Buy now and pay a certain amount weekly, is the offer that many companies are banking upon to sell their products. Some of the companies taking advantage of this method are:
Most of these companies send a statement after purchase that needs to be paid, with payments spread over a period of time. They also allow payments to be made over a period of 2, 3 years. This is mainly in vogue to assist customers who are uncertain about their future financial status and hence reluctant to shop. They provide consumers with:
• Interest free periods
• Companies like K&CO offer equal weekly instalments on everything available; hence no interest is incurred if payments are made regular.
• Most of them offer pay monthly and pay weekly options and customers can make payments as per their convenience.
Pay weekly stores are an alternative to the catalogues as they tend to have higher approval rates although usually a higher interest rate and in some cases an initial deposit. This option works particularly well with customers with a bad credit history. When purchases are made choosing a ‘buy now pay later’ option, no credit history check is made. Any missed payment will incur an interest and the instalments are small. The purchase is approved immediately and can be done online too. Consumers can choose to make the payment online or via post.