What began for many as a way to pay for concert tickets and vacations is becoming an ordinary tool that Gen Z and millennial shoppers use for food, contact lenses and trash bags.
I’ve used affirm a few times in the past for larger purchases. So I bought a $600~ table saw and you pick the length of the loan in months 3/6/12 whatever. I didn’t get whatever months interest free but the interest didn’t seem too crazy. It was like a couple of bucks every month and if you pay it off early you don’t have to pay the rest of the interest. It’s convenient for the purposes that I use it for. I’m really glad that I’ve not been in a position to need it for groceries.
“Payment Plans” can be set up on credit card charges with TD Canada for 6, 12, 18 months… where you have to pay 4%, 6%, 8% of the charge as interest, which works out to 8%, 6%, and 5.33% per annum respectively.
What’s the interest payment/cost for this kinda service? I’ve fortunately never been in a position to need it.
Usually interest free for 3 or so months. Pay 1/3 a month.
Ahh, okay. So a financial gun pointed to your head. This has certainly no chance of going awry.
Little or nothing if you make the payments.
If you miss a payment, the rates go sky high.
Most of them no interest 4x payments every other week…
Some offer longer terms with interest though
I’ve used affirm a few times in the past for larger purchases. So I bought a $600~ table saw and you pick the length of the loan in months 3/6/12 whatever. I didn’t get whatever months interest free but the interest didn’t seem too crazy. It was like a couple of bucks every month and if you pay it off early you don’t have to pay the rest of the interest. It’s convenient for the purposes that I use it for. I’m really glad that I’ve not been in a position to need it for groceries.
“Payment Plans” can be set up on credit card charges with TD Canada for 6, 12, 18 months… where you have to pay 4%, 6%, 8% of the charge as interest, which works out to 8%, 6%, and 5.33% per annum respectively.