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Buy Now, Pay Later BNPL has become an increasingly common payment option in the United States. According to Federal Reserve data, 16% of U.S. adults used BNPL in the 12 months prior to May 2026, up from 15% in the previous year. [1] Federal Reserve, “Report on the Economic Wellbeing of U.S. Households in 2025” https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-executive-summary.htm
Research published by the Federal Reserve Bank of Richmond in March 2026 estimates that the total transaction value of BNPL loans in the U.S. reached approximately $70 billion in 2025, reflecting growth of roughly 20% per year since 2021. [2] Richmond Fed, “Buy Now, Pay Later: Recent Developments and Implications” https://www.richmondfed.org/publications/research/economic_brief/2026/eb_26-05
Based on a survey of 1,266 adults, this article covers key BNPL statistics in the U.S., including usage rates, borrower profiles, repayment trends, and market growth.
Buy Now, Pay Later (BNPL) is a type of installment loan that allows you to purchase a product immediately and pay off the balance in installments over time, often across four or fewer payments.
Most BNPL loans do not require a hard credit inquiry, and applications generally only require basic information such as your name, email address, mobile number, and date of birth. The application process is quick, involving relatively little information, and the product often carries no interest. [3] CFPB, “What is a Buy Now, Pay Later Loan?” https://www.consumerfinance.gov/ask-cfpb/what-is-a-buy-now-pay-later-bnpl-loan-en-2119/
The global BNPL market was valued at USD 15.18 billion in 2024 and is projected to reach USD 189.65 billion by 2035, growing at a CAGR of 25.80% during the forecast period (2025–2035). [4] Market Research Future, “Buy Now, Pay Later Market” https://www.marketresearchfuture.com/reports/buy-now-pay-later-bnpl-market-11658/
Estimates suggest that there are 96.3 million BNPL users in the U.S. as of 2026, a 5.3% increase compared to 91.5 million in 2025. This figure is expected to reach 105 million by 2028. [5] Oberlo, “Number of Buy Now, Pay Later Users” https://www.oberlo.com/statistics/buy-now-pay-later-us-users
Just over half (54.5%) of survey respondents said they had used a BNPL to pay for something at least once in their lives. Men are more likely to have used one of these plans (61.3%) than women (52.7%).
Of those who said they had used this type of payment method, 39.9% said they had used them between one and three times in the last 12 months, while 36.7% had used them between four and six times. Almost two-thirds (64.9%) also say they expect to use this type of payment again in the next month.
| Number of times BNPL users have used a BNPL plan in the past 12 months | |
|---|---|
| Number of times used in the past 12 months | % of BNPL users |
| None | 8% |
| 1-3 times | 39.9% |
| 4-6 times | 36.7% |
| 7-9 times | 9.6% |
| 10 or more times | 5.9% |
BNPL usage varies slightly by age, with people aged 18-29 most likely to have used one of these plans (58.5%), followed closely by people aged 30-45 (57.4%). People aged 62-80 are the least likely to have used a BNPL loan (46.4%) though this is only slightly lower than people aged 46-61 (46.6%).
| BNPL usage by age | |
|---|---|
| Age | % that have used a BNPL |
| 18-29 | 58.6% |
| 30-45 | 57.4% |
| 46-61 | 46.6% |
| 62-80 | 46.4% |
| 81+ | 49.2% |
Federal Reserve data from 2024 shows that people with lower credit scores are more likely to have used a BNPL service. Among those with credit scores below 620, 30% report having used BNPL in the past year, slightly higher than those with 620 - 659 credit scores at 29%. Usage drops to 24% for those scoring 660 - 719, and falls sharply to just 10% among consumers with scores above 720.
| BNPL usage by credit score | |
|---|---|
| Credit Score | % of people who have used BNPL in the past year |
| < 620 | 30% |
| 620 - 659 | 29% |
| 660 - 719 | 24% |
| > 720 | 10% |
Source [6] Federal Reserve, “The Only Way I Could Afford It: Who Uses BNPL and Why?” https://www.federalreserve.gov/econres/notes/feds-notes/the-only-way-i-could-afford-it-who-uses-bnpl-and-why-20241220.html
There is also a link between credit card limits and BNPL usage, with the pattern showing that people with lower credit card limits are more likely to have used a BNPL loan. Among consumers with a credit limit of $5,000 or less, 31% have used BNPL in the past year, nearly double the rate seen at the next tier, $5,000–$9,999 (18%). Usage continues to fall as limits increase: 15% for $10,000–$24,999, and 11% for both $25,000–$49,999 and $50,000 or more, where the rate flattens out.
| BNPL usage by credit card limit | |
|---|---|
| Credit card limit | % of people who have used BNPL in the past year |
| $5000 or less | 31% |
| $5,000-$9,999 | 18% |
| $10,000-$24,999 | 15% |
| $25,000-$49,999 | 11% |
| $50,000 or more | 11% |
Source [6] Federal Reserve, “The Only Way I Could Afford It: Who Uses BNPL and Why?” https://www.federalreserve.gov/econres/notes/feds-notes/the-only-way-i-could-afford-it-who-uses-bnpl-and-why-20241220.html
Survey respondents were asked about the primary reason they choose to use BNPL plans. The most common reason by far was spreading the cost (42.2%), this was followed by not having a credit card (17%), and not being able to afford the purchase otherwise (15.8%).
