What is a pay now pay later loan?
What is a pay now pay later loan? Buy now, pay later (BNPL) is a checkout option that lets you buy something now and credit the tab to future you. It's a simple way to spread out payments -- you pay a bit right away, then pay the rest in installments. It's more flexible than paying with a credit or debit card.
What is an example of a pay later?
For example, if your total purchase is $300, you'll pay $75 at checkout, then have three remaining payments of $75, each due two weeks apart. As long as you make all payments on time, you'll pay off your purchase in six weeks.