Bankroll – Wagdy Ghoneim Sat, 22 Jan 2022 17:41:06 +0000 en-US hourly 1 Bankroll – Wagdy Ghoneim 32 32 Consolidating Private or Federal Student Loans: What’s the Difference? Sat, 22 Jan 2022 07:04:41 +0000

If you have student loans, you may have heard of loan consolidation. This means combining several loans into one.

People do this because they might be able to get a better interest rate on a single loan, and also because it’s easier to keep up with one monthly payment rather than several. Consolidation may seem like an attractive option when you think about these potential benefits.

What you may not realize, however, is that there is a difference between private student loan consolidation and federal loans. We will talk about it in this article.

Private vs Federal Student Loans

Before going into student loan details debt consolidation, let’s make sure we understand the difference between a federal student loan and a private student loan. Private student loans are issued by private loan companies. Federal student loans are issued by the US Department of Education.

A private student loan is not necessarily easier to obtain than a federal loan. Federal student loans are often attractive due to deferral options, low fixed interest rates, and income-contingent repayment.

Federal Student Loan Consolidation

Let’s start by talking about federal student loan consolidation. If you have subscribed to several, grouping them together via a Direct Consolidation Credit is sometimes possible. The federal government offers this type of loan. If you have private loans, this is not an option.

You can apply for any of these consolidated loans for free. You can easily do this online without a credit check. When you do, you can choose new repayment terms. For example, you can choose a longer term loan. This will lower your monthly payments, but you’ll end up paying more interest due to the longer term of the loan.

A federal student loan consolidation loan will cause your interest rate to increase slightly. However, you can still go this route because you will now have lower monthly payments and only one bill to pay each cycle.

Consolidation of private student loans

Now let’s move on to consolidating private student loans. If you have private student loans that you want to consolidate, you can do business with a private company instead of the federal government. Like federal student loan consolidation, this option can mean lower monthly payments.

There are, however, some differences. For example, a private company will review how worthy a candidate you are based on your credit report. If you are considering a federal student loan consolidation, you will not have to go through this credit check.

The other crucial difference is that some entities through which you can obtain private student loan consolidation will charge you something they call an origination fee. It is a percentage of the loan for the treatment of the existing loan in its new consolidated version.

You might feel like this is a reason not to consolidate your private student loans if these origination fees are too high. However, you can always research lending companies to see if they don’t charge this fee or if you can find a cheaper one.

Consolidation often makes sense

Consolidation may be a logical decision if you have multiple federal or private student loans. With either option, you can extend the term of the loan, giving you more time to pay it back. You can also go from having several bills to pay each month to just one.

Remember that if you opt for a direct federal consolidation loan, you can apply for it for free and there will be no credit check. If you try to consolidate private loans with a non-federal lending entity, they will check your credit. You will also have to pay attention to any assembly costs.

Everyone with student loans must weigh the pros and cons of private or federal consolidation. A careful review of your finances will often reveal if this is a prudent option.

BNPL’s Growing Role in Unsecured Lending Wed, 19 Jan 2022 18:59:35 +0000

Paying for goods according to the installment plan is not a new method of payment, but it has resurfaced in response to increased consumer interest. “Buy now, pay later” gives consumers more control over how much they spend and where they spend it. It also gives them more freedom to buy the things they want, even without having enough money in their account.

In the United States, point-of-sale (POS) financing services have increased significantly, particularly due to restrictions related to COVID-19. Usage among the younger demographic has greatly influenced BNPL’s growth, while banking digitalization has boosted merchant adoption.

Currently, players in the fintech market are taking the lead when it comes to BNPL, and so far only a handful of banks have reacted quickly enough to be competitive. To avoid significant losses in the future, banks need to understand the current POS financing landscape and choose a model that works best for their new customers.

New business opportunities with POS loans

Traditional banks and financial institutions should see the growth of POS funding models as a signal to rethink the lending landscape and their role in it. With fintech siphoning off most of the value of banks’ point-of-sale funding, estimated at $8-10 billion so far, it’s evident that this is a very profitable market.

