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Buying a pricey Peloton bike or spending hundreds of dollars on skincare at Sephora is easier than ever thanks to the rise of ‘buy now, pay later’ services, also known as point-of-sale (POS) loans. With POS loans, consumers can spread out the cost of their purchases into installment payments paid over several months, occasionally with 0% interest rates. 

POS loans have been most popular among young people: A survey done by LendingTree in April found that nearly 60% of Gen-Z respondents surveyed had used a point-of-sale loan. This age cohort was also less likely to view using POS loans as a form of debt.

With the average APR on credit cards around 16%, it’s easy to understand why people are opting for POS loans…

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