More and more people are already using installment payments for smaller amounts, the installment purchase options of large payment services are more expensive than conventional bank loans.
Rate payments in online trading
There are different installment purchase options of various payment services such as PayPal or Klarna. For example, the “Buy Now, Pay Later” function enables the payment to be postponed to a later date. The providers act as intermediaries and take on the immediate payment to the dealer. There is an open amount among the providers who can be paid for a specified period or in installments. Accordingly, it is “actually usually an ordinary bank loan for a third -party provider”, as the Berlin Consumer Center emphasizes.
According to a survey by Verivox, people between the ages of 18 and 39, in particular, use up to 500 euros in installments of payment services with low purchasing sums. Conventional banks, on the other hand, usually only allow a loan from 1,000 euros.
Risks and dangers
In particular, several, at the same time running installment payments, make it difficult to keep an overview of your own finances. There are often high fees in the form of interest for expired deadlines or rates. The problem: The easy handling leads to buy beyond your own budget. A real vicious cycle is created. But that’s not all, because unpaid or late payments can have a negative impact on Schufa and thus stand in the way of future loans – for example to finance the home.
Recommendations for use
In order to counteract this vicious circle, impulse purchases should be avoided. Before payments are made, the budget should be checked and compared. In addition, installment payments should also only be used in urgent cases if this is in the budget – in particular to prevent many small sums from accumulating into a huge debt mountain. If the installment payment is used, payment deadlines must be carefully observed in order to avoid further fees. If there are already debts or still arise, professional help should be sought at an early stage. The use of these purchase options must therefore be enjoyed with caution and a conscious handling is a fundamental prerequisite.
Editor finance.net
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