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Millions of Americans Embrace Buy Now, Pay Later Loans
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Millions of Americans Embrace Buy Now, Pay Later Loans

A recent survey by TransUnion highlights the growing popularity and high satisfaction rates among U.S. consumers using Buy Now, Pay Later (BNPL) loans. Conducted with 1,200 participants, the study reveals that 89% of BNPL users are satisfied with the service, and 85% would recommend it to others. BNPL loans allow consumers to make purchases and pay in installments instead of a lump sum, appealing to over 100 million users so far. The trend is expected to grow, especially since 53% of non-users expressed interest if BNPL could positively impact their credit scores. TransUnion is spearheading efforts to include BNPL loan data in credit reports, which could enhance credit visibility and access for many consumers. The research underscores that 86% of BNPL users would continue using these loans if they could boost their credit scores. This integration could help those currently excluded from traditional credit systems. The study also found that a significant portion of consumers, regardless of income, value the potential credit-building benefits of BNPL loans. TransUnion's new reporting capabilities aim to accurately reflect BNPL loans' unique features, ensuring consumers are credited for timely payments without penalties for frequent use. The findings suggest that BNPL loans could play a crucial role in financial inclusion as they become more integrated into the credit reporting ecosystem.

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