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I hope... No, I pray that Klarna, Afterpay and all the other similarly shitty services go belly up. They're basically modern payday lenders and those businesses should die.
You know a lot of those cash advance apps you can just revoke the ACH and delete your card from it. In their terms of service it literally says you are not obligated to pay it back. All those fintech companies.
I don't use them myself but I'd imagine most users aren't aware of that loophole or are worried about their credit score.
It can't affect your credit score, because it's not a loan.
If it was a loan they would be subject to ursery laws. But they don't want to be. So you can default without penalty besides being hounded.
Tell me more of this dark magic!! Please!!!
Example, this one is for Empower...
I'm not a lawyer or endorsing any of the activities but it spells it out in their terms you're not obligated to pay it back.
Wow .. Wait what.. What am I doing with my life?
Creditor would still seek remedy I would presume
Fuck that guy tho can't get blood from a rock folks.
It was on Reddit awhile back... https://www.reddit.com/r/UnethicalLifeProTips/comments/rizto7/ulpt_never_repay_an_advance_app_back_there_is_no/
I checked it out. That's three years old.
I don't think these apps actually are the creditor. They are "platform" they don't care if yoindont pay. Creditor would.
It is debt. Defaulting on debt carries risk, people should be aware of it. Strategic default is that just that strategic.
If you are going to do it, either seek advice proper counsel or do your own research.
It is a valid tactic but people need to be aware of risks.
I may or may not know somebody that revoked ACH and closed accounts with a few of them a year ago and nothing ever came of it. They're fintech companies not banks.
My point being is the risk...
I am no disputing the anecdote but people also need understand that there is a risk.
They will only sue you because they think they can get their money back, suing costs money to start with. There is a break even point or some times just a point.
Either way, people should be assessing their financials with proper care. Remember folks that trump used this tactic lol don't feel guilty about a "leadership" tactic.
These are usually $200-$500 cash advances. They'd lose money suing for these amounts.
Do payday lenders (like Money Mart or whatever) not charge fees unless someone is late on a payment? I honestly don't know how they work. I was under the impression that similarly, the only way Klarna and the others made money was by late payment fees since whenever they come up in a checkout it always says there are no fees (which I take to mean if payments are on time).
The truth is SO MUCH WORSE than that. (Last Week Tonight segment on it) TL:DW - all of the initial payments only go to the insane interest they are already planning to charge you, then when you've paid back the amount of the original loan (all as interest, so not even denting the principal yet), then they jack up the cost even more. Scum.
Thanks, that sounds more like what I thought I heard about them before (though I think there's a touch more regulation in Canada, even here I know it's still predatory and should be avoided).