BNPL legislation is largely a state responsibilty in the US,...

BNPL legislation is largely a state responsibilty in the US, unlike Australia, and many of the larger states have introduced licencing which requires lenders to assessable customer's ability to pay, which in turn will wipe out the 'beauty' of having multiple BNPL facilities with multiple providers

The ability-to-repay requirement impacts BNPL loan approvals by necessitating that lenders assess a consumer's financial capacity before granting a loan. This requirement aims to prevent consumers from overextending themselves financially, thereby reducing the risk of defaults and financial distress. Lenders must evaluate factors such as income, existing debt obligations, and overall financial health to ensure borrowers can meet repayment terms. This process may lead to stricter underwriting criteria, potentially decreasing the number of approved BNPL loans and ensuring more responsible lending practices