Where on earth did you get the free credit idea from? didnt your parents teach you that nothing comes for free? the cost of this is not being paid for by the VC's, its not being paid for by the Staff and Execs at Klarna, its not being paid for by the people who get into bad debt and commit suicide. - Predominantly the poor/disadvantaged/marginalised/desperate/minority groups (see UK Citizens advice bureau report) ..... its being paid for by the general public who will see costs passed on by the merchant to the consumer... Not sure exactly where you stand on this, but it seems to be on shaky ground
21 Dec 2021 14:18 Read comment
If it looks to good to be true, it probably is.... at the end of the day BNPL is a loan... the valuations of these loan companies looks a bit inflated to me, and their credit scoring and reporting looks dodgy to say the least. Not sure how they work in countries where Consumer Debt Burden calculations are a thing.... Good luck to them, but lets not confuse a consumer loan with low barriers to entry, with a ground breaking fintech initiative!
20 Dec 2021 15:53 Read comment
We await class action suits similar to PPP and Payday loans due to lack of clarity and transparency in the sales process
17 Dec 2021 11:10 Read comment
Well, in the current jobs market they should be able to find new employment, one would hope!
08 Dec 2021 08:08 Read comment
The problem is the companies are putting these people in debt. Australia’s financial regulator found 15% of BNPL users had to take out another loan to make their payments, and 1 in 5 had to cut down spending on essentials to make them. In 2019, Australian BNPL providers raked in $43 million in revenue from late fees, up 38% from the previous year. At a major U.K. bank, 10% of customers making BNPL payments overdrew their checking accounts in the same month. The authors of one study dubbed BNPL users “Generation Debt Trap.”
Some young people are beginning to catch on. TikTokers are dancing to the caption “crippling debt” after showing themselves purchasing new clothes with Klarna.
07 Dec 2021 13:22 Read comment
Apparently BNPL is liked by minorities, especially those prone to impulse buying and used a lot by them as a result.
07 Dec 2021 13:17 Read comment
"Retailer provides loans to help sell more stuff"
"Woman has baby"
06 Dec 2021 12:11 Read comment
Payday loans were regulated out of viability. Regulation will come to BNPL. Klarna appears to be wisely reducing its dependency on BNPL and is on an aggressive buying spree ahead of regulation. Time will tell on this one
10 Nov 2021 16:09 Read comment
I wonder how long will it be till the wheels come off BNPL and we see Payday loans Wonga Mk2 hitting the press? Shall we run a sweep on this?
10 Nov 2021 14:10 Read comment
https://www.citizensadvice.org.uk/Global/CitizensAdvice/Debt%20and%20Money%20Publications/BNPL%20report%20(FINAL).pdf
01 Nov 2021 10:57 Read comment
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