Buy Now Pay Later shoppers face affordability checks under new rules
Lenders must approve each transaction; tips to avoid being blocked
Shoppers using Buy Now Pay Later (BNPL) services have been subject to affordability checks since July, when the sector was brought under official regulation. Under the new rules, lenders such as Klarna and Clearpay must be approved by the regulator and each transaction is subject to an affordability check. Those who fail a check could be blocked from using BNPL for that purchase.