How many Americans have used a buy now, pay later loan? BNPL is everywhere. Almost half of our survey’s respondents say they’ve used a BNPL loan service such as Affirm or Klarna, including 11% who say they’ve used them at least six times.
How many Americans have been late with a payment on a buy now, pay later loan? More than half of BNPL users (54%) say they’ve paid late on a BNPL loan in the past, including 41% who paid late on one in the past year. That 41% is up from 34% a year ago.
What do Americans buy most often with a buy now, pay later loan? Clothing, including shoes and accessories, is the item most commonly bought with a buy now, pay later loan, but technology devices and home decor aren’t far behind.
What are the most popular buy now, pay later services? PayPal is the most commonly used BNPL lender, utilized by 56% of the BNPL users in our survey. However, three other services — Klarna, Affirm and Afterpay — are also popular. All three companies have been used by 38% of BNPL users. No other service tops 15%.
Retailers and lenders do an incredible job of making it easy to spend a lot of money in a short period. BNPL services are no exception. However, just because you can borrow the money doesn’t mean you should.