Tabby - innovative BNPL fintech with zero interest

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Introduction

The rise of many Buy-now-pay-later platforms have transformed the purchasing power of shoppers around the world. There are a number of popular names in the space like Affirm. Depending on your location,one of them might be available when you are ready to check out. Tabby is a BNPL platform available to users from the UAE. Its packed with features that every shopper might want to enjoy.

In this review, I will examine why Tabby looks catchy for shoppers from the UAE. There are a number of features that would be showcased including its zero-interest offers and operations based on the sharia law.

Why consider Tabby

• Spread payments in 4 installments: One of the main offers of BNPL platforms is that it allows shoppers to buy stuffs on credits. Each platform has offers of payment duration for the shopping loan. Many standard platforms offer up to 3 months repayment or more. But Tabby allows users to repay the loan at 4 different times. This would afford the shopper enough time to gather the money and gradually offset the bill.

Another cool thing about Tabby is that the 4-installment plan applies to shoppers that purchased goods online and those that shop in person at shopping malls and partner stores. The shopper would however be required to make a down deposit of 25% of the value they are requesting. For example, a $1000 purchase would definitely require an initial deposit of $250 which is 25% of the purchase amount. Then when they apply for BNPL from tabby, they will qualify to receive the loan.

Shoppers would first need to find what they are looking for. Tabby stores feature top brands including Nike, Adidas and other global brands. Once they are ready to check out, they will have to choose Tabby from the options. Then they would be allowed to link their cards and make the initial 25% down payment and Tabby would do the rest. Another interesting aspect of Tabby BNPL is discussed in the next point.

• Zero Interest: Almost all BNPL platforms charge interest on the loans because they are there for business. Some charge as high as 35% depending on how long the loan would be used. But Tabby is unique in this aspect. The shopping loans attract zero interest from the users. So basically, the customer is not going to repay anything higher than the amount borrowed. Tabby is not sone sort of shark loan business like the rest. Its main goal us to let shoppers buy what they are not able to fund and pay when it is comfortable for them to do so.

And customers that are afraid of hidden charges are already rest assured that there are absolutely no such thing. Everything is very transparent. The loans are completely interest-free and that is one feature that puts Tabby at the top of BNPL competitors.

One might wonder how Tabby makes money since it is not a non-profit. Well Tabby has a unique business model here. The retail businesses that list on the platform pays Tabby to be there. So Tabby provides the interest-free BNPL feature to make the platform a unique and appealling place for shoppers to come. So as shoppers pay Tabby for the innovation and market, Tabby is able to provide the loan services to customers at no extra charge

• Responsible shopping and defaulters: Tabby does not approve every loan. Many BNPL platforms struggle with impulse shoppers that take out loans just for the sake of doing it. Sometimes, it becomes a big issue to repay. So the Tabby team carefully vets every loan request to see that the purchases are not outrageous. If they are, Tabby declines the loan. Only responsible shopping is allowed to take out loans.

If a customer takes out a loan and does not repay as out when agreed, Tabby does not take further actions against the defaulting customer. However, such a customer must have destroyed their credit worthiness. Besides, Tabby will not approve further loans in the future for a customer that has not completely repaid an outstanding loan.

• Earn by spending: Tabby also rewards customers for patronising brands listed on the platform. Their cash reward program is unique, making customers feel appreciated for spending on the platform. All the customer need to do is make purchases from any store on the Tabby site or app. Based on the value of purchase made, Tabby will pay some money back to the shopper. Whether they paid in cash or with a loan, Tabby will still pay back sone cash as a reward. Here is something else to know about cashback:

Where do I see how much cashback I earned?

Get the app and visit your account to verify that you earned cashback on a purchase. You might not see cashback immediately at the time of purchase because it can take time for the store to notify us about an order you placed. Depending on the store, this can take from a few hours to several days. source

Conclusion

If you are a shopper in the UAE, Tabby is a cool BNPL option anytime you wish to take out a shopping loan. The platform recognizes high standards of honesty which is supported by the sharia law. The loans are interest-free and you will learn responsible shopping too. If you wish to try out Tabby, then why not. This is not financial advice though.

Note: thumbnail from pixabay

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