Americans turning to "buy now, pay later" loans for rent, food, and other necessities
Summary
More Americans are using "buy now, pay later" loans to pay for essential needs like rent and food. These loans became popular during the pandemic for large purchases, but now people rely on them to cover daily expenses.Key Facts
- "Buy now, pay later" loans allow people to split payments over time instead of paying all at once.
- This type of loan grew quickly in use during the COVID-19 pandemic.
- Originally, these loans were mostly used for big purchases like electronics or clothes.
- Now, more people use them to pay for basics such as rent and groceries.
- Experts warn these loans can sometimes cause financial problems if people cannot keep up with payments.
- Some lenders offer these loans with little or no interest if payments are made on time.
- The growing use of these loans reflects ongoing financial stress for many Americans.
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