Buy now pay later (BNPL) has become a very popular way for people to pay for items. You will see it as an option when you buy most things online. It allows you to buy an item straight away, but delay payment of the item until a later date. You may be expected to pay the money back in one go, or you may be allowed to pay for the item in several instalments, usually spreading the payment over three months or more.
Potential Risks:
No section 75 protection: BNPL services are not as regulated as credit cards, meaning they don’t always offer the same protections like Section 75 protection (which provides legal protection when using a credit card on purchases worth between £100 and £30,000).
Can hurt your credit score: On-time payments may not…