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LazyPay: Information, Eligibility Criteria, Interest Rates, Review & More

LazyPay

LazyPay is a loan app that claims to offer instant personal loans to salaried professionals and self-employed individuals. The LazyPay app is run by PayU Finance and offers borrowers access to credit and pay later options. The credit options from LazyPay range from ₹10,000 to ₹5,00,000. Hence, to know more about LazyPay, consider reading through to the end of the article.

In this article, we will mainly give you an overview and a review of LazyPay. Furthermore, we will also give you details about the loan options that you will get once you use LazyPay. Later on, you will also learn about the loan eligibility of LazyPay and various other factors. Therefore, to get fully informed, read the upcoming sections of the article.

What Is LazyPay?

What Is LazyPay

LazyPay is an app that offers two types of services – namely, pay later options, where you can shop now and pay late, and also personal loan options. With pay-later services, LazyPay offers you to settle your amounts every fifteen days. The auto-repayment feature with LazyPay’s pay later deducts the amount every fifteen days.

On the other hand, LazyPay also offers instant personal loans. You can borrow personal loans up to 5 lakhs INR, depending on your credit score and various factors, including age, salary, job, etc. The loan app claims to give you Flexible EMI options, fast application of loans, and quick approvals of those loans.

Is LazyPay Safe?  

Is LazyPay Safe

With various loan options and pay later related information on their official website, LazyPay seems legit to us. However, due to a variety of complaints from loan borrowers and other customers, LazyPay does not have a good review on the Internet.

Even there are many complaints against LazyPay in the Indian Consumer Forum. The Ministry of Electronics and Information Technology of India has blocked LazyPay on various platforms. They are charged with the misuse of the data of the consumer, which is considered important for national security and integrity.

According to TechCrunch.com, “The LazyPay website has been blocked by several internet service providers in the country. A message on the Prosus-owned website says the action was taken in compliance with the IT Ministry’s order.”

LazyPay Payment – What Does It Offer?  

Loan AspectsWhat LazyPay offers you?
Loan Amount₹ 10,000 – ₹ 5,00,000
Loan Tenure90 days to 720 days
Rate of interest on loans0.05% per day
Loan Processing fee2% of the loan amount
Loan review timeDepending upon the amount of the loan (may take from 5 minutes to 7 days)
Late payment of the loan– Application of Penalties every day based on the overdue loan- Updating the credit score as default with credit rating agencies (CIBIL, CRIF High Mark, etc.)
Loan RepaymentLoan repayment is made automatically from the provided bank details as per the approved schedule.

Once you open the app, you will get a variety of loan options to choose from from different LazyPay Merchants available to offer you loans through the app. However, different merchants have different viewing mechanisms, and depending on the merchant you choose, you can get your loan accordingly.

LazyPay Loan App – Eligibility  

The following is the major eligibility-related information that you will need to know before you avail of loans from LazyPay:

Loan RequirementsEligibility
Age of the borrower22 to 55 years old
LazyPay credit scoreDepends on the type of loan applied for.
Type of EmploymentSalaried professionals and self-employed individuals.
Minimum monthly incomeAny monthly income is eligible to take loans
Work ExperienceWork experience requirements change with the amount of the loan demanded. 
Required Documents1. Salaried Employees- Need to fill out KYC- Verification of KYC- Need to submit bank details- Bank account number & IFSC- Net banking required for auto-repayment 2. Self-Employed Individuals- PAN card required- Address proof (Voter ID or Passport)- Aadhar Card- Bank account number & IFSC- Net banking required for auto-repayment

How To Delete LazyPay Account?  

How To Delete LazyPay Account

After LazyPay Bill Payment in LazyPay pays later, you will have the option to delete your LazyPay card permanently. According to LazyPay, “A permanent block deletes your card details and cannot be reversed. Keep in mind that this step will deactivate your virtual card number as well. If you suspect your card or card details have been stolen or compromised in any way, we urge you to permanently block your card as soon as possible.”

Go to your LazyPay account, and find the “Manage Card” section. Scroll down, and you will see an option that lets you permanently delete it.

LazyPay Customer Care  

LazyPay Customer Care

If you are finding problems with any of the LazyPay services, be it pay later or instant personal loan, you can call LazyPay Customer Care no at +91 8069081111 from 9 am to 9 pm any day. You can also go to this page to get help with various issues: https://lazypay.in/needhelp.

LazyPay Reviews  

Praveenthomascook:

Praveenthomascook

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Krishnasingadi:

Krishnasingadi

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Merrview:

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Summing Up  

Hope this article was helpful for you to get a better idea of the services offered by LazyPay, and various details related to eligibility for loans and pay later options in the platform. Regarding safety, hope you have enough information from the reviews of the customers, and also the safety issues pointed out by the Government of India. We would recommend you be careful and get the information fully before you borrow loans from LazyPay. Do you know of any people facing problems with LazyPay? Share with us some information about that in the comments section.

