Major renovations that cost thousands of dollars are usually not impulse purchases. But the home improvement industry still welcomes the speed and convenience that made buy now/pay later loans popular.
The US home improvement industry will reach $600 billion by 2025, according to Statista. Bigger fees come with bigger risks, which in turn adds friction to the financing application process. But as a BNPL loan gradually revolutionizing consumer financethe opportunities for BNPL specialists to bypass traditional private label credit card home improvement financing – including through wholesalers such as Home Depot and Lowe’s – are huge, according to observers.
While the credit card industry hasn’t taken a hit from BNPL loan growth, US consumer data shows that alternative financing vehicles are gaining momentum, said Jason Barro, partner at Bain & Co. and the founder of NPS Prism, a three-year-old. a benchmarking platform that uses extensive consumer data sets to
