Tag: bad credit

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No Credit Check Phones: What You Need to Know

No Credit Check Phones:

Do you have bad credit and you need to get approved for a contract phone? You don’t need to get rejected one more time when you apply for a no credit check phone instead of the regular contract phone deals. But what are no credit check phones? In this guide, we’ll tell you everything you need to know about these phone deal products.

What are no credit check mobile phones?

No credit check mobile phones as you can immediately glean from its name are deals that don’t require any credit checks on applicants. If you have bad credit and you worry that it can ruin your application, there’s no need for that with this type of phone deals. No credit check phones work just like any typical phone contract. On top of your handset choice, you’ll get a bundle plan inclusive of your call, text and data allowance per month. Typical contract terms available include 12 months, 24 months and 36 months where you must pay a fixed monthly fee.

To check out and compare no credit phone deals, instantmobile.uk is a great place to start.

Who can apply for these phone deals?

Anyone who is 18 years old or over can apply for no credit check phone deals. Basically, you just need to meet the simplest set of requirements. You must also live in the UK for a few years with a steady stream of income through permanent employment, self-employment or regular pension for retired applicants. This type of deal is specific for people with bad credit problems. If you’ve applied for a contract phone elsewhere and you’ve been rejected, no credit check phones are a handy alternative.

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What types of mobile phones are offered?

Since no credit check phones are for people with bad credit, the mobile phone choices won’t be as diverse or exciting as if you have a good credit score. This can also mean that you won’t probably get the high-end handset you’ve been longing to own since it was launched. In most cases, mobile phone choices will include cheap and budget smartphones with an option to upgrade to a better phone if you pay on time and the contract is close to its end term.

Why choose no credit check phones?

The fact that this type of phone deals do not require any credit check on applicants is enough for most people to consider these deals. With your credit score not a factor on your application’s approval, you can get approved faster than usual typically within hours after you’ve completed the application. All you need to do in most cases is meet the eligibility criteria, complete the online application and choose your mobile phone along with your bundle plan. Within hours, you can expect to get approved provided that you have the requirements ready including your proof of identification, proof of income and billing address.

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Why not choose no credit check phones?

While no credit check phones are easy to get approved for, it’s not all advantages with this type of deal. Compared with typical contract phones, no credit check phones can be more expensive. On top of that, mobile phone choices are also limited to cheaper phones. If you have bad credit and you don’t really need a contract phone then you shouldn’t apply for this type of deal. If you’re sure, however, that a contract phone deal is what you need to meet your monthly phone services and your need for a new phone, then apply for a no credit check phone. Just make sure you can afford the monthly payments and you can stick with it until the end of the term. If you’re a responsible payer, chances are high that you may improve your credit score by the end of your no credit check phone deal.

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Things to Consider When Financing Your Mobile Phone

Mobile Phone on Finance

A few weeks ago, Apple launched its best iPhone yet, at least according to the brand’s CEO. The iPhone 7 and iPhone 7 Plus were unveiled in September and the phones have no phone jack. It’s thinner and sleeker than ever but you can’t plug in your earphones through the charging port while charging your mobile phone. Regardless, millions have already lined up to buy the latest iPhone. Some of them opted to avail a contract phone and others through a mobile phone financing deal.

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If you are planning to follow others and opt for mobile phone financing, there are a few things to consider before you close and sign any deal. Here are some things to keep in mind when shopping for mobile phone financing:

Credit Checks

Most providers offering mobile phone financing will usually run credit checks on their applicants. If you have good credit, chances are high that your application will get approved fast and without hassles. You can also enjoy great freedom with your smartphone choice if your credit rating is stellar. On one hand, having bad credit may mean low chances of approval. You can still get approved for a phone financing scheme but your mobile phone choices may be limited.

Smartphone Cost

You also have to consider smartphone cost. You may want to buy the latest iPhone or Samsung Galaxy phone. Because these phones are on the high-end range, the cost will be pretty steep. If you have good credit and high monthly income, chances of getting the phone that you want are high. If you have bad credit and you want an iPhone 7, approval for your application is less likely. When deciding on which smartphone to buy on finance, you need to consider the phone’s cost in relation to your credit rating and your monthly income.

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Repayment Terms

In addition to your smartphone’s cost, repayment terms are another factor to consider. Most financing plans can be repaid over a 12-month or 24-month period. Most providers will give you a financing deal at 0% APR if you have excellent credit rating. If you want a longer repayment term like a 36-month period, for example, you should expect for a deal at APRs around 10 to 15%.

Interest Rates

With mobile phone financing, you’ll usually pay more than the cost of your smartphone. For financing providers to earn money, they charge a certain interest to your financing plan. If the starting cost for iPhone 7 is £599 and you want to buy one on a financing plan, expect to pay more than the phone’s original cost by the end of your contract term. In general, the longer your repayment term is, the lower your monthly instalments but you’ll also pay more for your smartphone in the end.

Penalties and Other Charges

In addition to existing interest rates, financing providers also add penalties and other hidden fees. If you miss or delay a payment, for example, you’ll incur penalties added on top of your current monthly bill. If you’re a responsible person, on one hand, and you never miss a payment, you can enjoy the buy now, pay later scheme at zero interest. As long as you pay your balance in full before the end of the deferred period, you have nothing to worry about.

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