Consumer instant gratification can prove risky investinyou (In partnership with acorns.)
But any incentive to loosen the purse strings is also a slippery slope, particularly as the pain from the last recession — now a decade behind us — subsides.
To be sure, accelerated pay is not the same as a payday loan, which is generally considered the absolute worst way to borrow money in a pinch. Often offered through storefront payday lenders or even online, those short-term loans, generally for $500 or less, can come with an interest rate that easily runs into the triple digits — in addition to a "finance charge" or service fee.
Increasingly, merchants are teaming up with start-ups such as Afterpay and QuadPay, which let shoppers break their payment into installments without interest or fees — as long as they don't miss a payment. Unlike the old form of layaway, you receive your purchase after your initial payment rather than once you have paid in full., will be drawn to the payment method, now called point-of-sale loans, and the retailers that provide it.
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