As consumers continue to grapple with more and more credit card debt there’s a new set of products to fill the gap between getting what you want and using your money to pay for it. Delayed credit payment services such as Splitit, Afterpay, Sezzle, and Zip offer a new type of service to the millenial and gen z crowd who seek instant gratification without the upfront financial obligation. Not the typical payment system as they give immediate access to purchases with just a little credit and background information ,which lets you divide your purchase into multiple installments over a set length of time.
A new and revamped version of the credit programs of yesterday like Fingerhut,which provided a credit line but only to their product offerings. Zip grants you access to any retailer you desire for a repayment schedule over the average of two to three paychecks. Others tout no credit checks and give users the option to cover your purchases over two years. Affordable, accessible, and easy to use these mobile applications provide access whether on the go or in the dorm room. With the rise in popularity of Fintech, they are quickly cornering the markets and the dollars of many.
