People Are Now Resorting To Micro-Loans To Afford Groceries & Gas
Two months ago, President Biden read off of a teleprompter: “I’ve built a strong ec- — we’ve built a strong economy with a strong job market.”
Two months later, and cash-strapped Americans are using micro-loans to afford gas and groceries amid crippling inflation.
As Bloomberg reports, Swedish fintech company Klarna Bank – whose bread & butter has been loans for smartphones and other consumer electronics – has seen a flood of applications for staples such as food and gas. They provide interest-free loans that allow people to spread payments out over multiple installments, and makes money charging retailers a small per-transaction fee, and from interest on longer-term loans.
“I noticed that I could buy essentials with it, and not have to pay everything up front. And it wouldn’t affect my pocket as much,” said Linda Cruz, a 37-year-old mother of four from a small town near San Antonio, Texas. – READ MORE
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