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I mean isn't this one obvious? Fees. There's a ~$4 fee for the basic 4 payments every 2 weeks plan. There are also numerous plans that span various amounts of months. THESE plans have APR up to 30%. Add in your 'I missed a payment, here's a fee" and it's basically just a credit card with more rules that requires ~1/4th payment upfront. They also treat each purchase as a separate loan, so you don't get the benefit of one single monthly payment against the whole balance- each loan must be individually paid - adding up to a lot more than a credit card with a similar balance. And then add in selling marketing data of what customers purchase. It's a simple and solid business structure.
They also charge the store quite a cut. Because they have such high checkout rate... In some industries it's allegedly 30%. Paypal does 3.9% or something like that.
Oh, wow!
They also typically require a minimum purchase amount, so you have to spend more than you might have planned in order to use them. That $45 purchase suddenly becomes $55 because you needed to add something to go over $50. Those amounts add up over time and result in overspending.
I have not seen that so far. I don't click further on this for a payment option, though.
So you have no clue what you're talking about about
Hello, can your comments please add to the discussion?
Because you're not actually contributing to the conversation and are just trolling. Or you're dumb. I'm not sure.
Your comments that are solely insults are annoying. Please stop.
Please explain how a credit card, especially the spam ones that show up in your mailbox unasked for, is any different.
Everyone is ranting on these services like they're something new. They're not.
These are available to a much wider audience. And the placement at the checkout is very manipulative.
You want me to go to my mailbox and show you how many manipulative credit card offers I have just today? You're still not making any points other than "I don't like this one particular thing". Cool, you hate it. Understand how most credit is like this and stopped being shocked it exists. Because that was your original point you've so conveniently forgotten: how does this make money? With fees like has been explained to you over and over again.
I don't care about your personal mailbox.
Please stop being so rude and demeaning with your replies.
I never made that claim. Both can be true.
So you offered no explanation. Thanks for the contribution.
Why are you being so rude?
Mate since everyone else is too nice to say it I will.
Yer the worse side of an ass' buttock. And I hope you stub your toe.
-i do not check replies
These are unsecured loans. Your business only works as long as people are paying off their loan. When the economy tanks, when unemployment goes up, when inflation makes food and rent super expensive..., you can only go for so long when enough people stop paying you back.
What did you think I meant?
I honestly don't know what you mean because if any of that happens all finance gets fucked. This is no different than a payday loan and those have been around forever. Are you just learning today that predatory loan practices exist, and gasp thrive?
Again, you pay more in fees than they give you in loan. They can and will absolutely wreck your credit and sell your debt to collection agencies. And you also realize that the starting credit limit on these things is like $200, right? They're not giving out $5000 credit lines just for signing up. Actual actuaries have done the work to figure out the risks.
Credit cards are unsecured loans too. The average person only gets a secured loan when it's a car payment or a mortgage. Unsecured loans are incredibly common.
You have no clue what you're ranting about, you just want to be mad about something.
Why you keep trying to demean and personally attack people in these comments.
Why are you so dense and think correcting you is attacking you?
Why do you continue to demean in your comments?
Some people are just miserable and want to bring everyone around them down. It's sad, really.