Rob Wile is a breaking business news reporter for NBC News Digital.
The Biden administration announced Wednesday that customers who use 'buy now, pay later' services for purchases are entitled to the same legal protections as customers who use credit cards. The new ruling from the Consumer Financial Protection Bureau means consumers will be able to dispute charges and demand refunds for returned products purchased with a
marketplace found the lack of such protections 'can create chaos' for consumers who may be rethinking a purchase. “When consumers check out and choose Buy Now, Pay Later, they don’t know if they will get a refund if they return their product or whether the lender will help them if they didn’t get what was promised,” CFPB Director Rohit Chopra said in a statement.
providers don’t universally report to the major credit agencies, but missing payments can still hurt users' credit scores . Younger consumers have been key to the growth of these services. The Fed found one in six people ages 18-44 used borrowers. And as many users lean on the platforms more regularly, some who've been burned are increasingly warning others to steer clear, NBC News has reported. Wednesday's ruling may face pushback from
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