More shoppers are choosing to buy now, pay later this holiday season.

On Cyber Monday alone, consumers financed more than $1 billion in online purchases using this payment option — a record, according to Adobe Analytics data .

By the end of the holiday season, that figure is projected to jump to $20.2 billion, up 11% from last year, according to Adobe.

Buy now, pay later (BNPL) works like it sounds. Shoppers buy goods instantly through lenders like Afterpay, Affirm and Klarna — and pay them back over time.

Because many loans are easy to access, interest-free for limited or set periods, and don't require any long-term commitment, it's an increasingly popular purchasing option. Especially for people with no or limited credit history, BNPL can make large or unexpected purchases mo

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