Apple has also developed its own credit check technology and its own lending mechanism. It's four payments over six weeks and the loan amounts are between $50 and $1,000. Even though Buy Now Pay Later products largely advertise themselves as being risk-free or interest free, that is only true if you follow all of the rules.
With the economy in flux and prices continuing to rise, more consumers are saying yes to buy now, pay later offers. And not just for instant gratification on big-ticket items like a couch or a laptop. Struggling families are using it to spread out payments for essentials like food.
Bloomberg reporters Augusta Saraiva and Paulina Cachero join this episode to talk about the popularity of buy now, pay later services–and the fees for those who fall behind on payments. And we hear from a single mother who reluctantly uses the services to help make ends meet.
Read more: Americans Go Deeper Into Debt as They Use Buy Now, Pay Later Apps for Groceries.
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