Prudential Unit Lends $500 Million in Private Credit to Affirm
An investment arm of insurer Prudential Financial PRU -1.48%decrease; red down pointing triangle will buy up to $500 million of consumer loans from technology-backed consumer lender Affirm AFRM -1.56%decrease; red down pointing triangle Holdings for a period of three years.
Most of the loans come due in six months and Affirm will be able to re-lend the investment throughout the life of the deal, allowing it to finance $3 billion of buy-now-pay-later loans.
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