Buy now, pay later loans allow users to pay for items such new sneakers, electronics, or luxury goods in installments. Now, as the industry racks up customers, delinquencies are climbing.
FILE - A 65-inch television is shown at a warehouse, Thursday, June 17, 2021, in Lone Tree, Colo. Buy now, pay later loans allow users to pay for items such as new sneakers, electronics or luxury goods in installments. NEW YORK — Americans have grown fond of “buy now, pay later” services, but the “pay later” part is becoming increasingly difficult for some borrowers.allow users to pay for items such new sneakers, electronics, or luxury goods in installments.
Jasmine Francis, 29, a technology analyst based in Charlotte, North Carolina, said she first used a buy now, pay later service in 2018 to buy clothes from fast-fashion brand Forever21. Credit reporting company TransUnion found that buy now, pay later borrowers are using the product just as much as credit cards, piling on debt on top of additional debt. A poll by Morning Consult released this week found 15% of buy now, pay later customers are using the service for routine purchases, such as groceries and gas, a type of behavior that sounds alarm bells among financial advisors.
“Ads encourage consumers to use these plans for multiple purchases, at multiple online stores — racking up debt they cannot afford to repay,” Brown said. “We have seen some stress , and those are starting to have a hard time,” said Max Levchin, founder and CEO of Affirm, one of the largest buy now, pay later companies.
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