What is your opinion of 'buy now, pay later' (BNPY) schemes? Are they dangerously close to usury, or are they a victory for consumers who need more options in terms of paying for consumer goods?
>>536066408Imagine you've spent 5 years buying gear and training, then society breaks down one day and you get domed by some guy with this with this.
>>536066525I would die laughing
pro: those with responsible budgets can borrow from their future selves in a sense to buy what they want or need today and not months later.con: it enables higher prices. i think we've seen this with post secondary education and student loans. now with loans people can "afford" prices they never could afford before and so the price can go up and so it will.
>>536066408Micro loans are a scam on both ends. The seller gets scammed by the company saying they'll have access to more buyers if they use their service. They sign a contract saying they'll use it for X amount of years and their site must display the option. They end up with a bunch of niggers buying shit who aren't even trusted enough to have a credit card. The seller takes a loss, the loan company profits off the debt.
>>536066408I remember buying a 10/22 from Sportsman's Guide with one of those plans think it was pay over 3 or 4 weeks no fees
>>536066525
>>536067394The only loss the seller takes are the fees from bnpl sales. BNPL companies lose a heck of a lot more because niggers who don’t qualify for payday loans, sure as hell won’t pay their BNPL installments
>>536067869What happens when someone doesn't pay? I imagine they add on a bunch of fees but does it go to collections?
>>536068273good questionwithout this information this discussion is worthless to proceed
>>536067073Were oldschool 'layaway' programs really not enough for consumers?
>>536066408Guns give you cancer. Who knew.
>>536068273>imagine they add on a bunch of fees but does it go to collections?It does go to collections eventually, but it's like getting blood out of stone. All BNPL companies who publish their financials information either report huge losses or cover them up with more profitable areas.
