Just another in an on-going series of “rich bastards figuring out that there’s no more money to take.”
I hope… No, I pray that Klarna, Afterpay and all the other similarly shitty services go belly up. They’re basically modern payday lenders and those businesses should die.
You know a lot of those cash advance apps you can just revoke the ACH and delete your card from it. In their terms of service it literally says you are not obligated to pay it back. All those fintech companies.
I don’t use them myself but I’d imagine most users aren’t aware of that loophole or are worried about their credit score.
It can’t affect your credit score, because it’s not a loan.
If it was a loan they would be subject to ursery laws. But they don’t want to be. So you can default without penalty besides being hounded.
Do payday lenders (like Money Mart or whatever) not charge fees unless someone is late on a payment? I honestly don’t know how they work. I was under the impression that similarly, the only way Klarna and the others made money was by late payment fees since whenever they come up in a checkout it always says there are no fees (which I take to mean if payments are on time).
But the economy is doing great, we promise
Numbers may not lie but whoever massages them does.
I guess I am a statistic then. Our family couldn’t do it anymore and it got out of control. We gave up all the cards and did debt consolidation… it’s going to be a fun 5 years, if we can even make this work.
I think we all saw this coming the second it was possible to finance a pizza.
