BNPL lenders like Flex, Zip, and Affirm are now pitching loans for basic household needs; Americans spent $160B through pay-later loans in 2025, up 2x from 2023
THE SO WHAT
BNPL doubling to $160B in two years and drifting into basic household spend is a macro‑risk story as much as a fintech growth story—household liquidity is being propped up by opaque, non‑bank credit. Consumer‑facing operators should expect more regulatory guardrails and higher delinquency volatility in their customer base, especially at the lower end of the income spectrum.
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