Another important factor is that most users engaged in online banking are young, tech-savvy millennials and Generation Z. If banks want to see their long-term goals achieved and attract the attention of these young users , they should focus on
make these changes in the system

  • Integration throughout the purchase journey
  • Rethinking risk models
  • Different approaches to credit

Integration throughout the purchase journey

As fintech works to create a complete customer buying journey, banks are falling behind. Onboarding can help scale and inspire younger generations to give banks greater visibility. Using rewards and subsidizing credit reward costs will bring more value to customers and ultimately increase their loyalty.

Rethinking risk models

Consumer expectations are increasing every day, especially with merchant subsidies. It is time for banks to rethink and update their risk models to meet these expectations. One possible solution could be merchant partnerships, as merchants play a key role as intermediaries in this model.

Different approaches to credit

The difference between traditional credit products, installment credit cards and debit cards with new features is becoming increasingly blurred. Banks that start offering credit products in the format their customers want will gain valuable benefits and profit.

Everyone from neobanks, card issuers, lenders and merchant acquirers are competing for market share. By offering BNPL options, they can see how users interact with their platforms and find the right business model to stay afloat in a dynamic market.

It is clear that Buy Now, Pay Later is growing rapidly. Indeed, results from McKinsey’s 2021 Digital Payments Survey suggest that BNPL usage may actually be growing faster than its penetration.

Distinct models Buy now, pay later

As not all POS systems work the same way, the description of the systems used in the different financial markets shows how the service has evolved over a short period of time. At the same time, banks can gain a better understanding of what they are competing against and how they could outperform it.

1. Finance midsize purchases with off-card solutions
Solutions like Uplift and Affirm, which allow you to repay in monthly installments, are ideal for small and medium purchases. On average, the note size is between $250 and $2,500 and the time to repay the loan is around 8-9 months. Products purchased in this way are typically appliances, electronics, home fitness equipment, and furniture.

Most of these transactions are done digitally, and their growth is fueled by increased adoption among users with higher credit scores. However, consumers are unlikely to use this financing strategy more than a few times per year.

2. Post-Purchase Card Payments
This financing solution is popular in Asia and Latin America, although adoption rates are still quite low in the United States. Since the post-purchase refund strategy has a higher APR than other point-of-sale purchase solutions, it is less popular. However, a big advantage after purchase is the ability for merchants to use it with special offers. Card-linked payouts are currently available through services like Splitit or network solutions like Visa Payouts.

3. Shopping App Integration
The aspiration of most major shopping apps is to become “super apps”. Major market players such as PayPal’s “Pay In 4” offer services that follow customers throughout the purchase journey. Moreover, they are gradually gaining momentum. Unless banks find a way to increase their exposure, they might not be competitive at the same level and expect to suffer losses in the near future.

Pay in 4 focuses on small purchases that are typically under $250, with installments users can pay off in six weeks. Services like Afterpay have seen phenomenal growth fueled by the pandemic lockdown. With more merchants integrating these products into their payment offerings, the increase of more than 300% in 2020 could prove to be even greater in 2021. McKinsey estimates that Pay in 4 could generate between $4 and $6 billion in revenue by 2023.

Major market players recognize this trend towards integration. To secure their market positions, many have decided to integrate with Klarna and with Afterpay.

Why Consumers Use BNPL
Convenience. BNPL loans require a down payment or “down payment”, for example 25% of the purchase amount. The remaining amount is then repaid in installments over a few weeks or months.

Zero or low interest rate. BNPL loans do not include additional interest or bank charges, but they can come with a fixed repayment schedule.

Flexible credit check. To prevent fraudulent behavior, a soft credit check is performed to confirm the buyer’s identity. There will be no credit check or underwriting in the process.

Easy approval process. One of the most popular features of BNPL is the quick and easy approval process. Not only does this not affect credit scores, but it is irrelevant to other creditors.

How Banks Can Leverage POS Financing

Banks interested in getting involved in POS financing solutions can choose from different financing models. Each presents a unique opportunity as it forces banks to understand cost, time to market and customer segmentation.

Lease your balance to a BNPL company

One of the examples of collaboration between banks and BNPL companies is the model chosen by Cross River Bank and Affirm. Cross River provides Affirm with banking services so that they can endorse microfinance solutions.

