Typically, when using Buy Now, Pay Later loans, consumers pay for a given purchase in four installments over six weeks, in a model more similar to layaway than to a traditional credit card. The loans are marketed as zero-interest, and most require no credit check or only a soft credit check.

The company behind FICO credit scores announced plans to include buy now, pay later installment loans in users' scores beginning this fall.

By now, pay later loans have helped many people stretch their budgets by paying off purchases through installments. But soon, you'll see those loans on your credit report.