
BNPL customers are considerably extra more likely to have decrease credit score scores than shoppers that choose to not use the product, based on the CFPB. (iStock)
Shoppers utilizing purchase now, pay later (BNPL) are likelier to make use of different credit score merchandise and high-interest monetary companies than non-users of BNPL, a current report by the Client Monetary Safety Bureau (CFPB) mentioned.
For instance, 62% of BNPL debtors mentioned they used retail bank cards in comparison with 44% of non-BNPL shoppers. Moreover, 32% of BNPL customers relied on private loans in comparison with 13% of non-BNPL shoppers.