New affordability checks for Buy Now Pay Later services

Regulators are implementing stricter affordability checks for Buy Now Pay Later services. These changes may result in declined transactions for users who do not meet updated lending criteria. The new requirements aim to ensure consumers can manage repayment obligations without financial strain. Providers are now mandated to assess a borrower's ability to pay before approving credit extensions. Monitor individual provider updates regarding specific documentation or income verification processes required for future credit approvals.