WASHINGTON–A group of congressional Democrats wants to investigate a fintech that is offering buy now, pay later (BNPL) financing to the gun industry in which one company that uses the service promotes as “Buy Now, Shoot Later.”
Eighteen Democratic lawmakers have sent a letter to Credova Financial LLC, based in Bozeman, Montana, to express concern that its purchasing programs could worsen America’s gun violence problem. Lawmakers representing large cities, including New York, Boston and Houston, were among those who signed the letter, according to NBC News.
“We are concerned that the ease with which buyers can acquire guns through BNPL will result in more guns and increased gun violence in our nation’s communities,” the lawmakers wrote.
According to the group of Democrats, Credova has already partnered with nearly 70 gun merchants and noted that it claims “merchants who use Credova see up to 51% increase in overall sales volume.”
The lawmakers say that BNPL programs often entail only "soft" credit checks and that the installment payment options have become widely popular with younger consumers, according to the letter.
The Questions Raised
Among the representatives’ questions:
- What safeguards does Credova have in place to ensure firearms aren't being purchased illegally or by people with criminal histories using the company’s services?
- Does Credova have information about whether guns bought through its BNPL program have been used to commit unlawful acts of violence?
- How does Credova ensure purchases of firearms meet state firearm purchase requirements?
No Comment
Credova did not comment on the record when asked about lawmakers' concerns over the use of installment payment plans to purchase weapons, according to NBC News.
As CUToday.info reported here, Guns.com, GrabAGun.com and other websites prominently feature Credova as an option for people looking to pay for their firearms in monthly installments. The GrabAGun.com website markets the option as "Shoot Now, Pay Later."