Save More Money And Time During The Festive Season With Point Of Sale Consumer Financing
Christmas is notoriously expensive. According to research, the average person living in the US spent roughly $1000 in 2019 on gifts alone. And that does not include travel expenses, food, or the other frills and extras like a tree and decorations. Even though some believe they are buying smaller, cheaper gifts, in the end, it still adds up.
Christmas has always been a time of giving, and that tradition won’t be going away anytime soon and while it is nice to spread the love by spoiling loved ones, it is easy to fall into the countless marketing traps set up by credit lending conglomerates. The deals up for offer may sound tantalizing, but once the new year rolls in and the bills start to arrive, it may have you wishing that you reconsider your decision to sign up in the first place.
Credit applications surge over the festive season and some are unable to get out of the vicious cycle of debt throughout the new year only to be sucked back into it once the holidays roll around again. And with the economic spiral we are facing due to the COVID19 pandemic, funds are tighter for most. Not to mention that job stability has gone out the window.
Unfortunately, this is a common trend that repeats itself every year, and considering the global circumstances, the outlook may be bleaker in the future. The good news is that there are ways to enjoy the festive season and still spoil your loved ones without putting yourself in an enormous amount of credit card debt.
Take Advantage Of Buy Now Pay Later Options
Credit houses are notorious for offering lower interest rates during the festive season to rope in more applicants, however, it is usually only for a limited time. These “discounted” fees are accounted for in other ways such as admin fees, high APR’s, or higher interest rates once the initial period is over. There is always a catch and unexpected bill in the mailbox.
Luckily there are other ways to get the Christmas goods you want without falling into these marketing ploys such as Buy Now, Pay Later.
Buy Now, Pay Later (BNPL), or Point Of Sale financing offers consumers a more affordable and transparent way of lending. This model allows you to purchase what you want and pay it back without any hidden fees. POS financing partners like ChargeAfter also offer 0% APR, giving you more freedom when it comes to your finances. The total monthly payback plan is presented to you before you approve the transaction, meaning that you will always know what to expect when the bill comes every month.
Save More Time With Buy Now Pay Later
Time is also of the essence when shopping for your loved ones and applying for a credit card can take up those precious moments you could be spending with the family instead. The application forms are lengthy and when it comes to the credit checks, you may not fit the criteria, meaning that all the time and effort you spent on the application may have just been a waste of time. Buy Now, Pay Later financing solutions have the upper hand in these circumstances. When shopping, all you have to do is select the Point Of Sale financing option and fill in a few details about yourself. The application is processed instantaneously and should you match the required criteria, you are notified without ever leaving the checkout page. This is done in a matter of minutes!
Get The Goods You Want
Now for the best benefit of all, the approval. Unlike most lenders, there is more flexibility when it comes to BNPL. When it comes to prime lenders as is the case with credit cards, the final decision is based on your credit history, current debts, and monthly income. Unfortunately, most shoppers are turned away because they don’t earn enough to meet the requirements. However, with Buy Now, Pay Later from ChargeAfter, your application is matched with lenders who are better suited for your financial needs. Should your application fail to meet the criteria of a prime lender, your data is then verified against a network of near-prime lenders for a “second look”. If you don’t meet the criteria for near-prime lenders, your data is then shared with sub-prime lenders for approval. By having this diverse network of lenders at your disposal, you have a higher chance of being approved for the loan you need without leaving the cart or checkout counter empty-handed.
Thanks to Point Of Sale Financing, Christmas shopping has become more affordable and simpler!