The TRUTH about Buy Now Pay Later (Affirm, Klarna, Afterpay)

So by now I’m sure you’ve seen those pop-ups at checkout on your favorite sites claiming that you can buy NOW, but actually pay LATER. You know that fine print that says “4 monthly payments of 123.25”? Services like Affirm, Klarna, and Afterpay…they seem too good to be true, right? I sleuthed to find out the truth about these buy now, pay later services.

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[mrsdowjones]

Are there any money services or programs that you guys think might be a scam? Let me know!

[tonybarber]

I like Klarna I use it a lot I can afford all my purchases but like paying in small Increments instead of all at once I’m not a big fan of working from paycheck to paycheck I like to have ten times the amount of purchase in my account before I buy something

[MoDavI-sliy]

FYI: Affirm is a little different than afterpay & Klarna. Affirm charges interest, & payment is due once a month, not every two weeks. Not to mention they do report to the credit bureau (Experian) & do a soft credit check.

[johnperez]

I got a Klarna ad on this video...poor targeting I guess. Better they pay you than us pay them!

[chachogaming]

It’s pretty tough not to buy on these apps. I’m not broke, and I can pay the full amount, but like you stated, “ it looks better 40 a month” than 600 upfront. Lol, another thing is if you’re missing payments then there’s no reason to be asking for a loan to buy now and pay later. That should be the major red light that you do not afford it.

[saskiahamann]

My Grandma always said if you cant pay for it twice in cash, you cant afford it!

[oldturkey]

I think you can use the offer(0% interest and no to terms with interest) to your advantage. Pay on time and in full. Don't spend beyond your means and stay away from credit with interest.

[jx]

Good point on don’t use it for things that are unnecessary. Definitely not for shoes and clothes.
I actually used those services to buy some of our furnitures from online shops when we bought our house. As long as the total monthly payment stays within your budget, I’d say why not? You get better cash flow and time value of money. Just setup auto payment the second you make the purchase : )

[MysTaria]

It’s the modern day version of buying things on lay-a-way.. am I the oldest one in here? lol

[xfirefoxy]

It helps me save. Unless its an emergency it's hecking rare I'll buy something else if I already have a loan out.
Money is something I pride myself in.
But then again I know people in my life that just see it as free money and that's a dangerous way of looking at it.

[heatheralisa]

I can pay for everything I buy through Klarna but choose Klarna for the rewards on top of the credit card cash back that is set up on auto payments to my bank account. My spending habits haven’t changed and won’t change but I can see how it can be a bit predatory for people with and addictive personality.

[spelllingg]

Verdict: don’t be dumb, don’t do multiple payments at once if you can’t afford it. Simple.

[TheLoyalShinobi.]

Wait so basically if I don't miss the payment I'm good
I have to buy a laptop for college, should I just apply for the bestbuy credit card instead of this?

[CristiSJ.]

Let's say i never pay for the item i bought.. what will happen? Please someone respond

[lewisborlan]

How do you consumer loans affect your credit?

[ryandodson]

I was thinking about buying some wheels on a website and I can afford it but I don’t want to actsully put that much cash down on it I like to have money in my bank account in case something would happen and buying them would bring my bank account down and I was thinking about buying with affirm I can make the payments every month is it worth it ??

[Wesreck]

I like after pay its always 4 payments amd i determine at checkout if i can afford it

[brittanycurrency]

So when u pay with klarna do u get your item during or after your payment plan is complete ?

[maayaantow]

Is paying monthly on Klarna gonna help build your score if your just starting off and pay on time?

[emmas]

ur my soulmate 😩🤣💕 instantly subscribed. stay rich boo