You could be right if you think interest-free payment plans like Klarna, Laybuy or Clearpay seem too good to be true.

While they’re ideal for getting away from short-term financial shortfall, regular usage of payment plans and pay day loans can harm credit scores and give a wide berth to mortgage applications from being qualified.

By Louisa Fletcher

Pay day loans, short-term loans and those ‘buy now, spend later’ schemes all seem so safe, don’t they? Made to make an indulgent purchase just a little better to manage or provide a ‘helping hand’ to bridge the space between now as soon as you obtain your salary but need emergency funds to cover an urgent bill, they are able to appear to be the option that is easy. (more…)

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