Weddings are expensive, and the costs continue to go up. “Buy now, pay later” plans have become popular but come with risks.
As wedding season approaches, couples are booking venues, compiling guest lists and hiring a dizzying array of vendors — and they’re digging deep into their pockets to pay for it.
Affirm partners with David’s Bridal, Men’s Wearhouse, Kay Jewelers and Zales, among others, to offer its pay-later plans to customers. By opting into Affirm when they check out online or in store, couples can break up payments on a wedding-related purchase at no additional cost, depending on the retailer.
Getting approved for these plans is often easier than for traditional credit. Applications are short, and most providers run only a soft credit check with no minimum credit score requirement. “If you can buy your Peloton in installments, why shouldn’t you be able to pay for big pieces of your wedding in installments?” says Anja Winikka, co-founder and chief marketing officer at Maroo. “They’re huge expenses, and what ends up happening is couples run into cash-flow issues and throw their wedding invoice amounts onto high-interest credit cards.”
“But the people who can’t afford the wedding unless they do this? That’s who I do not think these payment plans are for,” she says.
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