I would applaud the convenience, but the terms are not nearly as useful as other services. If I can spread a purchase over four months, that's really useful. Affirm has been good to me this year. ...But what is even the point when you bill twice as often as most people get paychecks?
> what is even the point when you bill twice as often as most people get paychecks?
I'm seeing some employers here offering "next day pay" i.e. you get paid today for the hours you worked yesterday. IDK but could also imagine that many "gig" jobs work that way, i.e. do Uber drivers get their pay immediately with each ride provided, or two weeks later?
So on further thought, four payments over six weeks, assuming an immediate initial payment, means it bills every two weeks, or every standard paycheck. So I guess it's mostly fine...
But Affirm still defaults to spreading over four months, usually interest free for the retailers they partner with, and ends up a far superior deal.
Unfortunately some employers are charging 1% or more to get paid faster. It doesn't sound like much, but 1% to get money a week earlier is a very high APR.
