Shoppers who used “buy now, pay later” to help finance gifts this holiday season may soon encounter an unwelcome surprise: Returns can be more challenging than when buying from the store with cash or a credit card.
Returns and disputes are a common concern among buy now, pay later users, according to a September 2022 report from the Consumer Financial Protection Bureau, and dispute resolution is the top buy now, pay later-related complaint in the CFPB’s Consumer Complaint Database.
That means when you make a return, the refund goes to the buy now, pay later provider. It’s up to the provider to apply the refund to your account, and there’s usually a lag. The industry also remains largely unregulated. If a package goes missing or arrives damaged, consumers have fewer protections compared with other financing products.
Udis points out that some providers voluntarily offer protections. PayPal and Klarna, for example, have formal protection policies, which may increase the likelihood of a refund.
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