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StubHub Now Lets You Assume Debt to Nab Super Bowl Tickets

StubHub Will Now Let You Go Into Debt to Nab Super Bowl Tickets

(Bloomberg) -- Looking for Super Bowl tickets, but don’t have the $7,100 cash right now? StubHub is partnering with financial technology company Affirm Inc. to let customers buy tickets on a payment plan.

Starting this week, U.S. based customers looking for tickets from $99 to $17,500 will be able to pay those off, with interest, over a period of up to one year. The new partnership between Affirm and the EBay Inc.-owned marketplace takes effect this month, and covers most sports and concert tickets.

Payment plans will let customers buy tickets similar to how many Americans buy cars, homes or large appliances -- by taking on debt.

Customers looking to buy with Affirm’s financing will be asked to provide five pieces of information and will receive a credit decision within seconds, the two companies said in a statement. Approved buyers will be able to select payment plans that span three, six or 12 months, with annual interest rates ranging from 10% to 30%.

The new option -- likely only alluring for big events -- comes on the eve of the Super Bowl, one of the most exclusive sports events of the year. Tickets for the Feb. 2 game in Miami between the Kansas City Chiefs and San Francisco 49ers are currently selling on secondary markets for an average of $7,100. At a 20% annual percentage rate over six months -- middle-of-the-road terms -- a ticket at that price would end up costing about $1,253 a month, for a total additional cost of about $420.

Affirm will pay StubHub upfront for every transaction that goes on a payment plan. The San Francisco-based fintech company, whose other partners include Adidas AG, Casper Sleep Inc. and Peloton, will keep the interest earned on those purchases.

EBay in December announced it would sell StubHub to ticket marketplace Viagogo for $4.05 billion in cash. That sale is expected to close in the coming months.

StubHub Now Lets You Assume Debt to Nab Super Bowl Tickets

To contact the reporter on this story: Eben Novy-Williams in New York at enovywilliam@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, John J. Edwards III

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