Sometimes the things you need can’t wait for payday — and now, they don’t have to. Credit Union of America now offers Buy Now, Pay Later (BNPL), a new benefit designed to give our members more flexibility when they need it most.

With BNPL, members with a Core Checking Account can quickly access extra funds and split eligible purchases into smaller, manageable payments, all from the convenience of Digital Banking.

 

What Is Buy Now, Pay Later? 

Buy Now, Pay Later (BNPL) is a short-term loan option that lets you split the cost of a purchase into smaller, more manageable payments over time. Instead of paying the full amount upfront, you can spread out payments — helping you budget more effectively and keep cash in your pocket for other needs. 

Unlike traditional installment loans, BNPL loans don’t require a credit check, making them easier and more convenient to access. 

It’s a simple way to get what you need today while paying on a schedule that works for you. 

 

How Does Buy Now, Pay Later Work? 

Buy Now, Pay Later puts you in control of how and when you pay. Whether you’re planning ahead for a big purchase or looking to spread out the cost of something you’ve already bought, this option gives you more flexibility than paying all at once. 

Eligible members can choose from two convenient ways to use Buy Now, Pay Later: 

• Plan Your Purchase (PYP) – Get access to funds upfront for your purchase, then pay it back in predictable, budget-friendly installments. 
  • Example: Need a new laptop for school? With PYP, you can borrow the money upfront and pay it off over time, without draining your savings all at once. 
• Split Your Payments (SYP) – Already used your debit card for an eligible purchase? With SYP, you can break that purchase into smaller payments and pay it off over time. 
  • Example: Bought a new set of tires with your debit card? Instead of covering the full cost in one go, SYP lets you spread the payments out to make it easier on your budget. 

With both options, you’ll have a clearer path to managing expenses without the stress of a lump-sum payment. 

How to Get Started with Buy Now, Pay Later

BNPL is a payment option built right into your Digital Banking experience, making it quick and simple to use:

1. Log in to Digital Banking.
2. Select “Accounts & Loans” from the menu, then tap “Buy Now, Pay Later.”
3. Choose “Plan Your Purchase” or “Split Your Payments.”
4. Review your prequalified offers.
5. Accept your offer and, if applicable, receive funds in your account, often within moments.

You can track all your active plans and payments right in Digital Banking and even pay them off early anytime.

 

How Prequalified Offers Work

Personalized BNPL offers will be available to eligible members in Digital Banking.* If you’re eligible, you’ll see them instantly — there’s no need to apply, wait for approval, or undergo a credit check. Each offer clearly shows the payment schedule, total cost, and due dates so you can make the best decision for your budget. 

 

Who Can Benefit

BNPL can be a helpful tool for many needs, including:

• Unexpected Expenses – Cover unplanned costs like a car repair or medical bill without disrupting your budget.
• Big Purchases – Make larger purchases, such as a home appliance, more manageable with smaller installments.
• Holiday Shopping – Spread the cost of gifts and celebrations over several payments.
• Seasonal Costs – Budget for back-to-school, sports seasons, or family trips in advance.
• Everyday Budgeters – Keep monthly spending balanced without dipping into savings.

 

Pros and Cons of Buy Now, Pay Later Loans

Like any financial tool, Buy Now, Pay Later has its advantages and drawbacks. Understanding both sides can help you decide if it’s the right option for you. 

Pros of BNPL

• Flexible payments – Spread out the cost of purchases into smaller, more manageable payments. 
• No credit check required – Enjoy easier access than many traditional loans or credit cards. 
• Convenient – Set up quickly and use easily for everyday needs or planned purchases. 
• Affordable – Pay less in interest compared to many credit cards. 

Cons of BNPL 

• Limited eligibility – Requires meeting certain conditions, such as having a Core Checking Account in good standing. 
• Restricted use – Applies only to eligible purchases, not everything you buy. 
• Risk of overspending – Because payments are smaller and spread out, it can be tempting to take on more purchases than your budget can comfortably handle. 
• Short-term solution – Helps with smaller expenses but isn’t designed for long-term borrowing needs. 

At the end of the day, Buy Now, Pay Later can be a great tool for managing short-term expenses if you are eligible, as long as you use it wisely and consider your budget carefully. 

 

Why Members Will Love It

At CUA, our goal is to make managing your money easier and more flexible. Buy Now, Pay Later is another way we’re putting control back in your hands — helping you stay within budget, plan ahead, and have peace of mind when unexpected costs arise.

Log into your Digital Banking today to see if you have any personalized split payment offers available. If you don’t have a Core Checking Account yet, now’s the perfect time to open one so you’re ready to take advantage! 

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* Payment options through Buy Now, Pay Later (BNPL) are subject to eligibility and only available to primary members. Options depend on your purchase amount and existing accepted offers. Programs, rates, terms, and conditions are subject to change without notice. See cuofamerica.com/bnpl for full plan terms.

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