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

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    The Credit Accessibility Report

    The Credit Accessibility Series: Unexpected Expenses and the Demand for External Financing Solutions
    The Credit Accessibility Series: Declining Purchasing Power Pushes Consumers to Improve Credit Scores
    The Credit Accessibility Series: Economic Malaise Exacerbating U.S. Consumer Debt Levels
    How Consumers Use Overdrafts
    BNPL's Wide-Ranging Impact on Consumers and Merchants
    How Credit Insecurity is Changing U.S. Consumers’ Borrowing Habits