For Immediate Release
Wednesday, March 8, 2023
NEW YORK, NY – Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga today released, as part of National Consumer Protection Week, “What You Need to Know About Buy Now, Pay Later Loans,” a tipsheet, which will soon be available in multiple languages, to help New Yorkers make the best financial decision possible when considering the use of Buy Now, Pay Later loans. Buy Now, Pay Later loans are short-term loans that allow consumers to pay for something in small installments and avoid fees or interest, but only if consumers pay in full and on time.
“Buy Now, Pay Later loans might seem like a safe way to purchase an item you want, but they also come with financial risks, and it can be easy to end up spending more than you budgeted for,” said DCWP Commissioner Vilda Vera Mayuga. “Before entering into a Buy Now, Pay Later loan agreement, make sure you understand the financial risks associated with these short-term loans, and make an appointment at a Financial Empowerment Center to get free, one-on-one professional financial counseling.”
What You Need to Know About Buy Now, Pay Later Loans
DCWP’s NYC Financial Empowerment Centers provide free, one-on-one professional financial counseling to help New Yorkers create a budget, establish or improve their credit, set up a spending plan, open a safe and affordable bank account, contact their lenders about debt-- including student loans, develop a strategy to reduce debt or lower payments, access emergency government resources, and more.
Anyone 18 and older who lives or works in New York City can book a free and confidential appointment with a professional financial counselor by visiting nyc.gov/TalkMoney or calling 311 and saying “Financial Counseling.” Services are available in person or by phone and in multiple languages.
NYC Department of Consumer and Worker Protection (DCWP) protects and enhances the daily economic lives of New Yorkers to create thriving communities. DCWP licenses more than 51,000 businesses in more than 40 industries and enforces key consumer protection, licensing, and workplace laws that apply to countless more. By supporting businesses through equitable enforcement and access to resources and, by helping to resolve complaints, DCWP protects the marketplace from predatory practices and strives to create a culture of compliance. Through its community outreach and the work of its offices of Financial Empowerment and Labor Policy & Standards, DCWP empowers consumers and working families by providing the tools and resources they need to be educated consumers and to achieve financial health and work-life balance. DCWP also conducts research and advocates for public policy that furthers its work to support New York City’s communities. For more information about DCWP and its work, call 311 or visit DCWP at nyc.gov/dcwp or on its social media sites, Twitter, Facebook, Instagram and YouTube.
Department of Consumer and Worker Protection