By Emma Patch
From Kiplinger’s Personal Finance
Propelled by inflation and the pandemic-driven convenience of online shopping, Buy Now Pay Later (BNPL) services have become as commonplace as hand sanitizer in a shop entryway.
Since 2018, the number of BNPL users in the United States has grown by more than 300 percent per year, according to a 2021 report by Accenture, a financial consulting and information technology firm. As the popularity of these programs has increased, fintech companies of all kinds have introduced BNPL products.
When you make a purchase using BNPL, a third party offers you a loan at checkout to cover your purchase, in some cases with no interest or additional fees….