Cash and Credit Cards are the past now that major retailers are offering loans to customers at the checkout. Is it smart for the consumer?
“Will that be cash, credit or a point-of-sale loan?”
With the nation’s largest shopping period weeks away, It Takes Two with Amy and JJ take a dive into a new trend that has some consumers scratching their heads.
Loans (for select products) applied for and given in the blink of an eye at the check stand.
Imagine that you are out on Black Friday and you have given yourself a budget of $1,000 for a new big screen TV. You find a great TV, but it’s $200 above your budget. If it is one of the qualifying items at Walmart, you might be able to get a point-of-sale loan where you choose 3, 6 or 12 months as your payment plan and walk out the door.
Sort of like a reverse layaway.
Hilary Hendershott is a certified financial planner and weighs in on the pros and cons of having this new style of payment…
