Popularity and Accessibility of Buy Now, Pay Later

Buy Now, Pay Later (BNPL) services provide a convenient option for consumers to split purchases into smaller payments over time, which has gained significant popularity, especially among younger shoppers. The ease of obtaining BNPL loans makes them particularly appealing to individuals with limited credit history or low credit scores, offering them access to credit they may not have otherwise. These loans are generally interest-free and allow users to manage their finances by making purchases more affordable in the short term. This rising trend is illustrated by the statistic that approximately 28% of unsecured consumer debt for individuals aged 18 to 24 is attributed to BNPL services.