What you earn, how much you owe, where you went to college, what you do for a livingtheyre all variables that online lenders and credit start-ups think are predictors of whether you will repay.
But Doug Ricket thinks theres another, more powerful factor: the fear of missing out.
Hes thefounder and chief executive of PayJoy, a San Francisco start-up that offers leasesfor smartphones and targets buyers who have little or no credit history andcant get the kind of low-cost payment plans offered by the major phone carriers.
It's not the only company in that business but it is the only one thatcanremotely shut down your phone if you dont pay up. And the only one whose busines