yeah they are more insidious then payday lenders cause they insert themselves right into the shopping process. i just went to the nike online store to find an example and put a $132.99 item into the cart. these are the payment options presented to you, includinf afterpay. as you can see it is no additional cost to use afterpay if you make your payments on time. but if you are late they charge a late fee of $10 per item, and then an additional $7 if you still haven't paid a week later. so if you buy three things over three seperate transactions totalling $150 on a single day and then miss the first instalment you will be charged $30 and then another $21 a week later. that's 34%, or it would be but they do have a 25% cap. but you can accrue that 25% over just two weeks which is crazy. i don't know why anyone uses the service. if you are the type of person that pays the instalments on time everytime then you have enough wherewithal to just get yourself a credit card if you really think you need to be spending more than what is in your savings account. but of course their primary demographic is retards. i have only ever known one person irl who has used afterpay and they were in the middle of a manic episode and had no clue what the fuck was going on, suffering delusions etc and where getting absolutely fleeced by this company established by jews. shit is shady as fuck.
Australia