BERRIEN SPRINGS, Mich.–Honor Credit Union has become the latest credit union to launch a buy now, pay later (BNPL) financing option.
The $1.8-billion Honor CU has embedded its BNPL option in its mobile and online banking platforms to enable members to pay for purchases over time using their existing credit union debit cards and checking accounts.
The credit union said the BNPL offering allows members to split eligible debit card purchases into manageable payments and to obtain extra funds prior to making larger purchases. By giving members a structured way to plan payments over time, BNPL will help reduce financial strain and improve everyday money management, HCU added.
‘Practical Tools’
“Honor is focused on providing practical tools that help members build confidence in how they manage their money,” VP-Consumer Lending Dustin Nehls said in a statement. “By providing BNPL, we’re giving members more financial flexibility while keeping the experience simple, transparent, and embedded within Honor’s digital banking experience.”
Honor said it partnered with equipifi, a provider of a BNPL platform for financial institutions, to deliver the product as an in-house, credit union branded offering. According to the company, members receive pre-qualified BNPL offers tailored to reflect their purchasing power, and can view and accept them to receive funds in moments.
‘Secure Ecosystem’
“Unlike third-party BNPL programs, Honor’s BNPL is delivered within the credit union’s secure ecosystem, allowing the credit union to manage the program in alignment with its commitment to responsible, member-first financial solutions,” the company said.
