Are Buy Now, Pay Later apps like Klarna, Afterpay and Paybright really so bad? I mean, they charge 0% interest to use them and make it easier to shop online. Here's the thing, these companies don't exist to help you manage your finances better, they're here to make a profit off you in one way or another.
In this video, I share how these Buy Now, Pay Later instalment loans work, what the real cost of using them is, and why if you really want to be smart with your spending, you'd avoid them entirely.
CHAPTERS
00:00 Introduction
00:56 Who are these Buy Now, Pay Later companies?
01:26 How BNPLs work
01:59 How do BNPLs make money?
02:47 Why retailers love Buy Now, Pay Later apps
04:21 Fees you don't know about
05:34 How they affect your credit score
06:06 Other drawbacks of using a BNPL
08:45 Other fees and interest you may pay
09:50 Why you may still need to use a BNPL
RESOURCES
➡️ How to Set Up Your Small Business Finances https://www.youtube.com/watch?v=MOIZ2kk_fCA
➡️ How to Build Your Emergency Fund https://www.youtube.com/watch?v=7he1u4Oj5qc
➡️ How to Improve Your Credit Score https://www.youtube.com/watch?v=5ij09CWxIfw
➡️ Helpful Budget Templates to Download https://jessicamoorhouse.com/shop
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ABOUT ME
I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada®, speaker, blogger, YouTuber, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and turned my personal finance blogging side hustle into my full-time business so I could spend all my time teaching others how they can take control of their lives by taking control of their money. To learn more, check out my website https://jessicamoorhouse.com
#money #personalfinance #bnpl
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The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/
