People are seeking cost-effective solutions, especially in the current economic climate

A recent survey shows that eight out of ten Romanians opt for the "Buy Now Pay Later"(BNPL) type of financing when buying electronics and appliances. According to TBI Bank data, 23% of respondents would use BNPL for holidays, and almost 18% for quality medical services.

Some 53% of participants prefer to take out several small loans for small purchases, repaid in interest-free instalments, while only 21% would opt for a larger loan, repaid in instalments with interest. Overall, more than 80% of Romanians choose four interest-free instalment BNPL solutions to benefit from lower costs in a delicate economic context, Agerpres reports.

In terms of the preferred method of purchase, 41% will pay in four interest-free instalments, almost 36% prefer to pay in full on the first day and 22.4% choose zero interest for the first four instalments.

The TBI Bank survey reflects that BNPL allows Romanians to buy products immediately that they would otherwise not be able to afford, and about 70% consider this financing solution reliable. Also, 34.53% of respondents would need more than 3,000 lei through BNPL, and 22.42% would require a maximum amount of 1,000 lei.

The survey, conducted nationwide between August and September 2023, interviewed 1,057 internet users in Romania, with more than 50% women, around 75% aged 45 and under and more than 87% living in urban areas. TBI Bank, a regional leader in alternative payment solutions, granted almost 550,000 loans in 2022.