Big debate: Loans to buy essential items like bread and milk
A loan for essentials... stop the world, we want to get off...
Loan. Just saying it almost makes us fearful that we may have to pay something off. Five guesses as to how we really feel about borrowing money from loan companies...
It can be quite helpful and beneficial to many people who are going through it, but it's the terms and conditions and the super fine, fine print that is scary. If you don't pay on time, will a big guy named Rufus come knocking with a cricket bat?
But what if you have no other option? What happens then? Well, many people in Australia won't have to worry about that for now as a BNPL (Buy Now Pay Later) platform called Fupay has announced that they will be lending consumers $500 to purchase essentials.
In saying that, the question is, is there incriminating fine print when using BNPL platforms? According to the Fupay website, they are all about responsibly empowering people to live large and take charge of their lifestyle...
They even go as far as to commit to saying: "We combine modern money management with the ability to BNPL ALL lifestyle categories (including essential expenses such as groceries and household bills) and discover personalised savings and rewards." (Fupay website)
Now what do the public have to say about this so-called 'caring' approach to the consumer lifestyle? Many people came to the post on Instagram to share their opinion.
deeeeelzzzzzzz: 'I think they shouldn't exist. Period. Especially targeting young people to be in debt at a young age. We should just fix our wages so they increase when everything else increases because our wages are still stuck in 2002 where everything else has gone up. Afterpay etc, should not exist. They are companies that pray on vulnerable people and put them into further debt.'
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danfontainmusic: 'That sounds like a terrible idea.'
miss_marcelle: 'Absolutely disgusting if people need to do this!!! How could we let it get like this? Every human in Australia should be able to afford the basics of life!'
web.warrior: 'When you’re taking a loan for essential items they might as well call it a depression.'
Perhaps this is a sign that our country is in fact the better alternative? The fact that the government has thought of the person without the money to purchase essentials, and is still continuing with the R350 grant says something, don't you think?
Image Courtesy of Unsplash Website