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It's important to get a good interest rate (lemmy.world)
submitted 2 years ago by [M] to c/lemmyshitpost@lemmy.world
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[–] 61 points 2 years ago (2 children)

I looked into using this type of service to pay for a modest purchase. A luxury of sorts. Something I had the cash for, but felt weird about paying all $600 or so for. I thought, maybe an interest free loan would be cool?

So i start to pay for the thing with klarna or whatever. And I see it's only a six week loan. Wait, my credit card is a free six week loan (give or take). Wtf. I'd have to pay the thing off faster than just using a credit card.

I talked myself out of buying whatever it was.

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  • [–] 5 points 2 years ago

    I’ve used similar services to this in the past; not because I couldn’t afford something up front - but because I wanted to amortise the purchase across a pretty short (8 week) period.

    Why not just use a credit card? I did. As a semi-regular user of the service, it was set up in such a way that it would bill the first 25% of my purchase after 2 weeks, and again every 2 weeks after that.

    So not only was I getting an additional interest-free time stacking the 2 week period with my CC’s billing cycle; but I was earning loyalty/rewards points with both programs simultaneously.

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