Pros and Cons of Buy Now, Pay Later: Onion Style

Satire site takes on popular way to buy stuff you can’t afford

Andy Spears
2 min readJul 13, 2022
Photo by freestocks on Unsplash

I’ve written quite a bit about the popular fintech credit tool known as Buy Now, Pay Later (BNPL).

Essentially, these plans — offered at point of sale in online or in-store transactions — allow consumers to buy something now for only 25% of the total purchase price and then make 3 additional payments (usually 2 weeks apart) until the full price is paid. PayPal’s “Pay in 4” is an example. Brands like Klarna and Afterpay also play in this space.

The reality of BNPL is that it can wreak havoc on a consumer’s bank account. Especially if, as is typical, they end up with more than one BNPL plan at a time.

In fact, one survey indicated:

32% of Buy Now Pay Later plan users have had to skip paying an essential bill such as rent, utilities or child support in order to make their payments. Even after that, 30% report that they’ve struggled to make their payments.

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Andy Spears
Andy Spears

Written by Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .

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