Survey says ‘Buy Now Pay Later’ is rising in popularity as a payment method

JACKSON, Tenn. — Buy Now Pay Later has seen rapid growth as a payment method for many consumers.

It’s basically a type of short-term loan allowing consumers to make large purchases and pay for them in weekly or monthly installments.

Until recently, few BNPL lenders furnished information about consumers to the nationwide consumer reporting companies.

However, Liz Pagel, senior vice president of consumer lending for Transunion, shares findings from Transunion’s soon-to-be-released in-depth research study on it.

“This is a product that is not only popular but consumers like it. The survey shows that they like the convenience and understanding of making regular payments to pay down a larger purchase so it’s really becoming a core part of the consumers wallet,” said Pagel.

Pagel shares that BNPL is a great financial tool for a larger purchase.

However, it is important to make sure you can afford the weekly or monthly payments as well as pay them on time.

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