Was the washing machine broken, or maybe the fridge? Equipment is necessary for everyday life. What to do in an emergency situation when we do not have the funds to buy a new device, and we need it “immediately” and there is no time to put down. Banks come to the rescue by arranging payment of the stock in convenient installments.
There are many situations where the lack of cash complicates our lives
Is winter coming and you need winter tires for our car, or is the temptation of a dream holiday in Egypt all-inclusive. There are many reasons – there are several financing options. The purchase of various goods can be divided into convenient monthly installments.
The price is then divided into several parts, which together give the amount borrowed plus interest and the required fees. However, there are also 0% installment offers, which means no additional costs.
The simplest solution is installment purchase in stores with which banks cooperate (so-called installment sale). From the products currently in the store, we choose the one that we intend to buy. If this is our first purchase in installments and we have no credit history (we have never used the credit services of any bank before, e.g. credit, loan) we will need a certificate or statement of earnings.
Our employer will issue a certificate of income
However, if you have already used one of the banks’ credit services and all payments were made in a timely manner, such a certificate will often not be needed.
Shops usually have contact with an online bank, so checking the customer’s creditworthiness and issuing a decision on granting installment loans takes only a few minutes. Importantly, when shopping in installments we do not have to have literally any cash with you.
The first payment for the goods will be made in the first installment, i.e. it may even be in a month. All repayment forms will be sent by post to our address within a few days of signing the contract in the store.
Shopping in installments is not just buying in stores with the help of installment loans. To arrange the purchase of a good or service in installments, you can also take out a cash loan and make a payment from these funds borrowed from a bank or other financial institution.
This is a good solution when buying an inexpensive, used car. Funds from a cash loan can be used for any purpose, so in addition to financing the car, some money can be allocated to fees related to vehicle registration and liability insurance.
We can also make deferred payments for purchases using credit cards
When paying by credit card in stores and commercial facilities, we do not have to refund the entirety. We can pay the debt in installments, paying monthly at least the amount of the minimum repayment on the card. This is a good solution when you want to pay for an air ticket in convenient installments, for example.
We can also buy in installments using a debit card and an allocated debit in the bank account.
Paying in this way for the goods do we make debts on the personal account and then pay them off in full or in installments. This solution works on the basis of a revolving loan, so a limit that we can use almost indefinitely.