Integrate credit card payments

As the BNPL market continues to grow, some banks have decided to integrate installments with existing credit cards. JP Morgan has developed Citi Flex Pay & Chase Pan to allow its customers to reimburse their purchases in installments. The strategy of adding new features to existing products or developing new financing products is a good way to meet customer needs, especially since most of them have started using alternative financing options. to avoid paying exorbitant interest on credit cards.

Take over a BNPL company
The market value of some of BNPL’s biggest players is estimated to be in the billions of dollars. AfterPay and Klarna have grown so much that even well-known market players like Mastercard, Apple Pay and Goldman Sachs have decided to offer new ways to use installments. However, as a stand-alone model, BNPL does not appear to be viable.

Develop your own BNPL solution
Some banks and financial institutions are ready to meet the needs of their customers and offer in-house developed POS financing solutions. If they want to compete with fintech, their advantage could be a partnership that allows them to build a unique product with the bespoke features their customers need.

Last word
Traditional lenders, brick-and-mortar banks, and neo-banks are all scrambling to find their footing in the POS financing market. Fierce competition will force them to use their assets to fuel the right business models and enter the market with competitive products.

What we can be certain of is the underlying need that drives customers and how point-of-sale financing addresses it. The digitization of major banking systems prevents some commercial banks from implementing clear strategies to enter this market. But with the ever expanding market scale, POS financing is here to stay.

Are “Buy Now, Pay Later” Plans Better Than Credit Cards? Tue, 18 Jan 2022 16:00:09 +0000

Image source: Getty Images

In some ways, yes, but there are also risks.

Key points

  • Buy now, pay later plans allow you to pay for your purchases over time.
  • Although these plans offer some advantages over credit cards, they are not necessarily a better choice.

The idea of ​​paying for purchases over time is not new. Years ago, stores typically offered layaway plans for people who couldn’t afford the items they wanted right away. And credit cards have long been a way to help consumers pay for products over time, albeit at a cost.

But in recent years, “Buy Now, Pay Later” plans, or BNPL plans, have become an increasingly popular financing option. These plans allow consumers to place a deposit on their purchases, bring their items back from the store (or have them shipped, in the case of online purchases), and pay them back in installments.

The great thing about BNPL plans is that they don’t charge interest upfront like credit cards do when you have a balance. Typically, you have about three months to pay off your purchase under an BNPL plan. Stick to this arrangement and make your payments on time, and you won’t have to pay interest or fees.

It is for this reason that consumers increasingly prefer BNPL plans to credit cards. But are they a better choice for financing purchases? Not necessarily.

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The danger of BNPL diets

While BNPL plans don’t charge automatic interest the way credit cards do when you carry a balance, they also make it easier to qualify for installment agreements. And that’s not necessarily a good thing.

When you apply to use a BNPL plan, there is usually no credit check involved. You might end up agreeing to a payment plan you can’t afford, running the risk of falling behind. And this is where things get risky.

If you do not make your BNPL plan payments, you will be pay interest on your purchases and possibly face a multitude of fees. Also, at this point, your negative payment activity may be reported to the credit bureaus. Once this information appears on your credit report, your credit score could drop and it could become more difficult to borrow money when you need it.

In fact, the Consumer Financial Protection Bureau recently issued a warning about BNPL’s plans and the dangers they pose to consumers. While it’s easy to argue that credit cards open the door to equally troubling consequences, credit cards may be better understood by consumers than BNPL plans because they’ve been around longer and have different requirements. different regulations to follow.

Should I use a BNPL plan or a credit card?

If you’re looking to finance a purchase that you know you can pay for in a few months (for example, the money is already in your savings account but you’d rather not withdraw it all at once), then you may be fine with moving forward with a BNPL plan. And you might be better served using a credit card rather than a credit card in this case, because a credit card will usually charge you interest if you pay off your purchase within a few months.

But otherwise, you should proceed with caution when using BNPL plans in the same way that you should do your best not to charge items to your credit cards that you cannot pay by the time your bills come due. . Also, while it may be okay to use BNPL plans for larger, planned purchases, they’re not really meant for day-to-day purchases.

