BNPL Shoppers Now Face Affordability Checks Consumers using Buy Now Pay Later services have faced a new affordability test when making purchases since the summer. <h2...
Consumers using Buy Now Pay Later services have faced a new affordability test when making purchases since the summer.
People who bought something through BNPL during this period were tested to determine whether they could afford the arrangement. The check means that eligibility is no longer based solely on a customer choosing to use the payment option.
The change places affordability at the centre of the BNPL purchase process. Customers may therefore need to demonstrate that the payments are manageable before completing a purchase.
The available information does not specify how the checks are carried out or what happens when a customer does not pass one. However, anyone using BNPL should be aware that an affordability assessment may form part of the transaction.
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