Yet many people still choose to buy on installment, while this is one of the most expensive ways of borrowing money. Recently in the television program 'Een dime op his side' there was a family that had € 20,000 US dollar in debt to Wehkamp and other mail order companies. Paying sky-high interest rates and hardly being able to repay. You really pay way too much if you choose this.
Of course it is better to save if you want to buy something, but if you cannot, always look for a small loan yourself to finance the purchase. Another name for installment purchases is payment in installments. Try to avoid it!
Buying on installment is far too expensive
If you have chosen to buy on installment, then the point is that you do not have to pay the entire amount at once when purchasing. You can take the product home with you. Imagine you want to buy a new television or washing machine, then you can pay for it in installments if you are short.
Many people see buying on installment as an advantage, because they then have a product directly at home and can use it for only € 29.95 per month. But you are bound to this expensive loan for 3 years or more. Another advantage may be that BKR coding is handled smoothly.
Don't forget the disadvantages of paying in installments. The interest is very high, often at the legal limit while the interest is historically low. Because you pay interest, you are always more expensive than paying for the product in cash. So if you save a little longer, you can also buy that television and you don't have to pay extra money.
To buy or not to buy on installment?
Now that you know the advantages and disadvantages of installment buying, you can decide for yourself whether it is wise to use it. It is actually more beneficial to save a little longer and then pay for the purchase in one go. But sometimes that doesn't work.
If you are without money for a while, many people see buying on installment as a solution. But also think of all the costs that come with it and the money worries you can get as a result. You must always pay the installments on time, otherwise extra costs (fine) may be charged. In short, the conclusion is that it is not very wise to choose between buying on installment or paying in installments.
Handling money responsibly
Many people have to learn how to handle money responsibly. Installment buying is a way of paying that you should not choose. As attractive as it may seem. Despite this, many people still opt for this method of payment, while there are much better solutions than paying in installments.
Buying on installment without BKR check?
There are people who search in google for “ installment purchase without BKR check ”. There is a good chance that you have also ended up on this website. So you have to buy something urgently but you have no money for a while. In the past, it went wrong with paying off a loan, so that you have a negative BKR code.
Is it wise to put yourself deeper into debt and opt for this much too expensive solution? There are other ways if you are short on cash and your refrigerator has broken down. Even if you have a negative BKR code . Everyone deserves a second chance. However?
Instead of buying on installment without a BKR check, you can better take out a small loan yourself. Did you know that LendNow has its own system and does not use a BKR check? This can be your solution if you need a small amount to buy a new refrigerator, for example. Check out their website here and request a quote without obligation. You can have the money in your account the next day.
Alternatives to installment purchase
If you already have debts because you have chosen to pay in installments, then you pay far too much interest. Try to get rid of that and contact the store or check the conditions.
The solution is very simple.
You take out a new loan at a much lower interest rate and you use it to repay your “installment purchase” loan. You will then immediately pay less interest and get rid of your debts sooner. The benefit can add up considerably. This is also referred to as “ refinancing a loan ”. It is not at all complicated to arrange.
The new lender can take all the work off your hands and pay off your overpriced loan directly.
Take a look at A-Krediet or Intrasavings Bank for the possibilities.