8 votes

Jeans now, pay later: Are the new online services that allow you to buy just about anything in interest-free installments too good to be true?

Posted by spit-evil-olive-tips
Tags: credit, fintech, internet, retail.online, buy now pay later, author.amanda mull, source.the atlantic, paywall.soft
https://www.theatlantic.com/magazine/archive/2021/01/jeans-now-pay-later/617257/

Link information

This data is scraped automatically and may be incorrect.

Title
Are the New 'Buy Now, Pay Later' Services Legit?
Authors
Amanda Mull
Published
Dec 15 2020
Word count
609 words

2 comments

  1. knocklessmonster
    Link
    I've used QuadPay to buy a pair of shoes I wanted, and needed (my current pair was dying) but was just outside of my budget at the time. I think these services are great at enabling people with...

    I've used QuadPay to buy a pair of shoes I wanted, and needed (my current pair was dying) but was just outside of my budget at the time. I think these services are great at enabling people with money available, but either a lack of restraint or means to save, to spend more on quality goods, and I have benefited from it, instead of falling into the "Buy it nice, or buy it twice" rule. Those shoes are still in use almost three years later, but they only cost $90.

    On the other hand, the article also mentions an issue I've fallen into: Divorcing the act of buying from the act of spending did lead me, a couple times, to actually reaching outside of my means to buy a thing I didn't need. I still have these goods, but unlike the shoes, they aren't even debatably essential. I've also used it to help shift some lower costs, but I've basically backed off using these services after only a handful of times because I find it too easy to buy stuff I don't need.

    7 votes
  2. spit-evil-olive-tips
    Link

    You’ve probably seen these businesses infiltrate many of the places you shop online. They’re embedded in the checkout processes at Walmart, H&M, Sephora, Dyson. Their promises are enticing: Split a $200 pair of Adidas into four automatic, interest-free payments of $50, with only a cursory credit check required. Try a pricey new moisturizer and return it if you don’t like it before the money has even left your bank account. Pelotons don’t cost two grand; they cost 60 interest-free bucks a month for a few years. The checkout lenders market themselves on simplicity, transparency, and low cost—credit for people who are too smart to get tangled up with credit cards. But when you find yourself being flattered and asked for your debit-card number in the same breath, it’s time once again to ponder one of life’s most important questions: What’s the catch?

    4 votes