Max Levchin

It's not going to cost you a thousand dollars.

one you don't know how long it's going to take to pay it off two you have no idea what's going to cost you because it's profoundly dependent on the shape of your repayment if you're making minimum payments you'll basically never get out of debt if you're making slightly more than minimum payment it has some amortization period that goes on for a long time if you're penny late or dollar short you're going to pay late fees you have no idea how to predict those so the unpredictability of credit card is the cost of having this unbelievably nice user interface where you just swipe and move on so affirm is the antidote where

Everything's upfront.

We don't compound.

We don't charge late fees.

Most importantly, we tell you true cost of ownership.

You're buying a $1,000 TV, we'll tell you you're going to pay us $1,000 back.

Over 12 months after that, you're done.

Total interest you'll pay, let's say, is $120.

So for every monthly payment, you'll have an extra $10 of interest that you're going to put in.

There's no opportunity to revolve.

There's no opportunity to delay.

It's a little bit more rigid.

And it turned out that most people actually love that.

They feel extreme sense of control because they know precisely when they're done paying things off.

So that's the brief version of why we're better.

It's interest.

We don't our core core value proposition here is transparency.

We're entirely transparent who we are.

And yes, you're paying interest.