Do buy-now, pay-later apps hurt your credit score?

Buy-now, pay-later apps don’t generally report payment information to the credit bureaus, although there are apps that do. However, this does not mean late payments won’t incur hefty fees or be sent to collections if you do not adhere to the terms of your loan. And, it also means that a positive payment history will not help you build credit over time, in most cases.

Can I get approved to us a buy-now, pay-later app if I have bad credit?

Approval will be determined by the lender you’re choosing. Some buy-now, pay-later platforms may extend you a line of credit even if you have a lower credit score, but this may come at the cost of a higher APR or a lower credit limit.

What are the disadvantages of buy-now, pay-later?

Some downsides of buy-now, pay-later services include late fees, the temptation to overspend, and potentially steep interest rates.

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THE 5 BEST BUY-NOW, PAY-LATER APPS FOR 2023

The 5 best buy-now, pay-later apps for 2023

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