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15:24
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Originally posted by Andredamus1:
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It's pretty obvious isn't it? The purpose of credit checks is to "protect" the consumer - ie don't lend money to people who can't afford to pay it back and suck them into a debt spiral. Clearly Afterpay's product doesn't do this - it is the actual product design which protects the consumer. The first sign of trouble and you are banned from the service. On top of that, a significant % of first time users are actually declined at the outset.
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What are CC interest rates at, and what are APTs late fees as a proportion of the average value of the item, and then annualised.
