One in ten relying on Buy Now Pay Later for Christmas

25th November 2021 Alternative Consumer Lending | #BNPL

Almost one in ten people in UK (9%) are planning on using Buy Now Pay Later (BNPL) for part of their Christmas shopping, Citizens Advice has found. Out of the 43% resorting to borrowing to help cover Christmas this year, one in five said they’ll be turning to BNPL to pay for at least part…

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Use of BNPL hits all-time high, as shoppers look to spread the cost of festive period

25th November 2021 Alternative Consumer Lending | #BNPL

More than a quarter (28%) of UK shoppers are now regularly using Buy Now Pay Later (BNPL) services to spread the cost of purchases, and thousands more will be doing so for the first time as the festive season approaches according to new data from Equifax. The research has revealed just how much of consumers…

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Fourfold increase in customers seeking Buy Now Pay Later debt advice

24th November 2021 Alternative Consumer Lending | #BNPL

New figures from Financial Wellness Group have indicated that the number of customers seeking debt advice who have outstanding Buy Now Pay Later (BNPL) loans amongst their debts has increased fourfold since the start of the pandemic. In the past 8 months (March to November 2021), the number of customers with BNPL debts on a…

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BNPL has led to 18% decline in credit card transactions

New research by Buy Now Pay Later (BNPL) platform, Butter, has revealed how the emergence of the BNPL sector has already led to a decline in credit card transactions, as more and more consumers opt for this modern method of payment. The research shows that the BNPL space has expanded dramatically in a very short…

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Klarna holds over 50% share of global BNPL sector

10th November 2021 Alternative Consumer Lending | #BNPL

New research has found that Klarna now holds over 50% share of the global Buy Now, Pay Later (BNPL) market sector. Data presented by the HelpCenter app has revealed that Klarna is currently the most popular Pay Later technology in the market, offered by 53% of websites on the entire internet, higher than its competitors…

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Buy now pay later debt surpasses £4bn

27th October 2021 Alternative Consumer Lending | #BNPL

An estimated 7.7 million consumers have significant outstanding balances with buy-now, pay-later (BNPL) companies, as consumers continue to be drawn in by unregulated, interest-free borrowing according to research by Credit Karma. The research has indicated that BNPL has continued growing, despite concern amongst industry experts and government, with research indicating providers have acquired another 1.6…

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BNPL consultation launched by HM Treasury

22nd October 2021 Alternative Consumer Lending | #BNPL

HM Treasury has launched a consultation on possible Buy Now, Pay Later (BNPL) regulation. The consultation is seeking views to inform the scope and nature of the regulation, but the document suggests that some existing regulation can be applied to BNPL. and picks up on all the most important elements that can cause consumer detriment. The…

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Major retailers bombard online shoppers with Buy Now Pay Later

18th October 2021 Alternative Consumer Lending | #BNPL

Online shoppers are being bombarded with Buy Now Pay Later (BNPL) payment options at the checkout, often with little or no information about late fees, credit checks and the risk of falling into debt, a Which? investigation of more than 100 major retailers has found. Which? looked at 111 of the biggest online retailers in…

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