"Buy now, pay later for rent? This is how this service would work.
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"Buy now, pay later for rent? This is how this service would work. Fintech company Affirm is testing a 'buy now, pay later' service for rent. We explain how it works and more details. Paying the full rent in one lump sum is often one of the biggest monthly challenges for millions of families in the United States. Now, a model known for facilitating small purchases wants to make the leap to one of the largest household expenses. The 'buy now, pay later' model, popular for clothing or electronics, is beginning to be tested as an alternative to cover monthly rent. Fintech company Affirm, one of the largest in this type of financing, has launched a pilot program that would allow some tenants to split their rent into two equal payments. Instead of paying everything at the beginning of the month, the amount would be divided into two biweekly installments. The idea aims to offer greater flexibility to those who are paid every two weeks. This service is not available to everyone. Affirm explained that the program operates through a partnership with Esusu, a New York-based company that reports rent payments to major credit bureaus. According to Affirm, each application is evaluated individually. Only those deemed capable of 'paying responsibly' are approved for the loan. 'If a tenant applies through Esusu and is approved by Affirm, they can receive a 0% interest loan that is...
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