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Popularity Of ‘Buy Now, Pay Later’ Creates A Blind Spot In Lending
Unlike banks and financial institutions, some online ‘buy now pay later’ apps do not share their data with credit bureaus.
19 Jan 2021, 08:25 PM IST
“Buy now, pay later” products, which allow consumers to defer payment on goods and services without signing up for a traditional loan, are creating a blind spot for the credit market. This, as data on such products isn’t reported fully to credit bureaus, leading to concerns about loan stacking.No official data is available on the extent of “Buy now, pay later” credit in the market but anecdotal evidence points to its increased popula...
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