Oh boo hoo, telling it how it is shouldn’t be a crime. A lot of poor people are in that position because of their continued and constant bad mistakes. BNPL preys on those people. I don’t have disgust for poor people, I have disdain for stupid people. One just happens to usually lead to the other.
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Apple Using In-House Lending for New Apple Pay Later Feature
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Oh boo hoo, telling it how it is shouldn’t be a crime. A lot of poor people are in that position because of their continued and constant bad mistakes. BNPL preys on those people. I don’t have disgust for poor people, I have disdain for stupid people. One just happens to usually lead to the other.
Current installment providers just slap the missed payment on the next installment. Some will charge a small late fee (like $5) on top of it. If you fully default then it is referred to collections.
The unique thing is that your credit isn’t hurt until you fully default. That said, missing payments severely affects your “spending power” with the provider. So next time you use it, they may not allow you to borrow as much. Klarna makes you pay more on the first installment and limits your spending power.
No matter what form of credit you take out, there’s informed disclosures that tell you what you’re getting yourself into. Aka, personal responsibility.
You sign the dotted line. You swipe (or tap) the card. If you can’t control your own actions, that’s on you, not the lender. If they charge sky high interest, go elsewhere. If that’s your only option, maybe you need to reconsider why you’re in that situation in the first place. I don’t have any sympathy for people who can’t take financial responsibility; lending laws have come a long way and every lender is required to disclose all terms of credit (at least in the US). There’s no secrets anymore.
Guilt tripping a company into not making money off of your lack of responsibility isn’t the answer, and quite frankly, it’s not their problem. They’re offering a product, take it or leave it.
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I’m not discounting the personal responsibility aspect clearly. It’s still ****** for Apple to prey on stupid people; no amount of fanboyism changes that.
I don’t see the issue here, i can outright buy multiple iphone 13 pro max in full at once but instead i chose the apple card payment plan for 24 months which was just a 45 a month instead of spending outright
When you stop to think about it, nearly every business preys on “stupid” or “lazy” people. Restaurants, contractors, personal trainers, banks, etc. They’re just selling a convenient solution to address a problem.
I have a bad habit of talking in second person point of view. “You” is referring to the consumer that would be taking out these lines of credit.
Ok, to continue your example. That hamburger I buy at McDonalds because I’m too tired to cook, doesn’t come with an obligation. An obligation that when defaulted on, drives prices up for the rest of us. It just sits on your hips or in your heart lol.
BNPL is entirely different and I fail to think of a single thing or instance where it would be necessary. Even as a child I never wanted something so bad I’d want it hanging over my head.
It’s just odd that people keep trying to justify this as anything other then bottom feeding money grabbing. They are a company, they have the right and an obligation to make money, but Apple is supposed to be better then this if you buy into the BS ethos they encourage around themselves.
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Nobody said business has to be ethical. The practice of buying and selling defaulted debt is even more shady lol.
This may help people who have the ability to buy outright, but cannot make it through the checkout with their debit card.
A lot of people have stated that they have the cash to buy an Apple product, but cannot get through checkout. And are forced to pay cash in the store, buy a gift card, or use multiple payment methods.
Always a pain when you can afford something, but have to go through checkout to find out how much it costs, go down to the store to buy a gift card, come home and hope everything works.
A lot of people have stated that they have the cash to buy an Apple product, but cannot get through checkout. And are forced to pay cash in the store, buy a gift card, or use multiple payment methods.
Always a pain when you can afford something, but have to go through checkout to find out how much it costs, go down to the store to buy a gift card, come home and hope everything works.
You obviously have never run across the "Your Payment Method Was Declined Please Enter Another Payment Method" message when checking out.
Some of the debit cards may decline at $1000, $2000, or $3000 even when they have money in the account.
Currently if this happens, you have to pay cash, get a gift card, or use multiple payment methods.
There is a chance that BNPL will allow the people with money in the bank to avoid this.
Such a pain for those that can afford Apple products, but have trouble buying them.
Currently if this happens, you have to pay cash, get a gift card, or use multiple payment methods.
There is a chance that BNPL will allow the people with money in the bank to avoid this.
Such a pain for those that can afford Apple products, but have trouble buying them.
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Still laughing because anyone can claim anything happening at some point in the future just to say “I said it before”.
So yes, maybe they also will start a mission to Mars or a cure for cancer.
Or you have to call up your bank to get them to temporarily authorize an expense larger than the daily limit, but yeah, it’s a thing.
What kind of vig does Apple charge?
Do they send someone to break your legs if you miss a payment?
Do they send someone to break your legs if you miss a payment?
No kidding, right? It’s like saying well I have a propensity towards armed robbery but now that I can use BNPL, all my woes are solved.
Again. You THINK you can do it.
If the housing market crashes or there’s a big shift in X commodity you could be out of luck.
That’s the nice thing about it being so short term, as opposed to financing it across 24 months or 5 years (or 30 years). Generally, if you can afford the payments now, you’ll probably be able to afford them in six weeks or two months. Is it possible a major market crash could occur in two month’s time, or is it possible you could lose your job for other reasons? Yeah, I suppose so. Is it less likely to occur in so short a time period than it would during a two year phone contract, a 5 year car loan, or a 30 year mortgage? Yes, of course, the longer the time interval, the higher the risk of events that could potentially adversely impact your income.
Yes and aliens could invade as well. You aren’t making the point you think you are.
No, you're not hearing it, or listening, Take your pick.
As I said, some people take a little more risk than others and we can all fall on hard times now and then.
Yeah I can go with that. Some is down to timing, some is simply bad decisions and some a combination of the two.
Hard times and stupid decisions aren’t the same thing. I think this subject is too close to home for you so you are being obtuse on purpose.
Never suggested they were, but timing can make them pretty close.
You can think what you like and hear what you like, your last posts demonstrate that.