The Buy Now Pay Later landscape is evolving fast. From one-lender models to advanced BNPL gateways and waterfall logic, understanding consumer financing is more strategic than ever. This quiz will challenge your knowledge and sharpen your edge — are you up for it?
Scroll down and start the challenge
According to Statista, BNPL usage in the US alone grew over 40% in 2023 — and continues to evolve rapidly across sectors. Take our Quizz and find out if you are ready to master BNPL for your business.
Q1. What does a ‘soft credit check’ mean in BNPL?
a) No credit report is accessed
b) Credit is checked, but it doesn’t impact the score
c) No credit history is used
d) It only applies to credit cards
✅ Correct Answer: b) Credit is checked, but it doesn’t impact the score.
💡 This is a soft credit check, used widely by BNPL providers.
Q2. Which credit tier is least likely to be approved by most traditional BNPL providers?
a) Prime (700+)
b) Near-prime (620–699)
c) Subprime (below 620)
d) Thin-file (new to credit)
✅ Correct Answer: c) Subprime (below 620)
💡 Subprime customers face frequent rejections in single-lender BNPL systems. Only specialized lenders or gateways with subprime partners (like WeGetFinancing) cater to this segment reliably.
Q3. Which BNPL setup improves approval rates by matching customers to the right lender?
a) Pay-in-4 models
b) Single-lender BNPL
c) BNPL gateway
d) Private label store financing
✅ Correct Answer: c) BNPL gateway with multi-lender logic
💡 A BNPL gateway solution connects the merchant and the customer simultaneously to multiple lenders — boosting approval rates and reducing cart abandonment.
Q4. What type of purchase is Klarna most commonly used for?
a) High-ticket electronics and furniture
b) Medical procedures
c) Sub-$200 fashion items
d) Subscription services
✅ Correct Answer: c) Sub-$200 fashion items
💡 Klarna is known for its Pay-in-4 model and is widely used for fashion and lifestyle items with lower average cart values, especially under $200.
Did You Know?
BNPL usage peaks during the holiday season — especially for electronics, fashion, and toys.
In 2025, advanced BNPL solutions are just as crucial for e-commerce as for brick-and-mortar stores.
Learn how to prepare your store here.
Q5. Which of the following is not a BNPL provider?
a) Affirm
b) WeGetFinancing
c) ChargeAfter
d) Brex
✅ Correct Answer: d) Brex is not a BNPL provider
💡 Brex is a fintech company offering corporate credit cards and financial tools for startups. While Klarna, ChargeAfter, and Sezzle are active BNPL providers, Brex operates in the B2B credit space.
Q6. What is the key distinction between a BNPL Gateway and a traditional waterfall lending model?
a) A BNPL Gateway lets customers pick from multiple lenders in real-time
b) Waterfall lending always offers the best APR
c) Gateways are for large purchases only
d) Waterfall models are more flexible for merchants
✅ Correct Answer: a) A BNPL Gateway lets customers pick from multiple lenders in real-time
💡 A BNPL Gateway connects the customer to several lenders simultaneously, offering choice and improving approval rates. Waterfall lending routes the application sequentially — the customer may not see all options.
Q7. Gen Z shoppers are more likely to use BNPL because…
a) They prefer flexible long-term loans
b) They avoid credit cards and want instant decisions
c) BNPL requires more paperwork
d) They already have high credit scores
✅ Correct Answer: b) They avoid credit cards and want instant decisions
💡 Gen Z often lacks strong credit histories and avoids traditional credit cards. BNPL offers them an instant, no-commitment way to finance purchases with soft checks and minimal friction.
Q8. What is a major limitation of using a single-lender BNPL provider?
a) Reduced fees for merchants
b) Higher brand visibility
c) Lower approval rates
d) Instant decisions for all credit tiers
✅ Correct Answer: c) Lower approval rates
💡 Single-lender BNPL flows reject many customers upfront. Without a multi-lender fallback, approval rates drop and conversion suffers.
🎯 Scoring & Insights
Thanks for taking our first BNPL & Consumer Financing Quiz — we hope you had as much fun as we did making it!
Financing may be serious business, but learning about it doesn’t have to be boring. Ready to go deeper? Below are curated reads to help you explore the strategies, tools, and gateway models behind the smartest BNPL implementations.
The WeGetFinancing Editorial Team produces expert content on consumer financing, POS lending, and BNPL strategies. We collaborate with industry specialists, analysts, and merchants to deliver actionable insights that help businesses grow smarter — and finance better.
