Buy Now Pay Later Rules to Include Refunds and Rejection Policies

New regulations have come into effect requiring Buy Now Pay Later (BNPL) lenders to obtain regulator approval, significantly strengthening consumer rights. Consumers can now access refunds, independent complaint resolutions, and claim compensation for faulty goods, while mandatory affordability checks aim to prevent overextending credit. However, these stricter rules may also lead to some users being refused loans, potentially pushing them toward unregulated, higher-cost lenders, with concerns raised about the impact on vulnerable borrowers.

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