Additionally, BNPL plans do not offer cash back or rewards for everyday items like credit cards do. So don’t rush to replace your credit cards with BNPL packages. In fact, there’s no reason not to use credit cards and BNPL plans at the same time – as long as you fully understand what you’re signing up for.

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Lazy ways to save money for your dream (fill-in-the-blank) Sat, 15 Jan 2022 12:00:54 +0000

New year, new possibilities. And challenges. No matter what’s going on in the world, saving money for your future should always be a primary goal. You never know when it might come in handy.

The inevitable tax season is approaching. Did you get your deductions in order? There have been changes since the start of the pandemic, and you might miss something you weren’t aware of. Tap or click here to learn about eight tax deductions that can help you save when you file your taxes.

Saving money was easier when you could just throw a few coins into a piggy bank, but adulthood changes things. But it doesn’t always have to be complicated. There are easy ways to save money for a trip, a renovation, a dream purse, or whatever you want. Here are some apps to help you do that.

Round up the difference

You’ve probably seen the option of rounding up your purchases and donating the change to charity. Many savings apps work on the same idea, except the change is pushed aside for your benefit. It is a passive system that takes some assumptions about saving and investing.

For example, if you spend $6.25 on a coffee and a bagel, you will be charged $7.00 and 75 cents will go into a savings account. Here are some apps to get started.


Purchases you make with your link tassels account are rounded up and the difference is paid into an investment account. You can connect as many credit and debit cards as you want.

There are several accounts to choose from and your access to them depends on the level you pay for. Here are your account options:

  • Invest invest your spare change in exchange-traded funds (ETFs). These are chosen for you based on your goals, which you submit by answering a few questions. Your portfolio is automatically managed and rebalanced for you, and you can make changes if you feel the need. You can set up daily, weekly, or monthly recurring contributions for as little as $5 at a time. ETFs themselves have management fees that reduce your returns, so keep that in mind.
  • Later puts your spare change into an Individual Retirement Account (IRA). This also includes ETFs recommended to you by Acorns. Your portfolio is selected based on your age and the time until you reach retirement age. Your investments are rebalanced over time as you get closer to that age. You can invest $5 or more at a time.
  • Banking is a checking account that provides you with a debit card with no low balance or overdraft fees. You get direct deposit, mobile check deposit, check mailing and more.
  • Early is a UTMA/UGMA account, which allows you to invest in funds for your children, which you can transfer when they grow up. You can add multiple children per family at no additional cost and invest $5 or more at a time.

Acorn’s personal membership costs $3 per month and gives you access to Invest, Later and Banking accounts. For $5 a month you get all of that plus access to Early accounts. Learn more about

Related: Financial advice: 5 bills you should never put on automatic payment


Carillon is a financial technology company that offers checking account, savings account and credit card. There are no overdraft fees, monthly service fees or minimum balance requirements. Chime is online only and everything you do is done through the mobile app.

Chime has its version of rounding up your purchases to the nearest dollar. Here is what is on offer:

  • Carillon Current account offers you a Visa debit card and access to more than 60,000 ATMs free of charge. Each time you use your card, you are charged an amount rounded to the nearest dollar, with the balance paid into your savings account.
  • Carillon Savings account has an annual percentage yield (APY) of 0.50% with no maximum on interest earned. There are no balance fees and your account is FDIC insured. Where Round Ups saves the change you make to your purchases, Save When I Get Paid automatically transfers a percentage of each paycheck to your savings account.
  • With credit creator, you get a credit card designed to help you build credit. There is no annual fee and no APR. The money you can spend is determined by the amount you transfer from your checking account to your credit account. At the end of the month, this money is used to pay your bill. No credit check is required for this account, nor is there a minimum security deposit.

Chime is free to join. Go to for more.

You might also like: Does your family like Apple products? Apple One bundles many services together and charges a lower monthly fee than you would pay if you added them individually. Tap or click here for our report.


