fit

Getting in shape — whether hitting the gym or running outside — can be expensive. If an individual doesn’t have the right athletic wear, they face one more barrier to accomplishing their goal. For anyone motivated to get fit, finding the right gear can be the perfect first step toward success, and with BNPL, it doesn’t have to be costly. Instead, individuals can restock their workout clothes and pay for them in 4 instalments over 6 weeks. Plus, once a shopper moves down to a smaller size, they can use BNPL to buy a brand-new set of workout gear. 

Back to School: Dressing for the First Day

When summer vacation winds down and parents try to recover from costly family activities and trips, money could be tight when it comes to back-to-school shopping. With Zilch’s BNPL, back-to-school shoppers can pay 25% upfront now and pay for the rest as the school year progresses in 3 instalments over 6 weeks. The kids will look great all year, and parents may still have cash left over for school supplies, field trips, club dues and other expenses.

Shop Responsibly

Although Zilch makes it possible for people to buy the clothes they want right now, it’s still wise for consumers to practice financial wellness. Overspending can be the result of stress and anxiety, so the best approach is to shop smart and shop savvy. This way, you’re able to buy what you need, save some for what you want, and have extra money for the rainy days.

Here’s how shoppers can make that happen:

— Do research: Whether consumers plan to shop online or on the high street, research is key. People should think about the items they want to buy and compare prices from different stores.

— Shop off-season: This tip applies to clothes, tech gadgets, appliances, and furniture. During the summer, coats and winter wear are usually on sale, and during the winter, swimwear and barbecue grills are often discounted.

Shop eBay: eBay is the largest second-hand store in the world and offers shoppers the ability to get clothes at a great price. Plus, eBay is partnered with Zilch, making it easy to use BNPL.

— Set a budget: People should calculate their expenses and subtract them from their income. From there, they can allocate an average amount for essential expenses, then set aside a fixed amount for the things they want. They can save the rest for emergencies and future investments.

A New Year, New Wardrobe Spending Plan: Buy Now, Pay Later Responsibly

BNPL continues to grow in popularity, as more than half of consumers plan to use it in the next year. That’s good news for retailers because shoppers tend to spend more per purchase when they use BNPL. It’s also good news for consumers. The ability to buy now, pay later allows them to buy new clothes and pay over 6 weeks with 0% APR at thousands of stores with Zilch, making it easier to be more mindful of the amount of money they shell out and budget wisely.

Please spend responsibly, spending more than you can afford could seriously affect your financial status.
Credit is subject to status, 18+ UK residents only. T&Cs apply.

Representative Example for a non-eligible store: Based on a loan purchase of £400. The total amount of credit is £300. The total charge for credit is £2.50 (transaction fee). With an 0% interest rate, the total amount repayable is £402.50 paid over 6 weeks (including the 1st payment made at time of purchase of 102.50 inclusive of fee payment). The Representative APR will be 11.5%.

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