Money Box
Summary
New rules started on July 15, 2026, for Buy Now Pay Later (BNPL) services like Klarna and Clearpay. These rules require companies to check if customers can afford payments, aiming to protect shoppers but also leading to more rejected applications.Key Facts
- New regulations for BNPL began on July 15, 2026.
- Shoppers must now pass affordability checks before using BNPL.
- BNPL allows people to pay for items over several months without interest.
- Last year, there were about 100 million BNPL transactions, totaling roughly £7 billion.
- Money Wellness, a free money advice service, saw record BNPL debt help requests in June with 4,520 customers.
- This June number was only second to the usual high demand after Christmas in January.
- The Financial Conduct Authority and experts are involved in explaining the new rules.
- The changes aim to make BNPL safer but could also mean more people are turned down for these payment plans.
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