Posted on 03/22/2024 6:10:53 AM PDT by ChicagoConservative27
A record number of Americans have been using “buy now, pay later” apps amid the surging inflation seen in Biden’s economy.
A new report from PYMNTS Intelligence showed 6.5 percent of Americans, roughly 15 million, have been using BPNL apps to pay for groceries since last year. Per the New York Post:
Of those using the apps — offered by fintech services such as Affirm, Klarna, Afterpay and PayPal — around 5.4% were low-income Americans, according to the study.
The rest were those whose yearly incomes were at least $100,000.
Last month, the Federal Reserve Bank of New York published research which found that people with a credit score under 620 were nearly three times as likely as financially stable consumers to use BNPL five or more times last year.
BPNL loans are short-term loans with fixed payments at little to no interest. They have also been called “point-of-sale installment loans.”
(Excerpt) Read more at breitbart.com ...
how much is the “little or no interest” and are there fees?
spy much???????
I’ve used these. When I have used them, you get a year to pay before they start charging interest. Then it’s about the same interest as a credit card.
The way I think this works is you make a purchase on your credit card and then you choose “Buy Now, Pay Later” so you’re basically layering your credit. There are fees, although I don’t know what they are.
I’ve used PayPal’s pay in four system some and usually paid off early.
I think the inherent risk is that “Buy Now, Pay Later” essentially increases your credit limit freeing people up to charge even more on their credit cards. I don’t think this will end well.
I think they count on the people procrastinating. Even if you paid $100 every two weeks, you’d have $2600 paid down on whatever you bought.
It’s useful for things like ebikes, where you can pay that $2600 down and whatever you save on gas for the year, which where I am would be about $2400/year.
I wouldn’t use it if and then wait that year to start paying.
The party is the Mafia note actions and results.
Trump nods
:What an arrogant, lying POS:
The way they work is little or no interest UNLESS the item isn’t paid off in the stated time. (NO INTEREST FOR 12 MONTHS ETC)
One day over the mark and the person owes ALL the interest they would have paid since day one of the purchase. And that rate?
It’s NOT low.
So many ways to separate the poor & optimistic from their money...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.