Of course, and like I said with regulation tweaks I don’t personally see any difference between them and a credit card - it’s all just credit.
I don’t think my post will make someone go into credit debt, so I stand by my thought process. Everyone is responsible for their own choices where credit is concerned.
Don’t be so soft!
A few words on a forum are the least of worries if you’re trying to fight this battle.
You look everywhere and talk to a lot of people and it sounds like there is no downside at all to things like Klarna.
I disagree it doesn’t matter when people all get together and say ‘hey - this is great, no interest! No downsides!’. It has an effect.
No interest isn’t the same as not having to pay them in full on time
I think the BNPL market needs to be a lot clearer on the consequences of not paying but regulations always take time to catch up
100%
If we have credit products, and things are explained clearly and crucially are fair then we have to accept some ability for humans to make decisions that are not good ones.
If we want to prevent it happening completely then we need to remove credit products completely. In my current life that would be an annoyance but I would survive.
I know for many people though, they would struggle. My friend used Klarna (or something similar) to buy a suit for a funeral for example.
I’ve seen both the bad and the good side of credit in my life so I don’t take it lightly; but I wouldn’t equally take it away from people as a choice.
@Chuits Please put the article you’re referring to in your first post. So that others (like me) don’t have to scroll half way through a discussion just to know what’s going on 
I don’t use BNPL very often (as I have in the past been a bit of a magpie and got myself in to debt) but here and there it has made perfect sense. It will be excellent to have a regulated bank in this space.
I bought my husband a new Xbox Series X for his birthday and was offered a 6month 0% payment plan. So the money that I had set aside could stay in my savings earning a (teeny tiny amount of) interest.
Generally though I use the old school BNPL of putting it on my Amex to earn cash back and paying it off in full each month 
I don’t think BNPL is a bad thing either. It’s just another option people have to potentially make their lives easier and get things they need sooner.
If you pay it off interest free it’s just the same as saving but in reverse 
With the advantage that you get the product right now.
ok
I meant edit your first post and stick it in there 
I moved your topic out of ‘crowdfunding’ too because that didn’t help either 
(you’ve edited the above post so this makes no sense now)
This isn’t quite right. I bought something via Klarna a few weeks ago and there was an immediate hard credit check.
Klarna could have done better in alerting me it’s about to happen, though.
Sigh. This might be better for “the system” but not for the consumer. It’s more sucking up of data by private firms that have somehow become the arbiters of individuals’ most sensitive data.
I understand why the system pushes Monzo to use them, but it’s still not a helpful development, in my opinion.
they won’t let me post the Standard article cause someone already attached it to the topic
To be clear I don’t think it’s a bad thing either. At least no more so than credit cards, loans and all the other things our society relies on.
I just think it’s also not necessarily a good thing and not necessarily something that has no negative consequences.
I think Monzo will do well in this space although then again, difficult to compete with 0% interest. Consumer credit is so competitive these days, be interesting to see what happens
Yeah I understand that. People can likely get giddy with loads of stuff and find themselves struggling to pay because it’s a problem for their future selves.
Some accountability has to land on the individual though just as much as the provider.
Not that I am a big fan of speculations, but I suspect Monzo will land a big Round soon 
The Annual Report already gave some clues about that. And now if the rumor turns out to be true.
They’ll need a big injection of fresh money to support a BNPL move.
Well, yes it showed they will run out of money if they don’t raise soon 
Be interesting to see how BNPL works for Monzo, will it be an integration into the payment flow as is say with Klarna/Clearpay etc, or will it be different and require you to come into the app.
But I do like the idea of a BNPL purchase appearing in the Monzo feed, with the money set aside each month in ‘left to spend’
I believe it is a hard check for instalments (or over £x), but not for their short term BNPL.
There’s nothing wrong with BNPL when offered responsibly and used in the same way. It barely make a dent in any credit rreporting when used in this way.
The space is becoming more regulated too.
In my experience:
On application: Hard search for credit application.
About a month after settlement: A settled/closed loan is added.
They don’t report monthly payments like other loans/mortgages.