Viewing a single comment thread. View all comments

wadonious t1_j8o2386 wrote

Reply to comment by BluePeriod_ in Apple Pay Later nears launch, company will use past spending with Apple to evaluate creditworthiness. by SUPRVLLAN

Might be obvious, but these systems are only a problem if you buy things you can’t afford, just like a credit card. But it’s nefarious because it tricks people into buying things they can’t afford

99

BluePeriod_ t1_j8o2f55 wrote

Yeah. It makes me sad too because it’s like - a fun thing here and there? Fine. But I work for a bank and I’ve seen some accounts that have a LONG series of purchases from Zip/Klarna/PayPal installments etc. Like “entire paycheck is pretty much gone” amounts. It’s an easy pit to fall into.

44

rouxcifer4 t1_j8pyu5t wrote

I’m an underwriter and see the same thing. It’s really sad. And I even use Afterpay and Klarna, but keep it limited to one or two lines at a time.

I had one applicant have over 27 payments to different buy now pay later companies in one week.

9

FloydMcScroops t1_j8q23mu wrote

Still, at the heart of it, needing to offer deferred payments and credit to make a purchase achievable speaks to how broken the system is. Wages are not at the same levels of inflated costs of goods. Costs of good just keeps increasing due to the lessened blow of payment options. This isn’t a nice solution, it’s economic manipulation and preying upon buyers with poor self control.

7

whodiditifnotme t1_j8q6xco wrote

And then there is will of folks like me who take the 0% interest and make 3.8% on the rest for abtrottet month or three.

1

nickolove11xk t1_j8qkqb1 wrote

Exactly. There is nothing wrong to me for using any of apples 0% payment plans. Why would I pay upfront for a laptop I need. Some people out there would tell me to pay off my car early and not understand im not paying off a 0% loan.

2

R_Meyer1 t1_j8ogi1l wrote

Do you know what’s also obvious you or anybody else is not force to use it.

−10

wadonious t1_j8ojhhf wrote

Thank god, i totally thought apple was going to forcibly remove all other methods of payment

15