Buying electronic items nowadays, beyond being something most of us like, has become a necessity. Whether you work from home or not, having a computer or cellphone at your disposal is very important to your work life. However, acquiring them is not always so easy due to their price. “Electronics with no credit check” is an advertisement that many stores offer and it means that you can buy them and pay for them later in parts.
However, there are certain things you should know before purchasing a product through this form of payment. Keep reading and find out.
Understanding “Buy Now, Pay Later” (BNPL) Purchase System
Acquiring electronics with no credit check has become a very popular practice in many stores nationwide, especially retail stores and large companies. We could define this purchasing system as the agreements between the buyer and the seller that allow the person who acquires the product to pay for it later, distributing the payment in a specific period of time. Some companies charge interest to buyers and others offer an interest-free period.
It is also known as “store finance” since it works like any credit we are used to. You want to buy a product but, instead of paying it now, you agree to pay its value in a certain period. This period of time can vary depending on the set agreements of the store, but generally, the payments are established monthly.
Buy now, pay later is widely used especially in online stores; it is a striking offer for those who are looking for information on prices and qualities of products on the internet. Buyers are often influenced by these offers and agree to buy.
Eligibility Criteria for BNPL System
Although “buy now, pay later” is a purchasing system, the stores where you buy the product are not the credit providers. There are several companies that are dedicated to offering these types of services to stores that sell electronic devices.
The first thought we have when saying it works like credits is that we will have to make an application and our credit score will be reviewed by a person who would decide if we can acquire our electronics under this modality or not, and although this is the most frequent result, we will not always have to show our credit history in order to acquire products through the buy now pay later system.
On many occasions, buyers are denied the ability to use this payment method due to their bad credit scores. That is why we recommend you review your credit score before buying, and improve it if necessary. Another option could be to choose a provider that does not require credit score revisions.
As you read it, you may be able to purchase electronics with no credit check. So you will not need an application or have someone else review your finances to use the buy now pay later method.
Companies that accept BNPL
While several providers need to review your credit score, Splitit is an agency that is in charge of providing this type of electronic purchasing service with no credit check. It is a company established in the United States, England, Australia, and Japan. It has agreements with several stores worldwide aimed at not only electronic device sales.
In the case of the well-known Apple MacBooks, there are many stores that offer buyers to purchase this product without a credit check. It is a matter of you asking when purchasing your electronics devices.
Klarna is another good option for you, you can choose from a wide variety of electronics stores.
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What happens if I miss a payment?
Since you have acquired a payment commitment, the correct thing is that you pay on time. But it may happen that you do not have enough funds to make the payment that corresponds to you. In these cases, what you should do is contact your provider and explain your reasons.
You may be charged some late payment fees, but everything will depend on the provider and the set conditions you agreed to when purchasing your product.
Meanwhile, focus your attention on what you have to do in order to pay off your debt and avoid acquiring new loans as much as possible until you are sure that you can pay them back.
You can also mark the payment dates on your calendar, so when the day approaches, you have the money available. This can prevent you from becoming insolvent and affecting your credit history.
Why using “Buy Now, Pay Later” is a good option
Many people in our country use this payment method to purchase their electronic products due to the comforts offered by this scheme.
Among the most important advantages, we enjoy from using buy now pay later, is that it offers the possibility of buying a product without having the full money by the time of the purchase. Money is a constant concern when we need to buy an electronic device, but in case you urgently need one for your work or to be in communication with your loved ones, this is an excellent option.
Likewise, it offers you the possibility of acquiring a product of excellent quality even if you do not have all the money available. For several times, buyers feel compelled to purchase inferior products because they are more affordable, resulting in a very short lifespan or the device does not have all the features needed by the consumer. With buy now pay later, you can acquire an electronic device of excellent quality.
Interest rates are also something to take into account when you are thinking of buying electronics with no credit check. By using buy now pay later you will not be charged interest, unlike the other known credits. You can purchase your product and only pay its value without an additional charge.
Disadvantages of getting Electronics with “Buy Now, Pay Later”
Using this method is very beneficial for buyers, but like everything related to finances, there are things that may not be so good or represent a risk to your credit history.
The first thing you should pay attention to is that if you don’t pay on time, late fees will be charged to your account. Consequently, you will have to pay a price higher than the actual price of the product. What in principle does not happen with this type of purchase since there is no interest, but due to the lack of promptness in payment, you must assume the fine.
Following this same idea, if you do not pay (other than paying an additional fee), this could negatively affect your credit history. Consequently, it could prevent you from acquiring another loan in the future.
Finally, if you do not prove in some way that you can pay your debt, providers may not even agree to assume your credit. Even in those known as “electronics no credit check”.
Co-founder of AllAboutCareers, one of the top sites for graduates, students and school leavers websites. I studied at the University of Essex. This is my site I talk about finance and help with administrative processes in the USA.