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PayPal co-founder raises $100 million for credit-card killer Affirm

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Cool...but how does it report? :grin:

Affirm reports information about loans and payment activity to Experian and plans to report to other credit bureaus in the future.

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Little bit unrelated but I do like PayPal's working capital. Works the same way. You get charged with an upfront interest and you pay it off by fixed percentage of the sales and once the loan is finished you can re-apply. I've done it few time now.

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May not work or be flexible enough for everyone, to truly kill off credit cards -- please see quoted portion from the article, below:

 

 

"But unlike a credit card, each purchase has its own one-time credit line, rather than an open, revolving line of credit that's always available. Plus, the interest rate and time period are simple and set, not compounded over an unlimited period."

Edited by Knight2008

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This seems dumb. I fail to see any advantages.

 

So when I want something, I will use this account to buy it. But rather than having one total of all the stuff I've bought, I'll have a bunch of separate accounts all with different due dates, amounts, and interest rates? And they tout it as being less confusing?

 

It's basically making you apply for a loan every time you purchase something.

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This seems dumb. I fail to see any advantages.

 

So when I want something, I will use this account to buy it. But rather than having one total of all the stuff I've bought, I'll have a bunch of separate accounts all with different due dates, amounts, and interest rates? And they tout it as being less confusing?

 

It's basically making you apply for a loan every time you purchase something.

 

No grace period, either.

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