With Qoins, you set a goal and the app helps you achieve it. Choose between Debt or Savings, or both. There are two tiers of subscriptions, and both use the same four savings methods:

  • When I get paid lets you choose to set aside a percentage or dollar amount of your paycheck to fund your savings or debt. It works whether or not you have a regular salary. According to Qoins, the average customer saves $188 per month by using When I Get Paid.
  • Smart Savings contributes daily to your debt or savings goal according to a level that you set and that you can change at any time. This amount can range from 50 cents to $5 per day. The exact amount is determined by an algorithm but will stay within the range depending on the aggression level you choose.
  • Gatherings round up your purchases to the nearest dollar and allocate the balance to your debt or savings goals. Qoins says its customers save an average of $58 per month with Roundups.
  • Weekly Recurring Withdrawals lets you choose a fixed amount to contribute to your goal each week. Pick a day and dollar amount, and the app takes care of the rest.

Pricing for Qoins starts at $2.99 ​​per month, allowing you to choose a debt or savings goal. You get unlimited automated savings, unlimited withdrawals and deposits, and overdraft prevention.

For $4.99 a month, you get all of the above, plus the ability to choose both a debt and savings goal and a Qoins debit card. For debt, you can repay up to five lenders at once.

Qoins sends your saved money to your lender or allocates it to your savings goal once a month. Get more details on

Classifieds: January 14-27, 2022 – Pattaya Mail Thu, 13 Jan 2022 17:05:47 +0000

Items for sale/rent

Like/1/Private Eye Magazines for sale from 2017 to 2020 a total of 38 Magazines. Good condition 2,000 baht. roger: 086 9741787

Like/1/Home “Tria Age Defying Laser” skin for sale THB4,000! The laser has seen little use and is in excellent condition, purchased in Canada. It is basically for laser toning soft skin. Designed primarily for older women to reduce wrinkles and sun spots. Contact: 087 585 1434 (English) or 098 334 2109(Thai)

Property for rent – ​​Condos & Apartments

prc/263/ Studio 12,500 baht. One room 14,500 baht. Pattaya Soi 13 Beach, sea view, balcony, kitchen, pool, parking. Renovated 091 504 1806

prc/263/Na Lanna Condo, North Pattaya for rent: 32 m2 one bedroomfoodcorner bedroom sitting area, quiet and private, fully furnished, next to the golf driving range with direct access key card. Minimum 2 months rent: The price fell to 9,000 baht. Negotiable. E-mail: prosecute.[email protected].com

Properties for sale Condos & Apartments

CSP/263/Corner one bedroom, 47 sqm, great location on Pattaya Beach, fully furnished; swimming pool, parking, foreign owner. 2.8 million baht. Phone: 091 504 1806

CSP/2327/PattayaCondotel. Studio 38 m2. 11 floor. Nice view. Renovation. All new furniture. great swimming. Security. Good location. thai name. 990.000thb Tel: 0871383523

Services provided

MS/242/ The Magna Carta law firm provides the service of obtaining LOANS for borrowers. Available secured by mortgages on your property. We accept land, condos and houses. No credit check; Quick approval within 7 days. Competitive interest rates. Call 0819833620 ask Tony.

Vehicles for sale/rent: trucks and cars – motorcycles

vc/252/Jay’s Rent A Car: Toyota and Honda. All top of the range, for your safety all maintained by Toyota/Honda, all have A.B.S./airbags + 1st class rental insurance. Hire the best. Please call for details🙁Thai) 0848655102 or (Eng) 0852834915


America’s Largest Black-Owned Bank Offers Short-Term Small Dollar Loans Without Credit Checks

BOSTON, January 11, 2022 / PRNewswire / – OneUnited Bank, America’s Largest Black-Owned Bank, Presents Cash Please, a small, short-term loan program to help clients better manage their money. Easy to access, without a credit check, CashPlease allows customers to avoid abusive payday loans and overdraft penalties.


Millions of consumers endure high cost payday loans every year. They struggle to pay their household bills on time, can incur late fees and experience negative effects on their credit score. With CashPlease, OneUnited Bank checking account customers have access to small, short-term loans to avoid these damaging consequences.

Cash Please® offers the option to apply online 24/7 with loan funds deposited within 4 hours. There is no credit report review. CashPlease offers a repayment option that is easy to automatically deduct from a current account in 3 installments over 3 months. The loans are affordable with reasonable interest rates and fees offering considerable savings over payday loans. Qualifications apply.

“We know better than anyone the expectations of our customers with regard to urgent unforeseen expenses.,“States Teri williams, President & COO. “With the 2 day prepayment and now CashPlease, we continue to use technology to deliver services to better meet the financial needs of our community.”

OneUnited Bank, the largest and first black-owned digital bank in America, strives to make financial literacy a core value of the black community through the #BankBlack and #BuyBlack movement.

For more information visit

Media inquiries: Suzan McDowell, Circle of One Marketing,, 305-576-3790 or 305-490-9145

OneUnited Bank

OneUnited Bank (, is the largest (largest customer base) and first black-owned digital bank in America, a Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI), is a ten-time recipient of the US Treasury Department’s Bank Enterprise Award due to its community development loan. Its mission is to be the premier bank serving urban communities by promoting financial literacy and providing affordable financial services.

(PRNewsfoto / OneUnited Bank)

(PRNewsfoto / OneUnited Bank)



View original content to download multimedia:

SOURCE OneUnited Bank

Rêv & Visit Mexico Establishes Payment and Loyalty Innovation Partnership Focused on Boosting Engagement in Cross-Border Travel | Your money Thu, 06 Jan 2022 16:06:29 +0000

AUSTIN, Texas and MEXICO CITY – (BUSINESS WIRE) – January 6, 2022–

Today, Rêv Worldwide, Inc. (“Rêv”), a global innovation company in payment and loyalty products, and Visit Mexico, Mexico’s official tourism marketing agency, announced a strategic partnership multi-year program aimed at fostering cross-border tourism by leveraging innovative digital products and services that facilitate engagement, convenience and value for the travel industry.

This press release features multimedia. See the full version here:

The SuperApp Rêv X World Wallet (Photo: Business Wire)

With the introduction of the X World Wallet, a multi-currency debit account accessible by downloading a mobile application, linked to physical and digital Visa cards, and an integrated loyalty program, Rêv and Visit Mexico are taking a first step by offering a suite of products and services whose mission is to promote tourism activity for one of the most important travel corridors in the world.

The X World Wallet, now available nationwide, puts a powerful tool in the hands of its users that facilitates international transactions, discounts on travel bookings and a points-based loyalty program that helps maximize value. for the user. While there are a variety of branded and co-branded credit products targeting the travel market, the availability of a mobile-first debit product that combines payments, currency exchange, loyalty, and reservations is part of it. a recent wave of innovation that gives consumers an alternative to credit cards with high application requirements, high annual fees, restrictive interest rates and loyalty programs.

“We’re proud to work alongside Visit Mexico to put our technology to work so travelers can access relevant, hassle-free tools to make their travel easier,” said Bertrand Sosa, President and Chief Marketing Officer, Rêv Worldwide.

Given the continuing impacts of the global pandemic on the travel industry, consumers and industry players are seeing how digital solutions play an even greater role in helping reduce friction and open the possibility improve key aspects of the travel experience. As the pandemic has decimated the world’s travel industry, Mexico is one of the few countries that has kept air travel open during tough times. The World Tourism Organization (WHO) estimates that Mexico was the third most visited country in the world in 2020.

“As we continue to make Mexico the best destination for travelers around the world, we are excited to collaborate with Dream on the development of useful products that help us connect with travelers and enhance their travel experience – by starting with making it easier, cheaper and safer for Americans to transact in our country, ”noted Carlos Gonzalez Gonzalez, CEO of Visit Mexico.

In a recent report citing travel recovery trends, Ryan Felipe, Visa’s North America cross-border business manager, said, “Travelers continue to seek digital experiences throughout their travels – from planning and planning to the reservation for the payment of meals and purchases on the road. This provides an opportunity for financial service providers and businesses to drive increased engagement with their customers through trigger-based offers and messaging to build loyalty.

