Record Number Of Americans Embrace 'Buy Now, Pay Later' Loans For Daily Essentials As Rising Costs Squeeze Households

Americans are increasingly relying on “buy now, pay later” loans to cover essentials like groceries and fuel, according to a LendingTree survey. The August poll of 2,000 respondents found 41% considered a BNPL loan, up 5% from July and the highest level since tracking began in 2021. Newsweek reported that 41% of current BNPL users made a late payment in the past year, up from 34% the previous year. Once used mainly for non-essentials, BNPL loans are now increasingly covering necessities like groceries and fuel, reflecting growing financial strain on U.S. consumers. Half of respondents said they plan to take a BNPL loan in the next six months, while 60% of current users already hold multiple loans. Gen Z stands out, with 64% having used BNPL and 71% carrying multiple loans. Americans are increasingly turning to BNPL loans to cover daily expenses as wages lag behind inflation and tariff-driven cost pressures intensify financial strain.