4 Cons of BNPL and 1 Benefit
Imagine you're shopping online for a birthday gift. Once you find something you like, you proceed to the checkout. As you check out, you notice the company offers a buy now, pay later (BNPL) option. "Great!" you think since you planned to pull money from your savings account to purchase the gift.
With BNPL, you put $50 down (25%) and pay the remaining $150 off in three bi-weekly payments. What's more, the BNPL charges no interest and no fees unless you miss a payment. It's difficult to imagine anything that could go wrong, so you answer a few questions, allow the company to run a soft credit check that won't impact your credit score, and make the purchase.
While you might have nothing but positive experiences with BNPL purchases, it's essential to be aware of what could go wrong.
Source Fool.com
