Ah, that's the scam. Yet another poor tax, then? The rich get interest on money they already spent, the poor get an illusion of safety followed by even more destitution?
Ah yes, the big scam of offering zero interest unsecured loans to anyone without even running a credit check. These companies are bound to have big losses when things go south because they literally offer you free money.
That’s not how BNPL works in its modern form with the third party companies. You pay late fees if you pay late. If you have a 3 month plan, they divide the payment into three equal installments and you pay it off.
The parent poster is confusing BNPL with cobranded cards like Room 2 Go credit cards that have special promotions with “0% for x months”. It’s a regular credit card where the minimum payment won’t guarantee that you pay the original amount off in “x” months, but you only have to pay 2% of the balance. These have always shown up on your credit report.
They are “deferred interest” plans where if you don’t pay the balance off in $x months it will charge you back interest.
