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SUPPORT us on PATREON: https://www.patreon.com/twocentspbsdsSUBSCRIBE to Two Cents! https://goo.gl/jQ857H Buy Now Pay Later loans are becoming the newest, tr...
It’s been a while, but I looked into a few of them at one point (want to say around 2013-2014?). The one I can still recall the details of had a $500-$750 limit on the purchase price, the payments were auto-debited weekly (mandatory), and you ended up paying around 2.5 times the original purchase price. The payment schedule was weekly payments for something like 12 weeks.
And that was a fairly benign one. Some, especially the ones that allowed for higher dollar amount purchases, were practically usury.
The whole “buy now, pay later” industry is entirely predatory.
It’s been a while, but I looked into a few of them at one point (want to say around 2013-2014?). The one I can still recall the details of had a $500-$750 limit on the purchase price, the payments were auto-debited weekly (mandatory), and you ended up paying around 2.5 times the original purchase price. The payment schedule was weekly payments for something like 12 weeks.
And that was a fairly benign one. Some, especially the ones that allowed for higher dollar amount purchases, were practically usury.
The whole “buy now, pay later” industry is entirely predatory.