Terms and Conditions for "Buy Now Pay Later"
Introduction:
  • The "Buy Now Pay Later" package (hereinafter referred to as "the Package") is offered by BuySmallSmall (hereinafter referred to as "the Product") to eligible buyers.
  • The Package allows buyers to pay an administrative fee upfront for the purchase of a unit and defer the down payment on the property for 9 months, with the subsequent repayment spread over a period of 5 years.
  • The repayment amount includes an annual interest rate of 15%.
Deferred Down Payment:
  • Buyers are granted a 9-month deferment period for the down payment on the property, starting from the date of the administrative fee payment.
  • Buyers are required to make a down payment of 35% of the property's total value upfront. This down payment secures the property for the buyer.
Repayment Terms:
  • Repayment of the subsequent fees, including interest, commences one month after the down payment on the property is paid by the buyer.
  • The repayment amount, including interest, will be determined by the Company and communicated to the buyer.
  • Repayments are to be made by the buyer on a monthly basis.
  • The repayment period spans five years, during which the outstanding balance is gradually paid off.
Interest Rate:
  • The annual interest rate of 15% is applied to the decreasing balance, which means that as the principal amount decreases with each yearly payment, the interest amount also decreases.
  • The interest rate is subject to review depending on economic conditions during the course of the repayment period. Any changes in the interest rate will be communicated to the buyer in advance.
Forfeiture of Administrative Fees:
  • If the buyer fails to make the down payment on the property after the 9-month deferment period, the buyer forfeits 100% of the administrative fees paid.
Prepayment:
  • Buyers have the option to make prepayments toward the deferred down payment at any time without incurring prepayment penalties.In the event of cancellation before or at the 9-month period, buyers will be entitled to a refund of the monies paid, excluding the 5% administrative fee
Late Payments:
  • Buyers must adhere to the agreed-upon repayment schedule. Late payments may result in additional fees or penalties as determined by the Company.
Default:
  • In the event of default on the repayment terms, the Company reserves the right to take legal action and pursue remedies as allowed by applicable laws.
Modification of Terms:
  • The Company reserves the right to modify the terms and conditions of the Package, including interest rates and repayment schedules, with prior notice to the buyer.
Dispute Resolution:
  • Any disputes or concerns regarding the Package shall be resolved through negotiation, mediation, or as otherwise provided by applicable laws.
Contact Information:
  • For inquiries, concerns, or additional information about the Package, buyers may contact BuySmallSmall at [Contact Information].
By proceeding with the "Buy Now Pay Later" Package, buyers acknowledge and accept these terms and conditions in their entirety.