| Primary reasons people choose BNPL payments | |
|---|---|
| Primary reason | % of respondents |
| Spreading the cost | 42.2% |
| Don’t have a credit card | 17% |
| Couldn’t afford the purchase otherwise | 15.8% |
| Convenience at checkout | 11.3% |
| Interest-free payments | 10% |
| Other | 3.8% |
When compared to other types of loans, like personal loans, 39.7% of respondents said they would prefer a BNPL because they are easy to use, and 30% said they would choose them over another loan type because it’s easier to get approval.
Almost half (48%) of respondents who had used BNPLs said that the availability of these payment options was very important to them when deciding where to shop.
On average, people who use BNPL loans spend $117 per purchase, with the most common amount borrowed on one loan being $50-$100 (31.6% of respondents). 17% said they typically borrow less than $50 with one of these loans, while 5.2% said they usually borrow more than $250 in one loan.
| How much people borrow with a BNPL loan | |
|---|---|
| Amount borrowed per purchase | % of respondents |
| $0-$50 | 17% |
| $51-$100 | 31.6% |
| $101-$150 | 22.2% |
| $151-$200 | 14.2% |
| $201-250 | 9.9% |
| More than $250 | 5.2% |
Around three-quarters (73.9%) of people who had used a BNPL loan said that the option of this type of payment had made them spend more than they would have otherwise. In addition to this, two-thirds (66.1%) said they had regretted making a purchase with a BNPL loan at least once.
Respondents who had used BNPLs were asked to choose the three product types they most commonly use BNPL plans to pay for. Clothing and accessories was the most common category, with 51.2% of respondents saying they use BNPL to pay for these purchases. Technology (41.9%), travel (41%), and groceries (40.9%) followed closely behind.
| Product types most commonly purchased with BNPL plans | |
|---|---|
| Product type | % of respondents who use BNPL to buy them |
| Clothing and accessories | 51.2% |
| Technology | 41.9% |
| Travel | 41% |
| Groceries | 40.9% |
| Dining out/takeout | 22.6% |
| Medical expenses | 15.7% |
| Regular household bills | 8.6% |
| Beauty products | 6.8% |
| Other | 5.5% |
Data note: Respondents could select more than one answer.
Consumers have a number of options when it comes to BNPL services. According to a C+R Research survey from 2025 , PayPal Credit leads the way as the most popular BNPL service among users, at 57%, with other services trailing behind: Afterpay (29%), Affirm (28%), Klarna (23%) and ZipPay (19%) make up the rest of the top five.
| Percentage of BNPL users who use each app | |
|---|---|
| BNPL App | % of consumers who use it |
| PayPal Credit / Pay Later | 57% |
| Afterpay | 29% |
| Affirm | 28% |
| Klarna | 23% |
| Zip (ZipPay) | 19% |
| QuadPay | 15% |
| Uplift | 13% |
| PerPay | 11% |
| Sezzle | 8% |
| Zebit | 6% |
| Splitit | 6% |
Source [7] CR Research, “Buy Now, Pay Later Statistics” https://www.crresearch.com/blog/buy-now-pay-later-statistics/
Using a BNPL loan allows you to make a purchase and pay it off over a set period of time, but some users admit to missing payments. Of the respondents who had used this type of loan, more than half (58.8%) said they had missed a payment at least once.
Among BNPL loan users, 48.4% said they feel they understand the terms and conditions of these loans very well before using them, and 38.7% think they understand them somewhat well. However, 12.9% said they do not feel they understand the terms very well at all.
Alongside this, 10.4% of users do not think that BNPL providers are transparent enough about fees and potential risks associated with using their services.
Though more than half of respondents said they had used a BNPL loan at least once, this left a number of people who had never used one before.
The most common reason people said they had never used a BNPL plan was that they prefer to pay for purchases in full (28.5%), while 23.3% said they don’t like using credit, and 22.6% didn’t know it was an option.
| Reasons people have never used a BNPL plan | |
|---|---|
| Primary reason for never using a BNPL | % of respondents |
| Prefer to pay in full | 28.5% |
| Don’t like using credit | 23.3% |
| Didn’t know it was an option | 22.6% |
| Prefer to use a credit card | 11.8% |
| Worried about overspending | 9.9% |
| Other | 4% |
This doesn’t mean these respondents would never use a BNPL loan; 23.6% said they think they would use one of these loans in the future, and 34.2% would consider it. Only 15.8% of people in this group said they had a generally negative opinion of BNPL payments, while 45.5% had an overall positive opinion of them.
Just over a quarter (28%) said a trusted brand offering BNPL as a payment option would make them more likely to use them in future, while 20.7% said more transparent terms would make them consider it.
Written on September 9, 2026
Self is a venture-backed startup that helps people build credit and savings.
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