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Soumava Goswami

Inspired by The Social Network, Soumava loves to find ways to make small businesses successful – he spends most of his time analyzing case studies of successful small businesses. With 5+ years of experience in flourishing with a small MarTech company, he knows countless tricks that work in favor of small businesses. His keen interest in finance is what fuels his passion for giving the best advice for small business operations. He loves to invest his time familiarizing himself with the latest business trends and brainstorming ways to apply them. From handling customer feedback to making the right business decisions, you’ll find all the answers with him!

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A company has to pay off different kinds of expenses to run its business smoothly. Capex vs Opex is one of the popular expense differentiation you must know. Among them, two kinds of expenditures are quite prominent in this regard. First is the Capex, and second is the operating expenses.  Most of the time, these costs can be one, and sometimes they can take the shape of recurring expenses. You must follow the correct process that can assist you in getting things done in perfect order. Micromarketing techniques can work well here.  The capital expenditure of a company will occur once, while the operating expenses will keep on occurring all the time. If you are a business owner, you must know the core points of differences between the two concepts.  Essential Points Of Difference Between Capex vs Opex  There are several points of difference between Capex vs Opex. It will offer you the complete insight once you go through the complete article. 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Capex vs Opex has some significant points of differences that you must know while you make the comparison.  Operating expenditures are incurred for immediate use and provide short-term benefits. They are essential for maintaining regular business operations and generating immediate revenue. It will give short-term and regular benefits to your company.  3. Treatment In Financial Statements Capital expenditures are recorded as assets on the balance sheet and depreciated or amortized over their useful life. Depreciation or amortization expense is then reported on the income statement over time.      Operating expenditures are immediately shown on the income statement in the period they are incurred. They directly impact the company's net income for that period. You need to identify the perfect solution that can make things easier for you to reach your goals with ease.  4. Tax Treatment Capital expenditures might be eligible for tax benefits such as depreciation or amortization deductions over time, reducing taxable income. Capex vs Opex, you must consider things at your end while reaching your objectives.  Operating expenditures are fully deductible in the year they are incurred, providing immediate tax benefits. You should get through this difference to have a better idea of it. Ensure that the scope of errors is as low as possible.  5. Impact On Profitability & Cash Flow While CapEx affects profitability indirectly through depreciation expenses. It has a significant impact on cash flow at the time of purchase or investment. You cannot afford to make things work in the wrong direction from your counterpart.  On the other hand, Operating expenditures directly affect profitability by reducing net income and also impact cash flow in the period they occur. Effective planning can boost the chances of reducing the expenses of your business.  6. Decision Making & Budgeting Capital expenditures involve strategic decisions as they impact the company's long-term growth and productivity. Budgeting for CapEx requires careful planning and consideration of future benefits. You should know the core points of differences between Capex vs Opex. It will assist you in attaining your goals with complete ease.  Operating expenditures are part of routine budgeting and are necessary for maintaining day-to-day operations. They are generally more predictable and recurring. Without proper application of the strategies, things can turn worse for you.  Examples Of Capex Expenditure   There are several examples of Capex expenditure that you should know at your end. It will help you to get a better insight into it. Let’s find out some of the core examples of the Capex Expenditure that can make things easier for you.  Machinery, manufacturing plants, and equipment.  Computers.  Building Improvements.  Trucks and vehicles.  The contribution margin of the company plays a vital role here. You should pay it from your end to meet all the expenditure.  Examples Of Opex Expenditure   There are several examples present for Opex expenditure that you must know at your end. Some of the core examples of it are as follows:-  Salaries and wages.  Rent and Utilities  Legal and accounting fees.  Overhead costs.  Business travel.  Property expenses.  Interest on debt.  Research and development expenses.  You can easily make the market segmentation with the help of the differences between capex vs opex to meet the requirements.  How To Reduce Capital Expenditure?  There are several techniques you can employ to reduce the capital expenditure of your company to a great extent. You must follow the correct process in this regard to have a better idea of it.  1. Evaluate The Asset Needs Conduct a thorough assessment of current assets to determine if there are underutilized or redundant assets. Selling or repurposing such assets can free up capital and reduce the need for new investments. 2. Leasing Vs Buying Consider leasing equipment or assets instead of purchasing them outright. Leasing can lower initial costs and shift maintenance and upgrade responsibilities to the lessor. 3. Prioritize Essential Investment Focus on essential investments that directly contribute to core business operations or strategic growth. Prioritize projects that offer the highest return on investment (ROI) and align with long-term business goals. 4. Implement Of Efficient Technology Invest in technology that streamlines processes, reduces manual work, and improves efficiency without significant capital outlay. 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