It is possible to purchase electronics with a bad credit history? Borrowers who have ruined their credit history one day think that they will never be able to borrow cash again. However, the desire to buy a new device is much stronger – you really need a stylish iPhone or a new laptop! Therefore, many people are concerned about the question: how to buy electronics on credit with a bad credit history?
What are the side effects of having a bad credit score?
Any loan that was previously taken and was not repaid on time becomes a stain on the borrower’s credit history. Very often, such loans arise as a result of misunderstandings associated with loan obligations. This is the main reason why banks refuse to give loans to these people with poor credit scores.
Today, electronics are very expensive, especially those of high quality, so many people need extra money for the purchase of an expensive iPhone or laptop, refrigerator or TV. And not everyone manages to save enough money. In such a situation, getting a loan from a bank can help. Today many of them offer very attractive lending conditions.
What could be easier – go to the nearest bank and apply for a loan… Or just go to electronics stores and apply for a POS loan… It turns out that this is not for everyone. Some people’s bad credit history prevents them from doing this or becomes a serious obstacle that can be bypassed but not so quickly.
It will be quite difficult to get a loan from a bad if you have bad credit. You will need to fix your credit history first, apply for a payday loan or seek help from a loan broker. But it is still possible to get a bad credit loan for electronics.
How to buy an iPhone or laptop with a bad credit history
The first step is to try your luck with representatives of different banks. Being limited to one means you won’t get a loan at all as the chances of getting a bank loan with bad credit in this case are very small. It may turn out that one of the banks will not carefully analyze your credit history because its policy is more loyal than that of other credit organizations. Besides, some electronics stores partner with banks striving for customers who want to apply for a loan.
To get a POS loan for electronics such as a laptop, iPhone, freezer and other items, you usually need to provide:
- Social Security Number;
- Second document that proves your identity (for example, a driver’s license).
As soon as fill out a special form with a representative of your bank and answer their questions, you will have to wait about half an hour, which will take time for the bank to process your application. Borrowers with bad credit have nothing to fear. This procedure does not take much time and effort.
But a loan can also be denied because not all banks want to give a small loan ($1000 or less). It happens very often. Banks understand that they will not benefit from small loans. But some banks are really loyal to customers with bad credit. They understand that missed payments in the past can be caused by various reasons, perhaps even beyond the control of the borrower. Therefore, these banks approve new loans to these borrowers. Moreover, if you make a down payment of 30-50%, you can qualify even for better lending terms.
Buying electronics with a payday loan
If your request was denied by banks or if you need money urgently, the easiest way is to apply for a payday loan. It is a short-term, small-dollar loan that can be sued for whatever purpose, including the purchase of electronics. Loan amounts typically range between $100-$1,000, which is often enough to buy a new iPhone, laptop or TV. But you should keep in mind that lending terms are usually short and do not exceed 31 days. So you need to be sure that you will be able to repay the debt on the due date.
Applications are processed immediately, and you can even apply for a loan online 24/7, from the comfort of your home or office.
Payday loan providers usually do not check the borrower’s credit history, which makes this product available to all categories of borrowers, including those with low credit scores. You just need to have an active bank account and a stable source of income (any type of income is accepted).
Many customers prefer to use loan connection services as this is the easiest way to find the right lender. The system processes your request and matches you with a legitimate and reputable lender that issues loans on beneficial terms.
As you see, it is possible to shop for electronics with bad credit. Anyway, it is not recommended to keep your credit poor but try to fix it because sooner or later you will have to borrow money from the bank again. Not everyone is ready to issue large loans to unreliable people. The only way out is to improve your credit score.