A common repayment plan allows you to split the cost of the product into four interest-free biweekly payments, with the first payment due at checkout or may be due in two weeks.
You've probably noticed that when you’re shopping online or sometimes in a retail store, you can select a buy now, pay later option, which is a type of installment loan that generally allows a consumer to buy something at the point of purchase with little or no initial payment and then pay off the balance over multiple payments.
Furthermore, Griffin said that at this time, while BNPL information will be included on a consumer’s Experian credit report if it is reported to Experian, it will not factor BNPL data into existing traditional credit scores, but may in the future as new credit scoring models are developed. Griffin said the future of BNPL and how it intersects with your creditworthiness could expand.
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