The consumer protections that apply to “buy now, pay later” (BNPL) credit are now uncertain after the Consumer Financial Protection Bureau (CFPB) withdrew its interpretation that BNPL providers must provide many of the same rights to consumers that they would have with a credit card. Although the ability to split a purchase into four payments…
Read More about What Rights Do Buy Now, Pay Later Purchasers Have?
A New York Attorney General (NY AG) lawsuit shows how costly “earned wage” payday loans can be -- up to hundreds of dollars a year.
Read More about MoneyLion’s Costly “0% APR” “Earned Wage” Payday Loans
Shoppers often have the choice to “buy now, pay later” using companies such as Klarna, AfterPay, Sezzle, Affirm, Splitit, and PayPal. With the typical “pay-in-four” buy now, pay later (BNPL) loan,a quarter of the price is due at checkout followed by three payments every two weeks for the next six weeks. BNPL credit can be…
Read More about Risks and Advice for Buy Now, Pay Later Borrowers
A lawsuit filed by the New York Attorney General against DailyPay reveals a business model built around trapping low-wage workers into paying hundreds of dollars in fees each year.
Read More about DailyPay Extracts Hundreds of Dollars From Low-Wage Workers’ Pay
NCLC opposes Connecticut SB 1396, An Act Concerning Earned but Unpaid Wage or Salary Income Advance, which exempts earned wage advance payday loans from Connecticut’s interest rate caps.
Read More about Letter Opposing Connecticut S 1396 Earned Wage Advances
We are supporting Rhode Island H 6055, which prevents predatory rent-a-bank lenders from evading the state’s interest rate limits.
Read More about Testimony in Support of Rhode Island H 6055 on Interest and Usury
