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RENO, Nev. (KOLO) - Greater Nevada Credit Union wants shoppers to be aware of the dangers of Buy Now and Pay Later loans. Unlike credit cards, these types of loans give shoppers the option to pay off purchases on a bi-weekly or monthly basis with no late payments and zero percent interest.
During the holiday season this can sound like a good option, but they can negatively impact your credit score. According to Wertz contributing factors include payment history, amount of money owed, how long you’ve had access to credit, how often you apply for more credit, and the variety of credit products you have. That could include credit cards, installment loans, mortgages, and more.
It is recommended by Wertz to open a personal line of credit as an alternative. This will help because you only pay interest on what you spend rather than having to pay interest or a lump sum.
The Greater Nevada Credit Union has a Greater Financial Education Center, click here to learn more.
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December 03, 2021 at 08:16PM
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But Now and Pay Later loans could impact your credit - KOLO
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