There are plenty of deals to be had for holiday gift giving – Black Friday, Small Business Saturday, Cyber Monday – on top of an already competitive market filled with attractive options.
A good deal or bad debt: Buy Now, Pay Later Loans
You want to get the best deal but what happens when that deal is still too expensive? Buy Now Pay Later (BNPL) loans are one of the latest crazes in online shopping.
“Purchase this item making four payments…”
“Open a credit card and get six months of interest-free financing…”
The concept isn’t new, but it is increasingly common with online retailers. These offers might look like a good deal up front, but don’t forget to read the fine print. BNPL loans can come with extensive penalties that may have you wishing you never signed up.
“They are offering you this because you want something today and cannot pay. You will eventually pay,” said Michelle Presenell, United Way of the Plains Community Impact manager for Financial Stability (below).