Experts warn against resorting to buy now, pay later loans for essentials during lockdown

Experts warn against resorting to buy now, pay later loans for essentials during lockdown Experts warn against resorting to buy now, pay later loans for essentials during lockdown By David Taylor Experts warn that some Australians waiting on government support could be targeting by lenders.(ABC News: Kit Mochan)

Consumer advocates say some lenders are cashing in on those facing financial distress while under lockdown conditions.

Key points:

The Consumer Action Law Centre believes lenders are taking advantage of people still waiting on government support

Financial counsellor Peter Thompson says he has spoken to people turning to buy now, pay later lenders to pay for essentials

Afterpay says it has never enforced a debt nor sold debt to a collection agency

Financial counsellor Peter Thompson has been field…

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