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I think the fact that companies like Klarna are downsizing is good overall. Klarna literally offers nothing but interest free loans (3 instalments typically), a
by jason0597 4y ago
I think the fact that companies like Klarna are downsizing is good overall. Klarna literally offers nothing but interest free loans (3 instalments typically), and they tear out your eyeballs if you miss the payments with ridiculous interest rates. Their normal business model makes zero profit, and they solely depend on people missing payments so they can gouge them. Clearly not viable at all...
- Frost1x 4y agoIsn't that how most lending works? Exceptions exist on student loans and mortgages but most lending is predatory in nature in the same way described.
- trhoad 4y agoBuy-Now Pay-Later is largely unregulated (in the UK at least) and makes money off predatory tactics. I make no comment on the ethics of staff that choose to work for VC-backed loan sharks other than to say if you've been let go it might be a good chance to reassess priorities.
- sidebits 4y agoThis is just wrong. BNPL is not their only product, and their profit comes from transaction fees paid by merchants.