At the end of 2020, “buy now, pay later” services became increasingly popular. what are they

“Buy now, pay later” (BNPL) services are financial products that allow consumers to purchase goods or services immediately and defer the payment to a later date, often through installment payments. They typically offer short-term financing with little to no interest if paid off within a specified period. This approach makes it easier for consumers to manage their budgets while making larger purchases, but it’s essential to understand the terms and potential fees associated with the service.