New Buy Now, Pay Later Laws to Regulate Short-Term Loan Market

40 percent of young Australian consumers have turned to BNPL lenders to stretch out payments for everyday essentials as the cost of living crisis continues.

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The Australian government will be bringing in new legislation targeted at the burgeoning Buy Now, Pay Later (BNPL) market, which it says doesn’t operate under the same framework to which other finance lenders must adhere.

Citing the need to increase consumer safeguards, new laws, essentially an amendment to the Credit Act, were announced today.