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The Guardian - UK
The Guardian - UK
Business
Zoe Wood

New ‘buy now, pay later’ affordability checks may cover even smallest loans

BNPL FCA Sarah Pritchard
Colourful advert for Klarna on the windows of a store on Oxford Street in London; it reads: No Regrets. Pay it in 3 with Klarna. Ask your team in-store for more info.
Buy now, pay later options such as Klarna regularly pop up at online checkouts as well as being offered in stores. Photograph: Robert Evans/Alamy

Lenders may have to carry out affordability checks on even the smallest buy now, pay later loans under new rules drawn up by the City watchdog.

The Financial Conduct Authority (FCA)on Friday published details of its plan to regulate the £13bn buy now, pay later (BNPL) market.

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