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I feel like all these online "buy now pay later" services are just there to prey on poor people
by s09dfhks 5y ago
I feel like all these online "buy now pay later" services are just there to prey on poor people
- DamnYuppie 5y agoIMHO they are the title/payday loan operators of the web, like their real world counterparts they prey on the poor.
- tyrfing 5y agoUnlike those real-world counterparts, they don't make money. Also unlike the real-world ones, they're making loans so risky that they're apparently having issues selling even the highest-rated ABS tranches right now.
- yjftsjthsd-h 5y ago> Unlike those real-world counterparts, they don't make money. What? How are they in business, then? Is this just the reverse side of "the market can stay irrational longer than you can stay solvent"? (I'd assumed they ended up being profitable off of people not paying things off in the 0% time)
- kotaKat 5y agoI've never (in my experience) seen credit-poor customers get approved by Affirm (or any other BNPL). I have, however, seen Affirm's other scummy side -- they have a special 'workflow' with a partnership with Katapult, a lease-to-own provider, where the merchant can take an Affirm denial and push it to Katapult for an even more predatory rent-to-own loan at higher rates.
- tyrfing 5y agoThey definitely do: https://i.imgur.com/ZFiHz3s.png https://i.imgur.com/ZFiHz3s.png
- anyfactor 5y agoI have rarely found anything that is capitalist and has a demographic interest in financially marginalized people ever to be ethical. When you match desperation with a lower possibility of solid education, "fiduciary responsibility to satisfy the investors" can never be capped. That goes same for the proverbial social business.
- danvoell 5y agoTotally Agreed.
- deleted 5y ago[deleted]