Thousands of stores and online retailers are now offering Buy Now Pay Later. But you need to know some downsides.
It's a new and improved version of store installment plans or layaway .
BNPL is very popular with college students like David Germano, who says it lets him shop when his bank account is near empty. BNPL typically divides the purchase into 4 or 6 payments. The first payment is due at checkout, and the rest are due monthly — like a car loan but without interest.One nice thing about BNPL: Like with a credit card or ATM, the service does not impact a person's credit when used as intended. But it can hurt a person's credit if they fall behind, according to Neil Peterson, the chief credit officer with the General Electric Credit Union.
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