People have to dig deeper into their pockets in order to keep up with the ever increasing cost of living. The most affected group happens to be people with poor credit history. Unlike other people, they are less likely to be offered credit or loans by money lenders, loan providers, and other financial institutions. Fortunately, all is not lost. Thanks to No Credit Check Catalogues, they can also enjoy same benefits like other people with good credit.
What Are No Credit Check Catalogues?
Due to the financial constraints, people in the UK are turning to catalogue services. This service enables a person to buy goods and pay for them later. Usually, the service is offered to people with good credit repayment history. However, there are some service providers who also provide No Credit Check catalogues. This simply means that people with poor credit are also eligible to purchase goods and pay for them later. Goods purchased include electronics, clothing, computers, toys, furniture, baby clothing, home furnishing, games, and much more.
How Do They Work
Ordinarily, a retailer will allow an individual to purchase goods and pay for them later as long as his credit record is good. However, No Credit Check catalogues overlook the credit history hence provide the services depending on other aspects. They will only consider a customer’s ability to pay. This will entail confirming that he has a source of income and also asking for the recent bank statements. Other requirements are Proof of address and ID.
Types of No Credit Check Catalogues
Due to the high risk, this option will normally come with stringent measures. For example, higher rate of interest, shorter repayment period, or requirement to deposit an amount as security.
Generally, the catalogue comes in the following categories:
Buy Now, Pay Later: – The minimum or full amount is settled within 3 to 12 months.
Weekly Payment: – The minimum or full amount is paid within a week.
Fortnightly: – repayment done after two weeks.
Monthly Payment: – Minimum or full payments settled within a month.
The modes of payment include cash, credit card, debit card, mobile phone payment, or electronic funds transfer (EFT).
No one can refute the fact that No Credit catalogues have brought relief to many people who are victims of poor credit. Nonetheless, the fact that a person has poor credit also makes him prone to high rates of interest or unfriendly terms of payment. It is therefore advisable to research on the best option which will make life easier rather than widening the financial burden. Talking to friends and comparing different quotes are some ways of getting the best deal.