Personal Finance
The Inherent Dangers of Buy Now Pay Later Technology
By - Your Salary in Singapore  •  September 23, 2022
Buy now, pay later (BNPL) looks great on the face of it! You can buy whatever you want, split the cost or pay the bill in a month without any interest charge or credit check. In an online eCommerce world where we can purchase anything with a click of a button, it seems like an amazing tool that means people won’t need to wait for their next payday to buy a new pair of shoes or order the latest gaming console. The dangers, though, are very real – and it would be foolish to assume that a BNPL lender is in it for anything other than profit. What Is the Issue With BNPL? BNPL can be advantageous, with the big caveat that it’s only a resource worth using if you have absolute certainty that you grasp the terms and will be able to repay on time. Finance experts feel that the concept constitutes false advertising, and BNPL is really...
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