What to Know About Buy Now, Pay Later

Consumer Bureau Issues Warning During Busy Shopping Season

The Consumer Financial Protection Bureau (CFPB) has issued a warning about Buy Now, Pay Later (BNPL) loan products even as consumers are in the midst of a key shopping season.

Specifically, the CFPB is advising consumers to be aware of fees and of the fact that BNPL products have fewer protections than credit cards. The Bureau notes:

While many BNPL loans don’t charge interest, most do charge late fees if you don’t…