What are pay monthly catalogues and are they the best option for you when purchasing goods for the home, new electricals, or even new furniture for your nursery? Whether buying one item or several, pay monthly catalogues afford you the freedom and flexibility of spending, without having to pay anything down at the time of purchase.
Basically, you apply for a catalogue account with these sites. From there, you are approved based on your credit score, proof of income, and other required information from the catalogue you choose to apply for financing with. Upon being approved, you will also be given the details about spending limits on your account.
With these accounts, you will place an order online which is often delivered to your home the next day. Once your order is placed, you don’t have to put anything down, you will receive your statement approximately 7-days after purchase. The statement will include the date your payment is due and minimum due. You simply make monthly payments, until the items you ordered are paid in full, at which time you own them outright.
Like credit cards, you do incur interest charges on pay monthly financing. So, you should compare several sites offering these terms, to ensure you find the lowest interest. However, if you order certain items with pay monthly catalogues, there are many sites which offer promotional or interest free repayment periods. Depending on the other total, items you order, and duration of repayment, this is often a great way to avoid interest, save on the price of items ordered, and allows you to spend flexibly, when you fully understand the payment terms on your account.
Yes, every catalogue has some limits in place. With pay monthly catalogues you will typically have to order a minimum of £50; in order to receive interest free periods for repayment, most pay monthly catalogues will have a minimum of £250 or higher, for a set period of time. In addition, there may be limits on what you can’t/can buy, how much you can finance, and of course based upon the amount you’ve been approved for, there are restrictions on the cost of items you can order when financing purchases with pay monthly catalogues.
It depends on the catalogue you receive financing with. Some allow you to defer payments for up to 12-months and pay in full at the maturation date. Some will require you to put down a minimum each month, and make monthly payments, in order to avoid interest fees. Every catalogue has its own terms and limits, so it is important to compare the top catalogues offering pay monthly accounts, so you find the ones which are going to work best for you, your budget, and your ability to repay on your account each month.
Nearly every UK catalogue has pay monthly financing. Even the ones which offer rent to own products, you can find weekly and monthly repayment terms. Depending on the items you order, the value of the items, and whether or not you choose to put anything down when you place your orders, the terms are going to differ for each customer who chooses to pay monthly on their account.
There are of course some restrictions with these accounts. You have to make a minimum monthly payment account, and you do have to spend a minimum amount (usually £50 or more) in order to qualify for financing. So, if you want to order items which are lower in price, you will typically have to pay in full. There are also some catalogues which require you to choose 3, 6, 12, 24-months, or other terms for repayment. And, if you pay before the maturation, you will incur a settlement fee on these accounts.
Of course, there are many benefits, and that is why many consumers choose to do their shopping through pay monthly catalogue sites. Some of the benefits include:
The simple fact that you have the liberty to pay items off, and spread the cost, gives you more freedom with your spending. If you enjoy shopping, like to buy the best names and brands, or simply want to purchase the best accessories or electricals for your home, financing is a great way for you to do this, and not run into issues with your budget when the time comes to repay on the items which you are ordering through different online catalogue vendors you shop with.
The freedom which pay monthly accounts afford you with not only gives you more opportunity to spend more and pay off items over an extended period of time, but also allows customers to find the items they otherwise couldn’t afford, for a reasonable interest rate, when they choose to pay monthly financing online.
Because there are so many catalogues which offer pay monthly financing, it is important to take the time to compare sites, and compare the rates/fees, and minimum payments due each month, to ensure you find the ones which work best for you. Before you choose a catalogue and the financing you want to repay as a customer, these are a few of the many things you should consider as you are comparing the top catalogues, to ensure you find the ones which work best for you as a new customer.