News Summary

• BNPL contracts have been around for decades and come in a variety of forms.
• By spreading payments out, BNPL plans offer the flexibility to manage large or unexpected expenses more easily.
• With a realistic budget there can be benefits to spreading out your payments.
• The risks, however, are undeniable.
• To be approved, many providers run a soft credit check, which does not affect your credit score, before asking for your consent to automatically debit your bank account or credit card for the future payments.