Avoid the risks of having multiple buy now, pay later loans
By JACKIE VELING of NerdWallet
Buy now, pay later” loans typically offer a simple, zero-interest payment structure that can make keeping up with installments easy and affordable for some borrowers. But unlike other types of financing, such as credit cards, these plans aren’t currently reported to the major credit bureaus. That means borrowers can sign up for plans with multiple providers at one time, potentially taking on more debt than they can afford. The consequences for falling behind can be costly. To stay on top of payments, be aware of your overall financial picture and resist the temptation to overspend at checkout.
