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(CNBC)   Looks like Walmart is going to ditch those high interest "buy now, pay later" loans through Affirm. They're starting their own new company to do it themselves   (cnbc.com) divider line
    More: Obvious, Credit card, Money, Walmart -backed startup, own version of the payment service, later companies, Payment, Walmart's website, Wal-Mart  
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457 clicks; posted to Business » on 09 Dec 2022 at 7:35 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



13 Comments     (+0 »)
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2022-12-09 8:13:30 PM  
What the fark took them so long? Did they have some reorganization to do to skirt antitrust laws?
 
2022-12-09 8:18:31 PM  
I thought the deal with those things is they were zero interest. Otherwise people would just use credit cards.
 
2022-12-09 8:19:45 PM  
Affirm might have high-ish interest rates (it varies, some of mine have been 0%, some have been 11%), but the terms are so short that interest paid isn't obscene. I use it once a year to buy something then pay it off, it counts as an installment loan and payoff every time you do it, good for your credit.
 
2022-12-09 8:37:32 PM  

Izunbacol: I thought the deal with those things is they were zero interest. Otherwise people would just use credit cards.


Yeah, they're usually 0%. Until you miss a payment and penalties/interest kick in, or fail to realize the monthly minimum won't pay it off before the short 0% term expires and you end up owing a shiat-ton of back-interest.
 
2022-12-09 9:02:08 PM  

spiralscratch: Izunbacol: I thought the deal with those things is they were zero interest. Otherwise people would just use credit cards.

Yeah, they're usually 0%. Until you miss a payment and penalties/interest kick in, or fail to realize the monthly minimum won't pay it off before the short 0% term expires and you end up owing a shiat-ton of back-interest.


Predatory lending being predatory?  No me digas!  Loan sharks work the same way, you can borrow it and pay it off quick?  Hey no problem.  Anything at all goes sideways?   Nothing but problems.  They endure the people that pay it off on time in order to suck in the people that are either unlucky or will fark it up
 
2022-12-09 9:23:58 PM  
Walmart really really wants to be a bank. No doubt this is as far as they can get right now. I'd rather have the post office become a bank, like it used to be, but more so.
 
2022-12-09 11:06:39 PM  
In the old days they had layaway. Goes to show how cheap credit has complétely flipped the script. In either case, they still own you until you have your debt paid off.
 
2022-12-10 4:32:47 AM  
So many BNPL companies call themselves "fintech," and it's BS. They are just usury companies doing usury through different means such as mobile apps.

And the fact that some people actually need to buy necessities through BNPL is a tragedy and an indictment of society. That should only be for occasional purchases such as buying a TV through installment payments.
 
2022-12-10 9:01:05 AM  
Don't support massive conglomerates, support small American owned businesses instead!

Fark user imageView Full Size
 
2022-12-10 11:15:48 AM  
I did it to float the cost of a new computer for my wife over a few months. No interest as long as I paid. I hope it looked good to my credit rating

And I would never buy anything expensive enough at wal-mart I would need to use that service there
 
2022-12-10 12:46:26 PM  
Considering the state of American and European banks, I'd be more likely to trust Wallyworld than Wells Fargo.
 
2022-12-10 1:03:05 PM  

Izunbacol: I thought the deal with those things is they were zero interest. Otherwise people would just use credit cards.


Depends on the seller. Affirm has everything from 0% on up, based on whoever is selling.

But I use them, I don't have a credit card that has room, but I bought my Steam Deck that way, and I'm busting my wife's sewing machine that way. No interest in then sewing machine, like 10% on the STEAM Deck.
 
2022-12-10 11:43:43 PM  

Some Junkie Cosmonaut: spiralscratch: Izunbacol: I thought the deal with those things is they were zero interest. Otherwise people would just use credit cards.

Yeah, they're usually 0%. Until you miss a payment and penalties/interest kick in, or fail to realize the monthly minimum won't pay it off before the short 0% term expires and you end up owing a shiat-ton of back-interest.

Predatory lending being predatory?  No me digas!  Loan sharks work the same way, you can borrow it and pay it off quick?  Hey no problem.  Anything at all goes sideways?   Nothing but problems.  They endure the people that pay it off on time in order to suck in the people that are either unlucky or will fark it up


It's more like getting a personal loan from a bank, it's not a credit account, it's a micro-loan without the hard inquiry. Just as an example, I had a $900 purchase last year that I used it for, and I paid through the year. The total interest I paid was $80 over those 12 months. That's pretty good, especially considering their loans are typically 6-12 months in length.
 
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