What is The Best Way to Buy a New Phone?

In the digital age, a reliable smartphone is not a luxury but almost a necessity. A good phone can make a big difference in our daily lives by helping us stay in touch, solve work tasks, or have fun. However, the price of the latest models can be prohibitive for many.

This is where small loans come to the rescue, offering a viable way to finance a new device without unnecessary obligations. For those who have yet to become familiar with loans, we have prepared a simple guide using the Netcredit.lv comparison platform. This will help you find the best offer to suit your needs.

The standard way – phone in installments

When you see an advertisement for a new phone with all its advantages, sometimes you can’t sleep until you hold it. Incredibly tempting are promotional offers from local dealers – a monthly fee of 20 euros per month or a new phone for 1 euro. How can you refuse something like that?

However, all this leads to the usual arrangement of the device in installments. It’s like taking out a quick loan where they look at your credit history, income, etc. Leasing offered by well-known stores in Latvia, such as Bite, Evelatus, or Rd Electronics, is arranged on stricter terms and is often accompanied by interest payments.

Fast credit comes to the rescue

If you have doubts about whether you’ll be leased when you buy a phone, and you want to process the application on the spot immediately, there is a way to avoid all that. For example, you can take out a quick loan at home and have a new phone in your hands in just a few hours. All you’ll have to do is pay the monthly payments on the loan, but unlike leasing, you’ll own the phone. Below, we take a look at a few lenders.

Bino

A Bino loan is an attractive option for those who want to get cash quickly and easily. They offer lines of credit ranging from €50 to €5,000. This directly allows you to borrow 1-2 thousand, which will cover the total cost of your new iPhone. You can apply online, and the decision is quick. In as little as 15 minutes, you’ll have the money in your account thanks to their fast withdrawal service.

The minimum monthly payment is only 25 euros, and the interest rate is set individually, with a maximum of 50.23%. Bino lends even to those with loans, provided there are no late payments. It makes them an intelligent solution for situations such as buying a new phone.

SMScredit

Another lender worth looking at is SMScredit. They, too, offer a quick way to get money up to €5,000, which is repayable in installments. The application process is simple: with minimal approval requirements, you can apply online or over the phone.

A significant advantage is that new customers receive a 100% discount on the first month’s interest fee, which makes the total cost of the loan less than for installment loans. By choosing SMScredit, you are choosing a lender with a proven track record and a customer-friendly approach to lending.

Vivus

As a third option, we suggest you look at Vivus. They also offer a quick way to take out a loan and immediately buy what you want. While their interest rate isn’t the lowest, you’ll be able to get a loan even if you’ve been turned down for a store lease.

Unlike a line of credit, when you take out a loan from Vivus, you must choose a repayment term immediately. It’s like taking out a phone on an installment plan, but in the case of leasing, you don’t own the phone right away. This only happens after the lease is fully repaid. You can learn more about them from Vivus customer reviews.

When can a loan be better than an installment plan?

Although installment loans are offered at 0% interest and for terms from 3 to 12 months, there are times when they may need to be more suitable for you. For example, if you can’t officially prove your income, your previous leasing situations could have been more favorable. Then, quick loans will save you.

First, you will be comfortable if you are denied an installment when buying a phone because you will already take care of the necessary amount at home. In addition, fast lenders have less stringent terms and conditions. In addition, their high competition allows you to apply to many places, and at least one place will not reject you.

Your chance to keep up with fashion trends

Taking out a loan to buy a new phone can be wise if you approach it responsibly. This means you must balance your desire to have the latest technology with your desire to manage your finances wisely. By comparing options on platforms such as Netcredit.lv and scrutinizing the terms and conditions, you will be able to make an informed decision that fits your financial goals.