A few years ago PayPal (NASDAQ: EBAY) revolutionized the financial world when it created an online payment service. After being bought by Ebay, the cofounder of PayPal, Max Levchin, is now developing a company called Affirm, which allows users to borrow money within seconds at the point of purchase. The loan that is acquired can be paid off in a fixed monthly payment. According to Business Insider, the way this new app works is the user buys something on the site and the app finds the user's credit and calculates a payment based on their credit. The app then gives them clear instructions on how to pay the loan back. “It’s no secret that the young, millennial demo lives entirely out of their debit cards. The reason for this is after having seen the 2008 financial collapse and what debt can do to you, they try to stay away from borrowing money,” Levchin said.