Pay Later is a buy now, pay later credit line for your business. You get instant access to a line of credit that can be used online or offline to grow your business
1. What can I use Pay Later for? Pay Later is best used for purchasing inventory, expanding your services, or paying for business expenses. Pay Later isn't a good fit for capital expenses, and is not available for consumer or personal use cases
2. How much does it cost? A transaction fee is charged each time Pay Later is used. This is capped at a maximum amount per cycle. There are no monthly fees, hidden costs, or interest that compounds over time
3. What is my cycle and when does it renew? Your cycle is the time period for which your Pay Later limit is available for use before your Repayment Balance needs to be repaid.
Your cycle starts when you first access Pay Later, and ends thirty calendar days later. On the 31st day you'll need to make repayment. Once repayment has taken place your Pay Later limit will reset and be available for another thirty days
4. When and how do I repay? You'll need to repay on or before the Repayment Date. Repayment can take place using a credit or debit card, Apple Pay, Google Pay, or via bank transfer
5. What happens if my repayment is delayed? If repayment does not take place on or before the Repayment Date, a late fee of USD 30 or AED 100 will apply, and your line may be withdrawn. Three days after your Repayment Date, your account will be considered to be in default, and both collection and legal action will be initiated
6. Can I increase my Pay Later limit? The Pay Later limit is based on a variety of factors including your activity on Nomod, your line of business, and your creditworthiness. We automatically adjust your limit up or down based on our algorithm