Electronics are essential devices in an office, home, church or any other premises. More often than not, these devices are costly and expensive to acquire. Well known, money is a scarce and limited resource. At times, you may need to purchase an electronic device but find yourself in short of finance. What do you do in such a situation? Worry not. Some electronic companies and stores in countries like Europe, USA and Australia have programs that offer and sell electronic products to consumers on credit. I mean, you buy a product and pay them later after an agreed period of time. The agreed payment period vary per company or the retailer. This article will help you understand better on buying of electronics on credit.
Monthly Payment System On Electronics Product
What are electronics? These are electrical powered devices that operate under the help of electric current flow. They include computers, laptops, radio systems, televisions or phones among others. Interest free financing or in other words’ buy now pay later’ on electronics have become a popular activity in most of the companies or retail stores. These companies or stores allow customers to purchase their products and spread the cost over a specific period of time. They do so to promote the sells of their products. Most providers allow monthly payment of their sold electronic devices.
Monthly payment is a certain amount of money that a shopper should pay every month until the debt of the purchased product is fully paid. This amount varies per cost of the device or product and the duration taken to pay the device. Note that not all companies are interest free. Some companies that have incurred interests. Below is a list of ‘buy now pay later’ electronic sellers,along with their terms, conditions, fee and interest rates.
Monthly Payment System Electronic Sellers
These companies provide buy now pay later services directly to their shoppers.
1. Amazon
Amazon is an American based international and technology company. It has an international online retail shop known as Amazon.com. Amazon sells the best electronic devices with the best and easy return policy,fair and competitive price with the best customer care services to the shoppers. As if that is not enough,Amazon has the buy now pay later program that allows the shoppers to buy electronic devices for a monthly payment of up to five months. They have no interest fee neither credit check. That means you can buy a device now and pay later despite your bad credit history. They allow purchase of devices like tablets, desktop computers, laptops and monitors. However, not everyone qualifies for the buy now pay later plan or program in Amazon. To qualify, the shopper must be a legal resident of USA, have an active Amazon.com online account that has been active for more than a year, have a good record on your amazon.com payment, have an active debit or credit card that is linked with your online Amazon account.
2. Zebit
Zebit is another American based company that has the buy now pay later plan directly to their shoppers. Similar to Amazon, Zebit has no interest pay or rate to the customers. The plan is set to purposely promote the sells of their products. Zebit also has no credit check on their shoppers. They trust their shoppers and sell them products on credit despite their bad financial or credit history. Amazing, right? They also have the best customer care services, cheap and affordable prices of their electronic devices. Their devices are also of high quality and a warrant period that varies per device. The agreement set on zebit is to pay their devices on a monthly installment until their debts is full recovered. However, not everyone qualifies for this plan. To qualify, you shoould be above 18 years of age, be employed, retired or a disabled with monthly benefit.
3. Luthersales Company
This is another famous company that was started in the year 1967. Luthersales also allows buy now pay later services directly to their electronic shoppers. They have the best buy now pay later electronic plans that provides special offers on monthly payment. I mean, their monthly payment rate are relatively low compared to other competitors. They have no interest rates and no credit checks on their services. Additionally, they have no membership fee. They also have the best after sale services like free delivery and warrant periods to their electronic devices. They sell high quality brands of electronics like computers, televisions, home theaters, video games, tablets and several apple products.
The above mentioned companies give buy now pay later services directly to their shoppers. There are other free interest and non credit checking companies that finance a shopper to buy now and pay later. I mean, they are financial platforms or payment methods used when purchasing an electronic item on credit.
Monthly Payment System Financial Providers On Electronics
1. Afterpay Providers
Afterpay is a financial provider in Australia that allows a shopper to buy an electronic device on credit in most of the Australian electronic stores. To purchase through after pay, u have to link it to an Australian visa, master debit or credit card. After that, you are now to allowed to purchase your electronic device on credit on condition that you will pay on installments as per the agreed period. Their payment agreement is to pay the first quarter of your debt in the first to weeks and the remaining quarters within the other two weeks. After pay have no interest rate on their services. However, they have fine or late payment fee in case of late payment of the agreed installments. The company also do not check credit interest before financing a client.
2. Zip Pay Providers
Zip pay is also a financial provider based in Australia. It has a buy now pay later of plan on various electronic products ad is allowed in several online vendors sand stores in Australia. This company has no credit check on financial history ad do not have interest rates on their services. They allow the customer to buy an item and pay later in installments without a credit card. Once you have purchased your electronic device. you are required top pay on either monthly, fortnightly or weekly bases until your debt is fully paid. Zip pay has no interest on its service but there is a fine on delayed payment of your debt.
3. Open Pay Providers
Unlike the rest, open pay is an online financial provider that allows one to purchase an electronic device for free and pay it later. Rather than electronics, it al;so allows purchase of auto motives, medical and furniture objects among others. It is inform of an mobile application that is downloaded either on google play store or app store. Once you download the app, you should then open an account with your personal details and link it to your visa or master card. This is to allow automatic deduction of your payments when the installment payment is due. Similar t other providers, open pay has no interest rate on its service. They have fast, reliable and convenient services. To be eligible for their services,you must be above 18 years of age, own a valid Australian identity card, have a varied phone number, verified email address and an active visa or master card.
Advantagee Of Buy Now Pay Later.
1. It Offers Urgent Help : As seen earlier, money is a scarce resource. The greatest advantage of buy now pay later is that it offers urgent help to acquire or purchase your electronic device in case you are in short of resources.
2. It Has No Interest Rate : More often than not, there is no interest rate incurred on this service. That means it will help you purchase your electronic product device with no extra fee.
3. It Improves The Order Value : Poor quality electronic device are risky to use. They also have short span. Sometimes, a shopper might be forced to buy a poor quality product at a cheaper product due to limited resources. Buy now pay later helps one to buy the best quality product with no fear of limited resources.
Disadvantages Of Buy Now Pay
Everything with an advantage has a disadvantage.
1. It Has Fines on Late Payment : Late payment of your electronic device will force you to pay more fee than the actual price of the product. This is because they are penalized with huge fee.
2. It Might Ruin Your Credit History : Failure to pay your credit purchased device will ruin your credit history. This will hinder you from getting any other credit help in the future.
3. It Discriminates : Not every shopper is eligible for buy now pay later offers. Despite the fact that there is no credit check, this offer is only provided to those shoppers that can afford to pay the debt.
Final Thought
Payment of your credit purchased electronic device can be long term or short term. The duration vary depending on the value of your product. In most companies, small value electronic devices like phones and desktop computers are paid in an average duration of 1 to 5 months. High value devices are paid in a long term duration of 2 to 3 years. The payment frequency, monthly payment amount, fines and penalty of delayed payments also vary per the value of the product as well as the terms of the provider. Before you use ‘buy now pay later’ offer to purchase your electronic, it is there important to consider the above factors.
