BBB: 'Buy now, pay later' customers gain protections in wake of CFPB rule

As a new interpretive rule from the Consumer Financial Protection Bureau is set to give “buy now, pay later” customers more legal protections, the Better Business Bureau is sharing tips for using these services wisely.

In its May 22 interpretive rule, the CFPB confirmed that buy now, pay later lenders qualify as credit card providers — giving consumers legal protections such as the right to dispute charges and demand refunds and the right to receive billing statements. Nearly 16,000 consumers filed complaints with BBB in 2023 about payment processing services, which include installment payment financing companies. Many complaints related to "buy now, pay later" plans focus on billing errors, failure to issue refunds, and being charged for lost or undelivered items.

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