Factors To Consider Before Making A Purchase


Have you ever bought something that you need to make your life easier, only to find out that it is something that you are not able to afford?


Before you change your mind and settle for something less, it’s a good idea to sit back and read about the benefits of Buy Now Pay Later by myIOU.


myIOU helps consumers to get the products that they need with an advantage of fitting the purchase in their long term financial priorities.


That’s right, you’ll still be able to get the things that you need without breaking your bank balance.


To help you plan your spending, here are 5 factors to consider before making a purchase with the help of Buy Now Pay Later. 


Study your options. If you really want something, study your options. Go window shopping or browse the internet. There are plenty of options once you start researching the product that you need. As you browse around, reconsider your options and see if you have something similar at home. Check whether you can get it for a cheaper price. There are plenty of monthly and seasonal discounts that are available all year round. While you are researching, download the myIOU app as it provides plenty of offers and discounts from various merchants. Click here to browse through myIOU’s merchant list and see if anything catches your eye.


Can you afford it? When you have decided which items to purchase, don’t forget to compare the price! Different retailers and sellers offer different ranges of pricing. Consider searching up the price online or paying a visit to shops. You wouldn’t want to end up paying more for a product that others paid lesser for.

The next step is to consider if you can afford it according to your monthly budget. It is not ideal to break your bank balance and compromise your monthly savings or investment plan just to replace a broken home appliance or electrical device.

You have found the product of a quality brand with good features; but can you afford it without sacrificing your monthly budget plan? Alternatively, you can opt for myIOU as you can split your payment up to 6 instalments with zero interest. With myIOU, you can enjoy a product first and pay monthly for it with an ease of mind.

browse through myIOU’s merchant list and see if anything catches your eye.

Look for deals. They say timing is everything. If your home appliances, electrical devices or personal items require replacement but it is not urgent, consider postponing your purchase until there is a sale. It is best to always get the best out of a deal when buying something. It feels great; not just to you but your bank account too. I mean, who wouldn’t?

Buying things during a promotion or sale helps you to save more while getting products that you need, which is a win-win situation for you. To look for the best deals, consider signing up with myIOU; as myIOU provides vouchers and referral rewards to its users. myIOU also collaborates with various merchants to offer promotional discounts to its users regularly in a year.



Evaluate your commitments. Before you decide to make a purchase for a product you need, is the purchase going to cause a strain on your budget or your financial situation? Do you have existing commitments that you cannot afford to miss paying out?

It can be daunting when you plan your purchase and realise that you have so much to pay every month. Taking insurance premium, credit card bill, home mortgage and car loan into consideration, adding the full price of a laptop or refrigerator to the equation will wreck your financial wellbeing. However, myIOU is able to relieve your existing commitments by breaking down your payment into smaller sums. Instead of paying the full price of the product you need to purchase while potentially causing a strain on your financial wellbeing, myIOU offers to provide a solution to your monthly expenditure.


What are your payment options? Ever notice a variety of online banking options when you check out your shopping cart online? Or a range of bank terminals and e-Wallet brands at the cashier when you check out at a shop? These payment options offer convenience for shoppers to make their purchase. However, do these payment options offer the convenience of credit when they need it?

Existing payment options are applicable when shoppers have the sufficient funds in their account to make their purchase. As for those who don’t, they would have to postpone their purchase until a later date or spend from their savings that are kept for the rainy days, such as emergency medical bills or accidents. In light of this, myIOU provides credit convenience to consumers by offering credit in advance, so that they do not have to defer their purchase or use their savings for the purchase. On top of that, myIOU allows you to split your payment into 2, 3 and 6 months with zero interest. By this means, you can take on the remaining payment with ease. If you require credit in advance with flexible payment plans and no hidden fees, sign up with myIOU today!