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TERRE HAUTE, Ind. (WTHI)- A new interpretive rule from the Consumer Financial Protection Bureau aims to give “buy now, pay later” customers more legal protections.
Many retailers offer the buy now, pay later service to make more products available to customers who would normally not be able to afford them upfront by allowing them to make multiple, smaller payments over time.
A new interpretive rule from the Consumer Financial Protection Bureau aims to give “buy now, pay later” customers more legal protections.
The CFPB’s new rule allows consumers to dispute charges, receive a billing statement, and have the right to a refund.
News 10 sat down with the Better Business Bureau to learn how consumers can use these services wisely.
Tips for using buy now, pay later services
Read the terms carefully and make sure you know:
- What company is financing
- How long the plan lasts and how many installments you will pay
- How they handle late or rescheduled payments
- Whether they charge an interest rate
- If there are any other …
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