What happens if I pay my Grab PayLater late?

Consequences of Delaying Grab PayLater Payments

Grab PayLater, a convenient payment option offered by Grab, allows users to purchase goods and services and pay for them later. However, it’s crucial to make payments on time to avoid potential consequences.

Suspension of Account

If you fail to make a scheduled PayLater payment, your account will be suspended. This means you will be unable to use PayLater for future purchases until the outstanding balance is cleared.

Accumulation of Overdue Balance

In addition to account suspension, a missed payment triggers the accumulation of an overdue balance. This balance will continue to grow until the payment is made, potentially resulting in additional fees and charges.

Negative Impact on Credit Score

Missed PayLater payments can also negatively impact your credit score. PayLater transactions are reported to credit bureaus, and late or missed payments can lower your score, making it more challenging to qualify for loans or other lines of credit in the future.

Other Potential Consequences

Depending on the severity of the missed payment and your history with Grab, you may also face additional consequences, such as:

• Reduced PayLater limit: Your available PayLater spending limit may be lowered.
• Increased interest rates: The interest rates charged on your PayLater balance may increase.
• Legal action: In severe cases, Grab may initiate legal action to recover the outstanding balance.

Avoidance of Consequences

To avoid the negative consequences of late PayLater payments, it’s essential to:

• Set reminders: Use automated reminders or calendar entries to help you remember payment due dates.
• Auto-pay enrollment: Consider enrolling in Grab’s auto-pay feature, which automatically deducts payments from your linked bank account or credit card.
• Contact Grab: If you anticipate difficulty making a payment, reach out to Grab’s customer support team for assistance. They may be able to offer payment extensions or other arrangements.

By adhering to payment deadlines, you can maintain your PayLater account in good standing and avoid potential financial complications.