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Common questions about BNPL
How are virtual credit cards different from BNPL?
Virtual cards are offered by BNPL providers when retailers don't already accept their form of payment. The order is run as a "card transaction" but you purchase is still paid back as a BNPL loan
Why don't BNPL loans require a more thorough credit check?
Since BNPL loans are only for a fixed amount, usually less than $600, the level of credit risk for providers is minimal (compared to credit lines that revolve). So, if you fail to repay your loan, the provider can cut their losses by simply not lending to you again.
Do BNPL providers charge fees?
Most BNPL providers don't charge you a fee just for making and repaying a purchase (Quadpay is the main exception). However, if your payment for an installment comes after the due, most providers will charge you a fee.
If BNPL is interest-free, how do providers make money?
The primary way BNPL providers make money is by charging retailers a fee for accepting their form of payment at checkout, which is usually larger than the fee that credit card issuers make on a card transaction.
How are BNPL loans different from monthly installment loans?
BNPL loans are known as "deferred debit" payments, which means that interest-free repayments are automatically charged on a recurring basis (e.g., bi-weekly), usually for lower loan amounts. Loans repaid in monthly installments are typically for larger loan amounts that often charge interest.
Can I have multiple BNPL loans at once?
It's possible to be approved for a new BNPL loan while you're in the progress of paying back another. But, most providers will first want to see a record of timely repayment before extending credit for multiple different purchases at one time.