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Justagreewithme t1_j8pgomb wrote

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

My critique would be, in all your examples, you’re already overextended. If you are an adult and can’t afford to just pay any of those things off in full at the time, then you are already in a very bad position financially. The people that are going to use this, are those in financial hardships and as such are disproportionately more likely to make poor money decisions and not see the risks, making their situation much worse.

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BluePeriod_ t1_j8pq1dj wrote

Your critique is completely valid, and I thank you for approaching it from a very mature standpoint. The truth is, I am not doing so hot. I’m trying to save as much as I can, times are tough, and my household is disproportionately reliant on me. This is only temporary, but I am doing the best I can.

My parents were bankers, so they taught me all about predatory loans early. While it’s not perfect, the pay in 4 option for me is working because it allows me to offset the high cost these unexpected necessities without falling into the trappings of a high interest loan that would be impossible to pay back or dipping into my savings. It’s the best of a bad situation and the most affordable in terms of staying liquid. Especially with all the sudden costs that came up recently.

To be clear, I don’t want my initial comment to serve as an endorsement for these type of products, I’m only relaying that it’s working for me in my very specific situation. I would never particularly recommend them to anyone, but if hard-pressed, I would absolutely recommend it as an alternative to a predatory high interest loan depending on their own circumstances.

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