New rules proposed for buy now pay later

Available for over a year

Rules on buy now pay later loans are to be tightened up. The loans were used by 15 million people in the UK in 2021, and they're usually spread over a number of payments. The main services in the UK are Klarna, Clearpay, Laybuy and PayPal. The government wants new guidelines on advertising and checks to ensure customers can afford to pay. Mark Elliott had a chat with Steve Barras from Just Credit Union, a Shropshire based Savings & Loans Cooperative.