In an ideal world, everybody would have a small savings pot available to ensure that failing white goods are quickly replaced. Unfortunately, many people simply don’t have the ready cash to hand when the washing machine breaks down or the fridge ceases to function, so they need to borrow in order to purchase these essential items. If high street lenders have turned you down, there are a number of other credit providers out there, but which one is most suitable for financing vital household items? Considered below are three of the most readily available credit options: weekly payment retailers, instalment loans or a catalogue purchase.
Weekly payment retailers
These shops normally stock a selection of commonly required household items, which can be paid for on a weekly basis. Frequently insurance, repairs, replacement, delivery and installation are all included in the price that customers pay. Even before the interest costs are applied, the goods can frequently be bought for less elsewhere. In addition, if customers fall behind with the repayment schedule, the articles can be temporarily or permanently repossessed.
A straight-forward application process and quick decision means that instalment loan cash is often available within 24 hours. The cash can be spent as you wish, enabling borrowers to take advantage of special offers or buy second-hand goods. To avoid additional charges, it’s essential to be sure you can pay the loan back on time; if you can’t, an instalment loan may not be right for your needs.
Although products bought through a catalogue are often more expensive than elsewhere, many customers are offered up to 20 weeks of interest-free credit to pay for them. Remember to check delivery costs, what insurance comes with the product and what the procedure is if a fault develops, as these issues may incur additional charges.
If you don’t have the necessary cash and need to get household necessities, instalment loans frequently offer the best value for money. Whatever form of finance you decide on, it’s always important to make sure that you can afford the repayments.
Payday loans are not suitable for, and would be expensive as, a means of longer term borrowing and are not appropriate if you are in financial difficulty.
Representative 1269.7% APR
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk