Fintechs Enter Buy Now Pay Later Market

American Banker: Buy Now/Pay Later Fintech Afterpay Debuts Interest-Bearing Loans

Afterpay is no longer just a “Pay in 4” buy now/pay later lender. The fintech, a unit of Block, is adding a monthly payment option at the point of sale so users may opt to stretch payments out for specific items for up to a year. The new product enables users to borrow $400 to $4,000, double the maximum available with Afterpay’s core interest-free loans that users typically repay over six weeks. [American Banker]