Credit checks, rate caps, and refunds: How London and Brussels plan to tame buy now, pay later “wild west”
When UK regulators set about putting some rules on consumer credit back in the 1970s, the realm of interest-free credit was largely left alone. Homeowners opting to buy their couch or fridge-freezer “on finance” with the local department store did so with little risk, given that the agreements were in large part zero-interest and had no fees. Fast forward to 2025, and the world of interest-free credit is wildly different to what it once was. Now home to a credit product known as buy now, pay later (BNPL), it is an industry that has spawned a slew of multi-billion-dollar fintech…
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