The Consumer Financial Protection Bureau says the loans should be treated like credit cards.
You’ve probably noticed a new way to pay when shopping online over the past few years. It's known as “buy now, pay later,” or BNPL. The option is tempting if you’re trying to avoid racking up credit card debt, but it could also land you in trouble if you’re not careful.“It helps when you really want something and you don’t have all that money upfront,” Quintana told NBC 7.
Rossman warned that, just like a credit card, if you are late with your payments, it could lower your credit score.
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