How to Distinguish Between BNPL and Subprime Lending

Binol pay later is a product. Forget point of sale lending, forget the whole conversion into larger loans and so on. That's loans for sure. But don't tell me in isolation we have concerns about this product because consumers are using it six times or more. How many times are they using their credit cards? What's the average balance on charge off for buying out pay later versus credit cards? The latter. It's just a reality. As you can hear, I think we're aiming at the wrong targets and then eventually we end up with stuff that's not good.