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The Independent UK
The Independent UK
Lifestyle
James Moore

Voices: Young people! Here’s what you need to know about ‘buy now, pay later’ loans

BNPL FCA Klarna
Useful tool or risky product? The city watchdog plans to regulator buy now pay later loans (Alamy/PA) -

Klarna and its pals have taken over the British High Street, with buy now pay later (BNPL) loans exploding in popularity. The market ballooned from £60m in 2017 to more than £13bn last year. One in five Britons used it to borrow money over the 12 months to May 2024.

Regulatory oversight is long overdue and with legislation finally on the books, the Financial Conduct Authority has delivered its proposals.

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