One reason “buy now, pay later” (BNPL) loans have become so popular is that they’re so easy. You can usually get them on the spot, at the point of purchase, with no application or hard credit check.
BNPL loans are so easy, in fact, that many U.S. consumers use them for impulse purchases and “emotional spending.” A LendingTree survey found that more than half (52%) of emotional spenders said that these types of loans have made them more likely to emotionally spend. This can lead to a range of financial problems — including building up too much debt.
