If your mate does not pay back on time it is highly likely APT would cut him off indefinitely from the service. I have seen people on twitter and trustpilot complaining they have been told they are cut off *permanently*.
I hardly see what's predatory as well it's a simple $300 split into 4 $75 payments with first one due upfront.
If your mate is smart enough to get and use a debit card with a bank then he is smart enough to divide by 4.
The ability is there if he wants to use Afterpay responsibly. E.g. new clothes/ toaster etc from Kmart. Instead of dropping $100 he could spend $25 every fortnight.
Afterpay makes the bulk > 80% of its revenue now from merchant fees. This revenue only comes when people spend multiple times throughout the year, and by definition they can only spend if their payments are up to date.
What is far more irresponsible but would happen every time someone gets unemployed is when people are able to build up high credit limits on credit cards, lose their job, then spend up $50k without a job. The banks can't do anything to stop that. Same with Zip, I have a job, could very easily get $30k approved with Zipmoney. Say I lost my job, I could spend up $30k on Zip. What are they going to do?
Z1P Price at posting:
$4.25 Sentiment: None Disclosure: Not Held
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