{"id":134757,"date":"2021-09-20T00:00:00","date_gmt":"2021-09-20T00:00:00","guid":{"rendered":"https:\/\/trybeem.com\/blog\/does-cash-now-pay-later-affect-your-credit-score\/"},"modified":"2024-02-15T07:21:13","modified_gmt":"2024-02-15T07:21:13","slug":"does-cash-now-pay-later-affect-your-credit-score","status":"publish","type":"post","link":"https:\/\/trybeem.com\/blog\/does-cash-now-pay-later-affect-your-credit-score\/","title":{"rendered":"Does Cash Now Pay Later Affect Your Credit Score?"},"content":{"rendered":"\n<p>CNPL is the way to go right now and the most convenient way to get what you need when you need it and to pay for emergencies. But if you\u2019re wondering how Cash Now Pay Later impacts credit score, we\u2019re here to explain how. We\u2019ll get to that in a minute. Let\u2019s get down to basics first.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is Cash Now Pay Later?<\/h2>\n\n\n\n<p>As the name suggests, CNPL is a new form of layaway. You subscribe to Beem, you become eligible to get a certain amount of money and then you use that money to take your purchase home. How do you pay back then? It totally depends on the payback arrangement you have with Beem. When you initially subscribe, you\u2019ll be able to set up terms to pay off your purchase over a few weeks or months \u2014 without interest FYI!<\/p>\n\n\n\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-7367123822377812\"\ncrossorigin=\"anonymous\"><\/script>\n<!-- Horizontal Test 1 -->\n<ins class=\"adsbygoogle\"\nstyle=\"display:block\"\ndata-ad-client=\"ca-pub-7367123822377812\"\ndata-ad-slot=\"6009021569\"\ndata-ad-format=\"auto\"\ndata-full-width-responsive=\"true\"><\/ins>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<h2 class=\"wp-block-heading\">How Does Cash Now Pay Later Impact Your Credit Score?<\/h2>\n\n\n\n<p>It doesn&#8217;t! That\u2019s the good news. What sets Beem apart is that we don\u2019t do credit checks. A small background check on your banking transactions is done when you initially subscribe to the Beem app. Nothing hardcore don\u2019t worry, it\u2019s a small inquiry that is carried out to see which CNPL plan will suit you best.&nbsp;<\/p>\n\n\n\n<p>A payment history check is done because it is a factor that determines what plan you qualify for. So, making on-time payments could help qualify for a better plan. But don\u2019t worry if you\u2019ve got a bad credit score, it doesn\u2019t disqualify you from getting <a href=\"https:\/\/trybeem.com\/send-receive-money-online\">Cash Now Pay Later with Beem<\/a>.\u00a0<\/p>\n\n\n\n<p>But once you sign up for CNPL with Beem, we recommend a repayment plan that will work best for you.&nbsp;<\/p>\n\n\n\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-7367123822377812\"\ncrossorigin=\"anonymous\"><\/script>\n<!-- Vertical Test 1 -->\n<ins class=\"adsbygoogle\"\nstyle=\"display:block\"\ndata-ad-client=\"ca-pub-7367123822377812\"\ndata-ad-slot=\"9075659290\"\ndata-ad-format=\"auto\"\ndata-full-width-responsive=\"true\"><\/ins>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<h2 class=\"wp-block-heading\">How Can You Avoid Hurting Your Credit?<\/h2>\n\n\n\n<p>Yes, signing up for Beem has nothing to do with your credit score when it comes to Cash Now Pay Later. But maintaining a credit score, in the long run, is good for you. A high score is what will help you qualify for a lower insurance premium and get approved for a home or apartment rental. You will also be able to save money on your security deposit if you have higher credit scores.<\/p>\n\n\n\n<p>So, monitor your <a href=\"https:\/\/trybeem.com\/blog\/what-is-a-credit-score-and-why-should-it-matter-to-you\/\">credit score<\/a> and stay up-to-date with your credit status always. Make it a priority to pay your bill on time and in full every month. That way you won\u2019t risk having missed a payment or have default status attached to your credit file.<\/p>\n\n\n\n<p>Most importantly, pay off your balance as quickly as possible. It\u2019s important to be a responsible borrower by making payments in full, on time. This will improve your credit no doubt.<\/p>\n\n\n\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-7367123822377812\"\ncrossorigin=\"anonymous\"><\/script>\n<!-- Square Test 1 -->\n<ins class=\"adsbygoogle\"\nstyle=\"display:block\"\ndata-ad-client=\"ca-pub-7367123822377812\"\ndata-ad-slot=\"8635184901\"\ndata-ad-format=\"auto\"\ndata-full-width-responsive=\"true\"><\/ins>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script>\n\n\n\n<h2 class=\"wp-block-heading\">The Bottom Line<\/h2>\n\n\n\n<p>Cash Noy Pay Later is worth considering if you\u2019re in a cash crunch. You know you have the means to pay it off over the time given to you by Beem. Don\u2019t set yourself up by buying something you can\u2019t afford to pay for, even over time.<\/p>\n\n\n\n<p>Also, make all your payments on time so you qualify for better <a href=\"https:\/\/trybeem.com\/blog\/cash-now-pay-later-all-the-dos-and-donts-of-cnpl\/\">CNPL <\/a>offers and the right type of financing when you need it. But ultimately CNPL or not, make it a priority to establish a solid credit history and maintain it well.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The concept of \u201cCash Now Pay Later\u201d (CNPL) isn\u2019t new. Traditionally, stores hold on to an item until you can afford to pay for it, CNPL will help you walk out of the store with your item while utilizing a plan to pay for it over time.<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2309],"tags":[658,659,163,168],"edited-by":[],"class_list":["post-134757","post","type-post","status-publish","format-standard","hentry","category-credit","tag-cash-now-pay-later","tag-cnpl","tag-money","tag-money-matters"],"acf":[],"_links":{"self":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/134757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/comments?post=134757"}],"version-history":[{"count":0,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/posts\/134757\/revisions"}],"wp:attachment":[{"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/media?parent=134757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/categories?post=134757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/tags?post=134757"},{"taxonomy":"edited-by","embeddable":true,"href":"https:\/\/trybeem.com\/blog\/wp-json\/wp\/v2\/edited-by?post=134757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}