The X World Wallet provides users with access to person-to-person payment transfers, tap-and-go shopping convenience, virtual and digital payment card features, lock / unlock account security features and an integrated support platform to automatically contribute to climate change initiatives. . No Credit Check, Low Fee, No App Refillable Visa X World Wallet ™ Debit Cards available on Account X are issued by Texas First Bank, pursuant to a license from Visa Inc. and subject to the cardholder’s terms and conditions. card. There are no offline or online purchase transaction fees, or foreign conversion fees when using the Visa X World Wallet card (s). Standard ATM fees and applicable exchange rates apply. For more information on the X World Wallet, visit

Dream and Visit Mexico are also working together to make the X World Wallet available in Mexico in early 2022 so that Mexicans traveling abroad can also enjoy the benefits that American tourists have access to now.

About Rêv

Dream is a fintech company, founded by prepaid debit industry pioneers Roy Sosa and Bertrand Sosa, dedicated to delivering innovative payment experiences to consumers around the world. Its solutions are based on the company’s proprietary multi-currency and multilingual payment processing platform. With extensive experience in the development of innovations in the payments sector, Rêv focuses on the general and international banking and travel sectors. Rêv has partnered with companies around the world to launch products in the Americas, Europe, the Middle East and Asia-Pacific. Learn more about

About Visit Mexico

Visit Mexico, the official brand under which the Mexican Tourist Board has been promoting national and international travel within and outside Mexico for years, is now a private-government collaboration functioning as the agency official marketing officer responsible for developing tourism campaigns, partnerships and innovative projects. operating models to promote the country’s tourism activity around the world. For more information visit

View source version on

CONTACT: Dream in the world

Kuki Bastos



SOURCE: Rêv Worldwide, Inc.

Copyright Business Wire 2022.

PUB: 06/01/2022 11:05 / DISC: 06/01/2022 11:06

Copyright Business Wire 2022.

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How does “Buy Now, Pay Later” Affect Your Credit Score? Mon, 03 Jan 2022 12:00:06 +0000

If you’ve been shopping recently, you’ve probably been offered the option to “buy now, pay later” (BNPL) – in other words, split your transaction into installment payments. Getting extra time to pay might seem like a good deal if your budget is tight, but going this payment route may not be risk free for your credit.

Installment payment services have really took off. And credit card issuers are starting to offer their own versions. But not all BNPL programs work the same. Before signing up, make sure you don’t put your credit score at risk.

The key questions to be answered before connecting to BNPL are as follows:

  • Will your payment activity be reported to the credit bureaus?
  • Does the service make a hardware or software request when you apply?
  • What happens with late or missed payments?

Are BNPL’s services the responsibility of the credit bureaus?

Because BNPL is an emerging field, there aren’t many definitive answers as to whether or not BNPL transactions are reported to credit bureaus, says Ethan Dornhelm, vice president of scores and predictive analytics for FICO.

“The consumer can ask or do a little research online to determine if that particular issuer is reporting loans to the credit bureau right now,” says Dornhelm. “This will at least give them an indication of the immediate likelihood that their credit score and records could be affected by getting the loan.”

The problem? “Nobody reads the fine print,” says Howard Dvorkin, CPA and president of “Either you check on a terminal, or your computer or your phone, and the screen is small, and you’re not going to sit there and read that loan language.”

No one reads the fine print. Either you pay at a terminal, or on your computer or phone, and the screen is small.

– Howard DvorkinPresident,

With 60% of consumers say they have used a BNPL service, and more and more of these services are popping up all the time, it’s important to understand how they work. Here’s a look at how choosing BNPL could impact your credit.

Do BNPL services use a soft or hard request?

Many people use BNPL’s services as an alternative to credit cards, assuming no risk for their credit. Mary Rosado, a resident of Staten Island, NY, says she uses BNPL Afterpay and Klarna services all the time. “They don’t ask for your social security number, so I don’t see how they can pull your credit report,” Rosado says. “I use them, to be honest, because I have bad credit and I can’t get credit cards. “

Rosado is right. The services she uses perform a smooth credit draw that does not affect your credit score. “When a credit check is performed, we verify a client’s identity using the details they provide and we review information on their credit report to understand their financial behavior and assess their creditworthiness,” explains a spokesperson for Klarna.

