▲ 1 r/Affirm
Is the interest on longer loans a dirty trick, or standard practice?
Something I *just* noticed about Affirm is that, even if you pay off the entire loan early, you're paying off the interest that the loan would accrue if you just waited and paid monthly anyway.
I'm starting to make a point to become completely CC/BNPL debt-free this summer (I'm working a ton this summer and I'm currently about 10K in the hole), and I think I'm going to pay my Affirm loans last since there's no incentive to pay them first.
Normally if you pay a credit card off early, you're not subject to more interest, but it seems like Affirm gets you by charging you ALL of the interest anyway. Seems like a dirty trick to me.
u/Dominicmeoward — 1 day ago