KingDec 6

U.S. consumers are so fucked up, that they put more than $1 billion on buy-now, pay later services during Cyber Monday

https://blackneon.net/post/93128

Show threadDr. WeskerDec 6
Man, say what you will about credit cards, but at the very least with many of those you get rewards of some sort. BNPL is just the consumer version of the payday loan; you get nothing but the scam.
Show threadExulionDec 6
Idk, I do them when there is no interest involved. Like my credit card I only do it when I have the money though.
Show threadskankhunt42Dec 6

For what reason? Am I missing out on something?

Seems like it’s better to just pay now if you have the cash.

Show threadPlatypusDec 6
Assuming you need to buy the product, taking on zero interest debt gives you greater liquidity that you can theoretically activate elsewhere to improve your cash flow. For the amounts and time scales of BNPL, though, I don’t entirely see the point.
Show threadPrathas

For the amounts and time scales **hard inquiries of BNPL, though, I don’t entirely see the point.

FTFY

Dec 7 at 6:56amWeb
Show threadWarl0k3Dec 7
Most BNPL services don’t make classically hard inquiries, though - as I understand it that’s actually a big part of the problem, because they are able to skirt a great deal of the credit regulations put in place to prevent predatory lending (yeah those exist - fucking terrifying, isn’t it?) by not engaging directly with the credit agencies, instead relying on 3rd party consumer information data brokers of dubious reliability.
Show threadHolytimesDec 11
They don’t make hard inquiries. That’s kind of a huge fact of these services…
Show threadPrathasDec 12
Um, they absolutely do. Stop by /r/churning if you’d like evidence; it’s one of the main reasons BNPL services aside from credit cards are not used much there.