buy now, pay later loans

New data from LendingTree shows 8.2% of Americans now use personal loans for everyday bills, up from 3.4% three years ago. Gen Z is most likely to rely on such loans, with buy now, pay later loans increasingly used for essentials like groceries rather than luxury items.

More Americans are using personal loans to cover everyday expenses, with the percentage of borrowers doing so doubling from 3.4% to 8.2% in three years. Gen Z is the most likely age group to rely on such loans, and 'buy now, pay later' loans are increasingly used for essentials like groceries rather than larger purchases, according to LendingTree data.

More Americans are using personal loans to cover everyday expenses, with 8.2% of borrowers now using them for basic bills, up from 3.4% three years ago. Gen Z is the most likely age group to rely on such loans, and 'buy now, pay later' loans are increasingly used for essentials like groceries rather than larger purchases. LendingTree warns of challenges in managing multiple loans and advises borrowers to track payments and understand their financial limits.