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Klarna Introduces Late Fees for All Customers

Klarna Introduces Late Fees for All Customers

Klarna, a leading Buy Now Pay Later (BNPL) provider, is expanding its late payment fees to include all customer segments starting June 20. This change will affect young adults significantly, as they often rely on BNPL services to finance everyday items like electronics and appliances. These fees were previously implemented for short-term, interest-free purchases but will now also apply to longer-term, regulated financial products. Customers will face a £5 charge for missed payments of £20 or more, though there's a 25% fee for smaller payments, with a 14-day grace period provided. The expansion aims to encourage timely payments without becoming a financial burden, according to Klarna. This development comes as BNPL options are increasingly popular, surpassing payday loans and nearing the usage levels of traditional credit cards, highlighting a shift in consumer borrowing behavior.

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