BNPL Loan Stacking
Note: CCIP matched sample. Percent of BNPL borrowers is restricted to BNPL borrowers in the sample, defined as having originated at
least one BNPL loan in the given year. Percent of adult population is calculated out of the entire CCIP matched sample that
includes BNPL borrowers and non-borrowers. Simultaneous loans are defined as having originated a subsequent
BNPL loan within 42 days of the first, conditional on originating any BNPL loan in the given year. The difference
between the share of consumers with simultaneous loans at different firms and the share with simultaneous loans
overall yields the average share of consumers with simultaneous loans at any given firm. This is derived from 524,773 observations in 2022.