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As per CFPB Study There is Need for "Buy Now, Pay Later" Rules

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As per CFPB Study There is Need for "Buy Now, Pay Later" Rules

As per CFPB Study There is Need for "Buy Now, Pay Later" Rules

Buy Now, Pay Later is an interest-free payment choice that mainly assists spend for online goods as well as services 

Buy Now, Pay Later is an interest-free payment choice that mainly assists spend for online goods as well as services 

The option expanded significantly during the pandemic, with Affirm, Afterpay, Klarna, PayPal and Zip .... 

The option expanded significantly during the pandemic, with Affirm, Afterpay, Klarna, PayPal and Zip .... 

coming from 180 million Buy Now, Pay Later loans completing greater than $24 billion just last year 

coming from 180 million Buy Now, Pay Later loans completing greater than $24 billion just last year 

A study into the Buy Now, Pay Later sector revealed that customer securities are lax as well as lenders often utilize information gathering to develop a database of valuable personal information 

The Consumer Financial Protection Bureau is developing regulations as well as standards to secure customers from possible risks like widespread data collection 

Research discovered BNPL frequently depends on data collection and also various other customer risks like:- 

Lac of standard consumer protections, Younger access to financial debt, Normalizes debt and also Lenders have actually begun moving to collecting as well as selling individual data 

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References:- 1. investopedia.com 2. consumerfinance.gov