![]() The ideal way to avoid interest is dividing payments into four total, made every two weeks. You can see each payment plan option, the APR, and your total payment at the end of the plan, so you can see how much you'll save by not paying any interest. The clear-cut interface doesn't hide any of the facts like you may be used to with credit card companies. So it's important to use BNPL apps the right way, with the expectation that you'll pay off loans with a few large payments over several months to a year at most.Īffirm's app is straightforward, which is good when exploring financing options. These rates are often so bad that you're often better off using a just-okay credit card or signing up for in-store financing. The second category of options offers loans with longer monthly payments and adds an interest rate, sometimes as high as 30% APR. ![]() ![]() These options typically don't charge interest at all, so you won't pay more than the cash value of the purchase as long as you make your payment on time (otherwise, you have to pay fees for late payments). The first category offers 0% APR (Annual Percent Rate, a way to calculate interest rates) for shorter terms that you usually pay off within a few months with larger sums of cash. ![]() Good BNPL apps typically have two categories of options. And some apps can have hidden fees that make them notably user- unfriendly. For example, some "easy" loans have high interest rates that cost more than it's worth to take out a loan. In any financing situation, the devil's in the details. ![]()
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