Buy Now Pay Later: Weighing the pros and cons
BNPL is the new player on the scene that allows people to purchase products even if they do not have the full amount upfront, paying in instalments until they gain full ownership.
Buy Now Pay Later (BNPL) is a type of short-term loan that allows shoppers to purchase products and pay in instalments over an agreed-upon period. BNPL can make major purchases, such as phones, fridges, and even bodabodas, seem affordable. Still, it’s important to consider these two factors: Is the item really necessary, or does it sound tempting because it looks cheaper, and what are the benefits and risks?
Watch the video to learn more.