{"id":19699,"date":"2023-11-23T15:51:08","date_gmt":"2023-11-23T15:51:08","guid":{"rendered":"https:\/\/www.ccpc.ie\/consumers\/?p=19699"},"modified":"2024-01-25T14:21:06","modified_gmt":"2024-01-25T14:21:06","slug":"think-before-you-buy-now-pay-later","status":"publish","type":"post","link":"https:\/\/ccpc.inventise.ie\/consumers\/2023\/11\/23\/think-before-you-buy-now-pay-later\/","title":{"rendered":"Think before you &#8216;Buy Now, Pay Later&#8217;"},"content":{"rendered":"<p>Buy Now Pay Later (BNPL) is an increasingly popular payment choice. However, recent Central Bank research shows that many people do not fully understand it. More than a third see it as a payment method, rather than a credit product.<\/p>\n<p>With Christmas on the horizon, many people will lean on different forms of credit. BNPL can seem like an easy solution, but you should make sure you fully understand it before taking it out.<\/p>\n<h2>What is BNPL?<\/h2>\n<p>\u2018Buy Now Pay Later\u2019 is a credit arrangement that allows you to buy goods or services now and pay for them later. You can spread the cost over a number of months or years. BNPL is available both online and in store.<\/p>\n<p><a href=\"https:\/\/ccpc.inventise.ie\/consumers\/money\/loans\/\">Learn about other kinds of credit<\/a>.<\/p>\n<h2>How BNPL works<\/h2>\n<p>The business or shop you\u2019re buying from and the BNPL provider are usually different companies. Even though you may buy the goods\/services from the business, you\u2019re entering into a separate contract with the BNPL provider.<\/p>\n<p>BPNPL providers offer different payment options, usually a series of instalments or in full at a later point. You typically pay the first amount when buying the product or service. The balance is borrowed from the BNPL lender as a form of short-term credit. When you buy in this way, it\u2019s the same as a loan.<\/p>\n<div class=\"toptip\">\n<h3>Top Tip<\/h3>\n<p>It is best to use savings to cover Christmas expenses without getting yourself into debt. You should be aware of the costs and risks of different credit options, if you do need to borrow. Use our <a href=\"https:\/\/ccpc.inventise.ie\/consumers\/money-tools\/\">Money Tools<\/a> to compare the types of credit available.<\/p>\n<\/div>\n<h2>Are there risks?<\/h2>\n<p>Always think about whether BNPL is the right option for your needs. Remember BNPL is the same as taking out a loan. There are some things you should think about before using this form of credit:<\/p>\n<ul>\n<li>can you afford it? \u2013 there can be extra fees, particularly if you miss a payment<\/li>\n<li>is the item essential? \u2013 research shows 23% of people have bought something on BNPL that they wouldn\u2019t have bought if BNPL wasn\u2019t available<\/li>\n<li>interest rates \u2013 there can be interest on longer BNPL arrangements<\/li>\n<li>credit history \u2013 BNPL is a loan and missed payments could impact your ability to get loans or a mortgage in the future<\/li>\n<\/ul>\n<h2>Regulation of BNPL<\/h2>\n<p>The Central Bank oversees BNPL and if you borrow more than \u20ac500, the BNPL agreement will be recorded on your <a href=\"https:\/\/registers.centralbank.ie\/\">credit history<\/a>. The Central Bank provides <a href=\"https:\/\/www.centralbank.ie\/consumer-hub\/buying-goods-and-services-short-term-credit\">further information on BNPL<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buy Now Pay Later (BNPL) is an increasingly popular payment choice. However, recent Central Bank research shows that many people do not fully understand it. More than a third see it as a payment method, rather than a credit product. &hellip;<\/p>\n","protected":false},"author":240,"featured_media":19703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[184,1],"tags":[],"class_list":["post-19699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Think before you &#039;Buy Now, Pay Later&#039; - CCPC Consumers<\/title>\n<meta name=\"description\" content=\"The Competition and Consumer Protection Commission is an independent statutory body that enforces competition and consumer protection law in Ireland\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Think before you &#039;Buy Now, Pay Later&#039; - CCPC Consumers\" \/>\n<meta property=\"og:description\" content=\"The Competition and Consumer Protection Commission is an independent statutory body that enforces competition and consumer protection law in Ireland\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ccpc.ie\/consumers\/2023\/11\/23\/think-before-you-buy-now-pay-later\/\" \/>\n<meta property=\"og:site_name\" content=\"CCPC Consumers\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-23T15:51:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-25T14:21:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ccpc.ie\/consumers\/wp-content\/uploads\/sites\/2\/2023\/11\/BNPL-Graphic.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"530\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"gordonryan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"gordonryan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ccpc.ie\/consumers\/2023\/11\/23\/think-before-you-buy-now-pay-later\/\",\"url\":\"https:\/\/www.ccpc.ie\/consumers\/2023\/11\/23\/think-before-you-buy-now-pay-later\/\",\"name\":\"Think before you 'Buy Now, Pay Later' - 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