In a credit-based economy like the United States, credit ratings determine more than whether clients qualify for a mortgage or auto loan. Access to finance is frequently a determining factor in whether or not individuals can purchase basic requirements.
Credit availability is critical; nevertheless, data suggests that few consumers with bad credit understand how to improve their credit standing. 80%: Consumers who have had financial difficulties as a consequence of lenders refusing loans or having poor credit scores.
Consumers with low credit are almost twice as likely as the ordinary consumer to experience financial and everyday life difficulties.
This is one of the main findings of the “The Credit Accessibility Series: BNPL’s Wide-Ranging Impact on Consumers and Merchants,” a collaboration between and Sezzle. This analysis is based on a survey of 3,177 Americans taken between April 26 and May 2. It examines the rising popularity of buy now, pay later (BNPL) credit alternatives, customers’ motives for using them, and the prospect of improving their credit histories.
