Will Instant Credit Take Over Credit Cards?

Instant credit is a way by which shoppers get access to real-time loan approvals for their purchase at a point-of-sale (physical and online) without using a credit card. The credit check is mostly done based on a host of parameters covering credit score, social media data, merchant data and others. Klarna, a Swedish technology firm, is considered to be the pioneer in instant credit.

Since its debut in 2012, instant shopping consumer credit firm Affirm has grown by leaps and bounds. The USP of Affirm is that it leverages a world of data that’s not generally used to estimate lending risk. The firm uses a varie ...