But consumers should be aware that some BNPL services use strict credit checking. For example, Affirm offers a 0% APR option with four biweekly payments and no credit checks, but its long-term installment loans rely on careful investigation. PayPal’s “Pay in 4” only uses soft credit, but PayPal Credit does a full credit check.

Overview of bank rates

One serious request is not going to lower your score, but consumers should be aware that some BNPL services use a serious credit check.

It is important to understand these distinctions when you are presented with different payment options at checkout, as new credit requests account for 10% of the FICO score calculation.

“The analysis of millions of credit reports that we use to establish our FICO scores consistently shows that those with a higher number of recently requested and recently acquired accounts are a slightly high retention risk across the board,” says Dornhelm. .

Of course, one serious investigation is not going to lower your score. “We usually say that a survey is unlikely to impact the score by more than five points,” says Dornhelm. “But for a rare segment of the population, it could have a significant impact.”

If you’re applying for a mortgage or refinance, for example, just a few points could put you in a different level of interest rate qualification.

The biggest problem is whether you take out loans that regularly use in-depth surveys. “If they do a report and you go out and get five of these loans, it looks like you are in desperate need of credit,” says Dvorkin. “You have to be very careful.”

Do BNPL services report payment activity?

The next potential credit impact occurs if the BNPL service reports account activity to one of the credit bureaus. Again, some do and some don’t, and this can vary depending on the loan product. For example, Affirm does not report activity on its four bi-weekly payment offer, but longer-term loans are reported as installment loans.

Then there are some BNPL products, like PayPal Credit, which can offer revolving lines of credit rather than fixed loan payments, explains Dornhelm. With revolving accounts, the amount of available credit you use (called credit usage) also has a significant impact on your credit score, which is 30%.

This is why it makes sense to know if and how the BNPL service you are considering is paying off your business. Since payment history is the most important factor in calculating FICO, accounting for 35% of your score, consumers with thin credit files might even benefit from using these products as a way to demonstrate a positive payment behavior, explains Dornhelm.

What happens if you miss a payment?

When it comes to your credit, missed payments can be very damaging, but remember: not all BNPL programs report your activity. So if you miss a few payments but catch up, your score might come out unscathed.

“I was late this week, so they just sent me a notice saying ‘okay we’ll try again in a few days’,” Rosado said. “They don’t have my social security number so I don’t know how that can go against my credit.”

Because her services don’t report, she’s right to be in the clear. But let’s say someone ends up defaulting on their remaining balance. Once a debt is sent to collections, the credit bureaus will be notified. Klarna does this after 82 to 90 days of delinquency, while Affirm waits 120 days.

Of course, if BNPL makes a report, once you miss a billing cycle it will likely show up as a negative item on your credit report and trigger a drop in score.

“When it comes to missing payments, the main goal of the score is when the payment was missed and the severity of the payment default,” says Dornhelm. “And so to that end, missing payments are likely to have a significant impact on a consumer’s score.”

Verdict on BNPL’s credit impact

BNPL’s offers could be useful tools, especially for consumers who do not have access to other types of credit. When used with care, and especially if there is no investigation or report, they can offer some leeway for credit inconvenience-free repayment.

Overview of bank rates

When used with care, especially if there is no investigation or report, BNPL plans can provide leeway for inconvenience-free credit repayment.

“For me, BNPL is more manageable as long as I don’t get carried away,” says Rosado, who typically tries to keep spending less than $ 400 so his payments don’t go over $ 100 at a time.

Choosing BNPL options that perform credit checks and report payment activity is a bit riskier on credit terms, but as long as you use them sparingly and pay on time, they can work in your favor.

Credit issues aside, it’s important not to be tempted by BNPL’s offers. “If you can’t afford it, don’t buy it,” Dvorkin says. “Consumers are very optimistic and sometimes get into trouble. But if you are using a BNPL offer, he recommends that you automate your payments, so you don’t trip up and forget to pay.

As with any credit product, your primary goal should be to keep debt low and pay that debt on time, adds Dornhelm: “These behaviors, whether it’s on a BNPL loan, a credit card or a loan. staff, are likely to help the consumer’s FICO score in the long run.

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