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Buy Now, Pay Later: No Credit Check Electronics
16 Sep 2018

Buy Now, Pay Later: Alternatives to No Credit Check Electronics

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Electronics are at the core of everything we do. Whether you cite the roughly 2.5 billion smartphone owners, the 2.3 million Facebook users or the countless amount of people who own an electronic appliance like a microwave or refrigerator, you can’t overstate the level of reliance we have on technology.

What then are you to do when an electronic you and your family relies on breaks and needs replacing?

For many, the solution is to take out  bad credit loans to fund their new purchase. Others look to buy now, pay later.

Making purchases now and paying for them later is a luxury many tools allow you to do and many vendors are starting to offer directly. To help you better understand what “buy now pay later electronics”, “electronics financing”, and alternatives to “no credit check electronics”, actually are, we have written the guide below.

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What is Buy Now Pay Later Shopping?

Buy now pay later shopping is exactly what it sounds like. It is a feature offered by tools (like credit cards) or by sellers directly which enable consumers to purchase an item and walk out of the store without paying anything upfront.

Consumers can then go about enjoying their electronic device, making small installment payments on their purchase as opposed to having to pay for it all at once.

What is The Catch to Buy Now Pay Later Shopping?

When you hear offers like, “buy now pay later electronics” or “payday loans no credit check,” a red flag may go up in your head. If you’re skeptical, you have good reason to be.

While there are a lot of advantages to buy now pay later which we will outline in a moment, there is also a cost.

Almost all buy now pay later offers are designed to get consumers to pay more in the long run. This is done by charging interest on the monthly payments you make towards your electronics.

For example, if you purchased a $1000.00 buy now pay later television, that television may have terms that allow you to pay it off over the next 12 months at a 20% interest rate. That means, rather than paying $83.33 per month in just principal, you’ll be paying about $92.63 in principal + interest for a total of $1,111.61.

If you miss payments, interest will continue compounding and fees may be charged that will skyrocket costs even further.

What Are the Advantages to Buy Now Pay Later?

Buy now pay later, while costly in some cases, can be beneficial. If you are in a position where you need to replace an electronic that’s central to your family’s life but don’t have the money, buy now pay later options can get you back to normalcy fast.

Also, when holidays or birthdays are approaching, if you can’t afford to buy all of the electronic gifts you need for your extensive list of recipients, buy now pay later can make payments manageable.

Do You Need Good Credit for Buy Now Pay Later Electronics?

You typically don’t but it is helpful. There are ways to get no credit check electronics via a seller offering aggressive financing offers or by getting no credit check loans and using the funds to cover your electronic purchases. Unfortunately, we do not offer this type of financing at Bonsai Finance.

Most sellers, however, will ask to run your credit in order to offer you financing on your electronic purchases. Depending on your credit, your interest rate and fees will be affected.

The better your credit is, the less you’ll pay in the long run.

  • Horizon Gold Card

    Issuer Horizon Card Services
    • Guaranteed $500 Unsecured Credit Limit.
    • Must have Active Debit Card or Credit Card to qualify.
    • $500 Credit Limit.
    • No Credit Check.
    • No Employment Check.
    • Reports to a Major Credit Bureau.
    • Fast Online Application.
    • Bad Credit accepted.
    *Terms Apply. Show more
    Issuer Horizon Card Services
    Regular APRAnnual FeeCredit RecommendedOur take
    0% No annual fee Bad, Limited or No Credit HistoryGood option for customers with damaged credit history looking for a guaranteed approval card
    Regular APR0%
    Annual Fee No annual fee
    Credit RecommendedBad, Limited or No Credit History
    Our takeGood option for customers with damaged credit history looking for a guaranteed approval card
    • Guaranteed $500 Unsecured Credit Limit.
    • Must have Active Debit Card or Credit Card to qualify.
    • $500 Credit Limit.
    • No Credit Check.
    • No Employment Check.
    • Reports to a Major Credit Bureau.
    • Fast Online Application.
    • Bad Credit accepted.
    *Terms Apply.Show more

What Sellers Offer Buy Now Pay Later?

The option of making purchases now and paying for them later is becoming increasingly supported among sellers. Below is a brief list of popular retailers that we know offer some degree of financing on electronic purchases.

  • Amazon
  • Apple
  • Fry’s Electronics
  • Best Buy
  • HSN
  • Newegg
  • Walmart
  • Target
  • Fingerhut
  • Flexshopper
  • Overstock
  • Kmart
  • Rent-A-Center

The above list is by no means comprehensive. Also, know that different retailers offer substantially different terms and conditions around their financing offers which you should understand fully prior to doing business with them.

Alternatives to Buy Now Pay Later

Buy now pay later is convenient but comes at a price. For that reason, consider alternatives to paying fees and interest on your purchases.

For starters, many buy now pay later offers have grace periods where they offer free financing. That means, if you pay off your device in full within their offer window (say 6 months) you won’t be charged any fees for buying now and paying later.

Alternatively, consider opening a sub-savings account that you contribute a small portion of your paycheck to each month too. When an integral electronic device breaks, you can dip into that savings and purchase it in full fee-free!

Finally, if you aren’t finding any good offers on no credit check electronics or even credit check financing options, consider alternatives like payday loans online, installment loans, or personal loans that offer extended options to borrowers (you can even pay monthly golf equipment with these loans).

Wrapping Up Buy Now Pay Later, No Credit Check Electronics and Financing

The term buy now pay later for electronics can present itself in a lot of different ways. Whether the term you see is “financing electronics”, “no credit check electronics”, or “buy now pay later”, they all generally mean the same thing.

It’s important that you understand that meaning and get prepared for the implications of paying for your electronics gradually as opposed to up front. While buying now and paying later can offer you a host of advantages, financing irresponsibly can send you into debt.

If you need a loan to cover the purchase of electronics you and your family rely on, our team at Bonsai Finance can help.

Our loan finding services help you search online for a variety or competitive offers that, upon approval, can get you the money you need as quickly as today!

So what are you waiting for? Whether you have bad credit, good credit or no credit, let our team help you find the small personal loan you need!