The "buy now, pay later" (BNPL) option that you often see on checkout screens when making an online purchase is more popular than ever before, thanks to the failing economy.

As prices rise and hyperinflation rears its ugly head, increasingly more consumers are opting for these short-term loans when eating out at restaurants or even just making purchases at the grocery store.

As wages stagnate and the economy moves into a recession and possible depression, BNPL schemes from the likes of Zip, one of the biggest players in the short-term loan industry, have skyrocketed in popularity. 

Zip says business is up 95 percent this year for people buying groceries, while restaurant bills are up a whopping 64 percent. Zip services major retailers such as Costco, DoorDash, Safeway and Starbucks.

"Users can pay for groceries or a pumpkin spice late with just 25 percent down, and the remaining 75 percent split into four payments over the following six weeks," writes Jarryd Jaeger for The Post Millennial.

Nearly three in four BNPL users end up dinging their credit score

Usually at no interest, a customer can opt for BNPL and spread out their payments over time – usually weeks or even months. It can be an attractive offer for folks who live paycheck to paycheck and feel like they could use the extra help.