I Can State Affirmatively That This Is Insane
So Lifehacker ran this piece Friday about this sketchy loan company called Affirm. Apparently I missed one of their earlier pieces from September. I had never heard of this company since I’ve become an expert at completely ignoring advertisements in life, so much so that my eyes and mind do not even acknowledge their existence even if they’re right in front of me. I highly recommend developing this skill by the way…
As I read the two articles, I was torn between shock, laughter, and crying. The fact that someone would even BUY a $393 pair of cotton pants, much less finance them for, get this, “rates from 10% – 30% APR” boggles my mind more than words can explain.
It’s like trying to grasp the concept of infinity, I just can’t wrap my mind around it, but I need to think about it from time to time to just say “is that real?…… could that really be true?”
Where I grew up, seedy bars and pawn shops hawk payday loans and check-cashing to prey on poorer people and those who can’t get bank accounts. This Affirm company just seems to be doing the same thing, but with a slick logo, and hipsterized for the modern latte-sipping, grubhub-getting throngs of fashionable conformists who have larger incomes, but apparently are just as gullible.
Favorite quote from the first article:
“Metcalf (Affirm Chief Of Staff) tells Cagle that the “point of credit” is to “give you access to things you couldn’t afford on a cash basis. It doesn’t mean you can’t really afford it.”
Sigh. Let me go out on a limb here and assume that Mr. Metcalf won’t be financially independent anytime soon…..
I’m not going to bother typing up the reasons why this type of opinion and behavior is horrible for you, your future, the universe, and everything. There are plenty of awesome posts from personal finance bloggers out there that have covered all aspects of loans and debt, and I don’t really think I could add anything of value to the technicalities.
My goal in this blog is not to simply rehash the basics, I want to put my spin and experiences on the basics. But I don’t have experience taking out batshit-crazy, high interest loans to buy crap I don’t need. So… again, if you’re confused in any way just google why this is bad and read. Or learn math, either should suffice.
But, sorry, I gotta go back to the pants…. the mere existence of $393 cotton pants….. I got nothin’….