{"id":17,"date":"2018-10-31T07:13:04","date_gmt":"2018-10-30T23:13:04","guid":{"rendered":"http:\/\/staging.curlec.com\/?p=2286"},"modified":"2023-05-18T11:07:28","modified_gmt":"2023-05-18T03:07:28","slug":"instalments-for-all-even-non-credit-card-holders","status":"publish","type":"post","link":"https:\/\/curlec.blog.razorpay.in\/blog\/industry-insights\/instalments-for-all-even-non-credit-card-holders\/","title":{"rendered":"Instalments For All, Even Non-Credit Card Holders?"},"content":{"rendered":"\t\t
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The everyday practice of paying via instalments isn\u2019t something foreign to most, and has become commonplace even among today\u2019s youth. With the bulk of people opting for this payment method for most commitments that would otherwise eat off impossible chunks of their income, large purchases become more and more accessible for folks of all income statuses.<\/p>\n

Be it for car, home or tech appliances, this practice sees people of various walks and ages taking advantage of instalment plans to prevent them from breaking the bank.<\/p>\n

But with 47% of Malaysian youths <\/u><\/a>facing high credit card debt as of early this September and only 18% of Malaysians between the ages 20 – 74 <\/u><\/a>who are credit card holders, there are more and more reasons for modern-day citizens to shy away from credit cards. Rationales include high interest rates, poor financial habits and risk of low credit scores.<\/p>\n

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When credit cards don\u2019t come into play<\/strong><\/h5>\n

But what about those who don\u2019t qualify to register for credit cards? The eligibility criteria varies according to each bank but in general, a minimum age of 21 and income of RM24,000 per annum applies. So if you\u2019re not earning at the very least RM2,000 and above a month, bid goodbye to your chances of enjoying the advantages of a credit card.<\/p>\n

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The startup that\u2019s beating the system<\/strong><\/h5>\n

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Yet, there is a way around it. DokkuPay, a Malaysian startup manages to find the chink in the armour and makes the option of paying via instalments available for those who would rather not use credit cards. DokkuPay is a payment solution app which allows you to purchase items first, but spread the total cost over 4 equal instalments with bank accounts. And get this, interest-free!<\/p>\n

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In a nutshell – \u201cBuy Now, Enjoy Now, Pay Later.\u201d as their saying goes.<\/p>\n

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\u201cWe believe that everyone is entitled to buy things that they want without having to pay one lump sum at once. There are clear pitfalls to using traditional credit products to obtain what you want, when you want it. Life can quickly become defined by the debt itself, rather than the things it acquired.\u201d<\/p>\n<\/blockquote>\n

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The Ins And Outs<\/strong><\/h5>\n

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