Both Affirm and Afterpay offer alternative financing options to consumers who wish to make a purchase in installments. At the time of purchase, shoppers choose them as installment options, and then apply for financing. Affirm is recognized as an industry leader with an innovative approach to making credit approval decisions using both a soft check of the borrower’s credit score and factors such as machine learning and the borrower’s social media activity to return an approval within seconds. For that reason, it is able to offer a higher approval rate than industry averages, i.e, 67% versus ~50%. Affirm only affects the borrower’s credit if payments are late, in which case it charges late fees of... Continue ...

PayBright is a well-known alternative finance provider available to merchants in Canada. Its recognized brand name gives Canadian consumers an option to finance the purchase of items both online and in select stores. That name recognition contributes to PayBright’s strong performance in increasing online shopper conversion by 25%. At the time of purchase, a consumer can choose to apply for financing. If their application is approved, the consumer pays varying fees and interest rates based on creditworthiness and PayBright’s terms with participating merchants, with payment terms up to 60 months.  For Canadian merchants, Splitit serves as an alternative option. It allows merchants based in Canada to offer alternative financing to shoppers globally, while PayBright is... Continue ...