Introduction
Botim offers two “buy now, pay later” services: Easy Cash and Send Now Pay Later (SNPL). While both let you borrow money, they are designed for very different needs. Easy Cash gives you cash for your personal use, while SNPL is specifically for sending money (remittance) to other people. This guide will help you understand the details and choose the right service.
Detailed Comparison
| Feature | Easy Cash | Send Now Pay Later (SNPL) |
|---|---|---|
| Main Purpose | A small loan for your own personal expenses. | A loan to send money to your family or friends. |
| Loan Amount | Up to AED 1,000. | Up to AED 5,000. |
| Tenure (Repayment Period) | Fixed 3 monthly installments. | Flexible, from 1 to 6 monthly installments. |
| Interest & Cost | Daily Interest: 0.1% is charged every day on the amount you still owe. | Installment Fee: A fixed fee is added to your transaction. This is not a daily interest rate. |
| Processing Fee | No fee to get the loan. However, there is a 2% fee if you want to move the money from your Botim Wallet to your bank account. | 1% Early Repayment Fee: Charged if you decide to pay off the entire loan early. A standard remittance service fee is also added to your loan amount. |
| Required Documents | No physical documents needed. Approval is based on an internal check of your credit record and financial history within the app. | No physical documents needed. Approval is based on the information you provide in the app. |
| Eligibility Criteria | You must be pre-approved by Botim to use this service. | You must be an approved user and can only use it when sending money. |
| Where the Money Goes | The money is instantly credited to your own Botim Wallet. | The money is sent directly to the person you are remitting to. |
| Late Payment Fee | A late fee is charged if you miss the due date (amount not specified). | AED 50 per month, charged after a 4-day grace period. |
| Early Repayment | Completely free. You can repay the loan early without any extra charges. | Has a 1% fee. You will be charged an “early settlement fee” of 1% on the remaining amount. |
Who is Best? Which Service Should You Choose?
- Choose Easy Cash if:
- You need immediate cash for your own use (e.g., paying bills, shopping, personal emergencies).
- You are okay with a smaller loan limit (up to AED 1,000).
- You want the flexibility to repay early for free.
- Choose Send Now Pay Later (SNPL) if:
- You need to send money to someone else but don’t have the cash right now.
- You need a larger credit limit (up to AED 5,000).
- You want to choose your repayment period (from 1 to 6 months).
Keep In Mind
- Pay on Time: Both services have late fees. Paying late can also negatively affect your credit history, making it harder to get loans in the future.
- Understand the Costs: Easy Cash uses a daily interest model, meaning the cost depends on how long you take to repay. SNPL uses a fixed installment fee, so you know the cost upfront.
- SNPL is Only for Sending Money: You cannot get the SNPL amount as cash for yourself. It must be used during a remittance transaction.
- Early Repayment Rules: Remember, repaying early is free with Easy Cash but costs 1% with SNPL.
Final Verdict
The “best” service completely depends on your need. They are not interchangeable.
- For personal cash, Easy Cash is the only option. It acts like a small, instant digital loan.
- For sending money to others on credit, SNPL is the correct choice. It is a specialized tool for remittances.
Before using either service, carefully check the final amount, fees, and repayment schedule in the Botim app to make an informed decision.
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