{"id":32831,"date":"2019-11-14T23:16:37","date_gmt":"2019-11-14T23:16:37","guid":{"rendered":"http:\/\/thevoiceoflondon.co.uk\/?p=32831"},"modified":"2019-11-14T23:16:37","modified_gmt":"2019-11-14T23:16:37","slug":"klarna-buy-now-pay-the-price-later","status":"publish","type":"post","link":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/klarna-buy-now-pay-the-price-later\/","title":{"rendered":"Did you know Klarna can affect your credit score?"},"content":{"rendered":"

\u201cBuy now pay later\u201d is phrase that has sent young people into a fast fashion frenzy.\u00a0<\/span><\/p>\n

Millennials no longer pay for clothes with money – they \u201cKlarna\u201d it. Since announcing its 20-million-dollar partnership with H&M in 2017, Klarna has partnered with Love Island stars, athletes and influencers, taking online shopping by storm over the past year.<\/span><\/p>\n

https:\/\/www.instagram.com\/p\/B3NAbzAFmht\/?utm_source=ig_web_copy_link<\/p>\n

As JD states, the Swedish app is for people who \u201cwanna cop some new gear but can\u2019t wait until pay day\u201d. The app allows users to \u2018try before they buy\u2019 allowing shoppers 14-30 days to pay for their online order.<\/span><\/p>\n

This means if users wish to buy a large amount of clothes, they can try them on, send back what they don\u2019t like and pay for what they keep. Removing one of the biggest obstacles that comes with online shopping- waiting for returns to be credited.\u00a0<\/span><\/p>\n

Students have been under the impression that they can sit back and relax and will be notified when the payment is due.<\/span><\/p>\n

Lydia Alton, 22, self-taught baker admits she doesn\u2019t let herself use the app anymore because she is continuously late with payments, \u201cThey make it out to be super chill, \u2018don\u2019t worry, just pay later\u2019\u201d.<\/span><\/p>\n

https:\/\/www.instagram.com\/p\/B4pQqsrHRtu\/?utm_source=ig_web_copy_link<\/p>\n

The app promotes itself for its no interest fees or late charges. Approval for the app depends on a \u2018soft\u2019 credit check. According to Klarna, it is open about the fact that non-payment will affect a customer\u2019s credit score. But what about late payment? Out of the 21 people I asked who use the app, over half were oblivious that paying late will have an impact on their credit score.<\/span><\/p>\n

Naomi Owens, 21, student said \u201cI have been late with a payment before, I forgot about it and didn\u2019t know it could affect my credit score until I did a credit check and saw it was really low, I haven\u2019t used the app since\u201d.<\/span><\/p>\n

https:\/\/www.instagram.com\/p\/B1WmkFIAXD1\/?utm_source=ig_web_copy_link<\/p>\n

\u00a0Eleanor Thomas, 22, student said: \u201cThey didn\u2019t send me any reminders- they should make it more clear.\u201d<\/span><\/p>\n

Anna, 21, graduate, shared: \u201cI wasn\u2019t aware it could affect my credit score and I have been late with payments in the past, I\u2019m worried now.\u201d\u00a0<\/span><\/p>\n

https:\/\/www.instagram.com\/p\/B3NElWHhRJs\/?utm_source=ig_web_copy_link<\/p>\n

 <\/p>\n

Words: Tia Jones<\/p>\n

Photo: Canva<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cBuy now pay later\u201d is phrase that has sent young people into a fast fashion frenzy.\u00a0 Millennials no longer pay for clothes with money – they \u201cKlarna\u201d it. Since announcing its 20-million-dollar partnership with H&M…<\/p>\n","protected":false},"author":476,"featured_media":33062,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[744,1645,2128,2285,3155,3171,3512,3681,3769,3857,3934,4450,5612,5723,5958,5966,6538,6753],"class_list":["post-32831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entertainment","tag-beauty","tag-culture","tag-entertainment","tag-fashion","tag-influencer","tag-instagram","tag-klarna","tag-lifestyle","tag-london","tag-love-island","tag-makeup","tag-news","tag-shopping","tag-social-media","tag-students","tag-style","tag-uk","tag-voice-of-london"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/32831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/users\/476"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/comments?post=32831"}],"version-history":[{"count":0,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/posts\/32831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media\/33062"}],"wp:attachment":[{"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/media?parent=32831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/categories?post=32831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/wp-json\/wp\/v2\/tags?post=32831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}