Paying for groceries has become such a struggle for some that consumers are searching for ways to offset the costs.
While some shoppers are taking advantage of coupons or viral video hacks to slash their grocery bills, others are signing up for a program that defers in-full payment at the cash register. A number of major grocery retailers, including Albertsons, Costco and Target, now offer options for using a “buy now, pay later” program as an alternative to cash, debit or credit card payments.
How Does Buy Now, Pay Later Work? A buy now, pay later option might sound the same as using a credit card. However, there are some fundamental differences, according to Investopedia. However, there are various fees for these loans, including service, transactional and rescheduling and penalties for having insufficient funds and late payments. It’s vital to note that every BNPL company has different terms, so it’s important to review them carefully before applying for a loan.
Are There Risks With Buy Now, Pay Later? As with any form of credit or loan, there are risks involved with BNPL programs. There’s another big downside you should know about before you use a BNPL program: Your on-time payments aren’t reported to credit agencies, so you won’t get the same credit boost you get when you pay on other loans. But BNPL programs will report your late payments to credit agencies, so if you’re late, your credit takes a hit.
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