NACA in the News: How ‘buy now, pay later’ options quietly add interest fees

Straight Arrow News, How ‘buy now, pay later’ options quietly add interest fees

“Now ‘BNPL models don’t have those protections,’ Christine Hines, senior policy director for the National Association of Consumer Advocates, told Straight Arrow…

BNPL use grows increasingly fraught when consumers take out multiple loans at once, Hines said. More than 60% of BNPL have multiple simultaneous loans, the CFPB found in research published last year(opens in new tab).

‘Every time they take out a loan, it’s a different loan and the payment may have a different due date,’ she said. ‘That gets complicated.'”