A phone with all the features you need may appear too much a drain on your budget. Still, you have to stay abreast with the changing technology. Fortunately, such instances are now things of the past with the advent of BNPL schemes. Browse the buy now pay later catalogs online, choose the phone you want, sign up for a pay it later scheme; done.
This eliminates the stress of having to pay upfront for the big-ticket phone you want to acquire. You can pay a small percentage of the price as down payment and get the item. Certain lenders also offer a trial period. You can shop online for a phone, try it, return it and buy another. You start paying only at the point of sales.
Go for a buy now pay later phone and enjoy these benefits:
● An Interest-free window to close your loan
A BNPL scheme allows you to pay your entire loan amount interest-free within a stipulated timeframe. Even your credit card lets you pay in installments. But most of them charge interest. And it is almost the same as that of a personal loan. It also lets you have the line of credit without you having to undergo the lengthy credit evaluation process.
● No credit check loan
Shop now pay later arrangements let you buy anything, large or small. You can do so even with a credit card. But for that, you need to undergo a lengthy credit check process. If you appear at the high end of the risk category, you may receive a card with higher rates of interest. Some may even flatly deny you the facility.
● Utmost security to your financial information
Consumers, in general, are reluctant to key in their financial information on an online platform. BNPL lenders provide utmost security for the information provided on their portals. You only have to type in the one-time password to your registered phone number for future payments.
● The lender does the planning
It may be tough for an average consumer to frame and stay with a payment plan. Thus a BNPL lender does the job for you. It divides the payment into four installments that you can finish within a month. The agency sets up automated payment. All you need is to have sufficient funds in your bank account. Negligence here will lead to late-payment fee and other charges.
● It acts as an alternative to a credit card
The number of credit-card users is on the decline nowadays, show recent surveys. The decline was visible mostly among youngsters, the audience BNPL lenders target. If you are someone dependent on credit cards, a BNPL scheme is perhaps the best option. It gives you relief from the higher rates of interest credit cards often charge.
● The scheme allows instant access to funding
Making an emergency purchase may appear to cause too much strain on your budget. If it is a phone, that becomes all the more important because Smartphone is a part of life. A buy now pay later phone eliminates this struggle. It lets you access a virtual loan within a few hours of applying for the same. Go to your checkout, choose an item that allows BNPL, opt for it, and fill up the short application that appears on the screen. Your lender will chart out a payment plan and send it to your email ID.
● Loan repayment becomes a breeze
BNPL lenders set up automated payment mechanisms. This relieves you from the stress of having to keep track of your loan repayments. All you need to do is to ensure sufficient funds in your bank account. Otherwise, you will incur extra charges in the form of late payment fee and exorbitant interest rates.
● You don’t incur an automatic charge
Almost all credit cards charge interest on the monthly payment that is due. This may go up to 20%, depending on your annual percent rates.
● You avail flexible payment tenures
Lenders let you choose your own tenure if yours is a big-ticket purchase like a phone. This, however, is not applicable to those using a 0% APR credit card introductory offer. Such offers lasts for 24 months before you will begin paying off the interest.
When shopping online for a phone using the BNPL scheme, keep the following points in mind:
● Take the line of credit only if you need it.
● Be consistent in your loan repayment. Failure here will lead to extra money in the form of late payment fees and interest.
● Defaulting on your loan, if reported, will destroy your credit health.
Browse buy now pay later apps catalogs and shop online for buy now pay later phone. You will fulfill your dream without draining your budget.
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