![]() ![]() If you want to spend $400 on an appliance or piece of furniture, for example, with the help of BNPL financing, you might break the cost into four $100 payments or installments. Usually you are approved on the spot, either in-store or on the website where you are making the purchase. Instead of paying with cash or your debit card or credit card, BNPL options allow you to sign up for a set of monthly interest-free deferred payments. If you want to buy concert tickets today but want to pay for them over the next few months, you might use BNPL, which is available as a purchase option on many websites and is also offered by online and traditional financial institutions. ![]() This form of credit is often used by retailers to help consumers buy small to medium-sized ticket items, such as clothing, electronics, furniture and appliances. But, like any form of credit, you should still understand these ins and outs of how it works before you start using it.Īt its simplest, BNPL is an option for the short-term financing of purchases. You can quickly be approved for buy now, pay later (BNPL) financing, and in many cases, it will be a smart choice for you to divide payments over time. It’s a financing tool that can be used well-which is to say, to your benefit with minimal or no risk-or it can be misused. Have you seen “buy now, pay later” icons as you shop online? Has your credit card issuer asked you if you want to divide a big purchase interest-free over multiple months? Have you been wondering what the benefits and drawbacks are to these arrangements? Here’s where to start with this relatively new credit option.Īs is often the case in the world of personal finance, the “buy now, pay later” approach to making purchases isn’t universally good or bad. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |