The Credit Insecure Need More Education

The Credit Insecure Need More Education

Better Credit Scores Could Put $1,700 in Consumers’ Pockets

For subprime consumers, higher credit scores can boost their borrowing capacity, reducing their interest payments by as much as 24%. But educating these consumers on how to do this is the challenge providers of credit builder apps and BNPL loans face, according to PYMNTS’ latest study of 2,848 U.S. consumers, “The Credit Accessibility Series: BNPL’s Wide-Ranging Impact on Consumers and Merchants,” a collaboration with Sezzle.

Inside the June Report

  • 17%: Share of consumers with low credit scores who used a credit builder app primarily for credit-building purposes in the last year
  • 42%: Portion of knowledgeable consumers highly interested in user-friendly materials to improve their credit scores
  • 29%: Share of consumers with low credit scores who have used a credit builder app in the last year

    By completing this form, you agree to receive marketing communications from PYMNTS and consent to the sharing of your information with our sponsors, where applicable, in accordance with our Privacy Policy and Terms and Conditions. Sponsors may use this information to contact you directly. You may update your preferences or withdraw your consent at any time.

    to our daily newsletter, PYMNTS Today.

    The Credit Accessibility Report