
BNPL stands for Buy Now Pay Later.
Several apps offer this:
KLARNA (pink, clever-from Sweden)
AFFIRM
QUADPAY
AFTERPAY
They are apps built on credit cards or debit cards, called “Ghost Cards”.
Let’s say a person wants to buy something online for $100 now but can’t afford it. These apps allow splitting the payments into $25 every 2 weeks.
Fines and credit reporting can be hefty at up to 30%.
My mantra: if you think in monthly payments, you will always have them.
Image screencap from Klarna app