Thinking of using Buy Now Pay Later?
Make sure that this payment method suits your needs before you use it. View our consumer information here.
New research published by the Consumer Council reveals that By Now Pay Later (BNPL) is the second highest form of credit used in the past three years.
“Buy Now Pay Later is increasing in popularity in Northern Ireland” said Sean Breen, Director of Financial and Postal Services at the Consumer Council.
“Our research shows that this is now the second most used form of credit in Northern Ireland. Whilst it offers benefits such as being able to spread the costs of purchases, it is important that consumers fully understand what BNPL is, and the terms and conditions that apply.”
Key research findings include:
“The convenience of BNPL must be balanced with caution,” said Sean.
“BNPL is not currently regulated by the Financial Conduct Authority, and purchases made using BNPL are not covered by Section 75 of the Consumer Credit Act, which means you don’t have the same level of consumer protection as you have when using the likes of a credit card.”
What to be aware of when using Buy Now Pay Later
Read our full report on Buy Now Pay Later here or the summary report.
Make sure that this payment method suits your needs before you use it. View our consumer information here.