Buy Now, Pay Later: Difference between revisions

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-'''BNPL (Buy Now Pay Later)''' is a financing option being offered by more and more companies to increase sales. The practice consists of an interest-free payment plan where the customer pays in installment payments because they cannot currently afford the item they currently wish to purchase in full.
+'''Buy Now, Pay Later (BNPL)''' is a financing option for online purchases that allows consumers to pay for items in monthly installments. Companies such as [[Klarna]], [[Affirm]], [[PayPal]], and [[Apple Pay]] offer Buy Now, Pay Later loans at the check-out of online retailers, advertising low monthly payments spread across four months. Because the financers generally commit soft credit checks and offer interest-free monthly installments within the four-month period,  BNPL is highly targeted toward those who have bad or no credit at all. It disproportionately affects vulnerable consumers, leading to major criticisms of predatory lending.
 ==How it works==