Services like Affirm and Afterpay that offer the ability to buy products now and pay for them later are becoming increasingly popular, with one study finding that over half of consumers have used one, but critics warn that many users don’t understand the potential consequences. The Onion weighs the pros and cons of “buy now, pay later” apps.
PRO
- Fun to not pay for stuff you buy.
- Now is now and who even knows when later will be?
- Collection agencies known for their compassion and understanding.
- App could lose funding and fold before users have to pay.
- There only a few, very rare instances when buying something you can’t afford ultimately doesn’t work out well.
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CON
- Chance that future you may also not have any money.
- Humiliation of being $10,000 in debt to something called “Klarna.”
- Makes it financially stupid NOT to buy a waterbed.
- Detracts from adrenaline rush of having credit card declined.
- Still not as affordable as stealing.
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