BNPL: Is SPayLater Actually a Trap?
Walking through a mall or scrolling through Shopee, the "Buy Now, Pay Later" (BNPL) button feels like a financial superpower. It turns a RM240 pair of sneakers into a "manageable" RM20 a month for a year. For many Malaysians in their 20s, this feels like a hack to enjoy a better lifestyle without the pain of a big one-time payment. However, once you look at the math, these small "RM20 chunks" can quietly destroy your ability to buy a car or a house in the future.
The 18% Reality Check
While some platforms offer 0% interest for short periods, longer installments come with a cost. SPayLater, for example, charges a monthly processing fee of 1.5% for plans up to 24 months. While 1.5% sounds small, basic math reveals that 1.5% multiplied by 12 months is 18% per year.
This is identical to the highest interest rate tier of a traditional credit card. If you wouldn't take a high-interest loan to buy a viral water bottle or a new keyboard, you shouldn't be using BNPL for them either.
The "Death by a Thousand Cuts"
The danger of BNPL isn't a single large purchase; it is the accumulation of many small ones. Ten different "RM20 a month" plans suddenly become a RM200 monthly commitment. According to the Consumer Credit Oversight Board (CCOB), nearly 70% of BNPL users in Malaysia earn less than RM5,000 a month.
When your income is already stretched by rent and food, having RM200 to RM400 "locked" into past purchases makes it impossible to save for an emergency fund or a house downpayment. You are essentially spending your future income before you have even earned it.
The CCRIS Connection
For a long time, BNPL was "invisible" debt that didn't show up on your credit report. That is changing. Under the Consumer Credit Act 2025, BNPL providers are moving toward stricter regulation. Bank Negara Malaysia's new policy now requires these facilities to be reported to CCRIS.
This means that if you are late on a "small" SPayLater bill, it could lower your credit score and cause a bank to reject your car loan application. BNPL is a tool for convenience, not a substitute for having actual savings. If you cannot afford to pay for it today, you likely cannot afford the "tax" it will place on your future freedom.