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Thursday, 16 January 2014

Buy Now Pay Later Instant Credit Approval for People Experiencing Hardship

This post is part of a series of post dedicated to finding the best buy now pay later catalog sites for people experiencing hardship. Many families on low income email asking me what the best option is when their appliances breakdown, many families do not want to take out expensive payday loans or credit card debt. My recommendation is that they start an emergency fund and use buy now pay later catalogs with 12 months interest free credit and 12 months deferred payment option.

The idea is to use the buy now pay later instant credit approval catalog to purchase the item without paying interest. These catalog sites are very relaxed when it comes to approving customers with credit. You start off with a small credit line which you can build over time. If you can use BNPL catalogues to replace your appliances then you won’t have to pay interest and you’ll get 12 months to save up so you can pay the balance of in full.
Montgomery Ward

One of the best catalog sites for people experiencing hardship is Montgomery Ward. You can use the catalog to replace furniture, electronics, and much more. I would recommend you use this facility with caution and avoid getting into unnecessary debt. The purpose of this catalog is to help you avoid interest, not get into even more debt. You need to pay off everything you spend in 12 months and you should use the credit facility for emergencies only.

Buy Now Pay Later at Montgomery Ward

Montgomery Ward credit account offers payments as low as $20 a month, you can use the account to build credit. There are no hidden fees and the application process is fast and relaxed.

The process is relatively simple. You shop for what you need, you then checkout and choose open and pay with Montgomery Ward credit account. You then fill out the simple form and then submit the order and credit application. Credit applications are usually approved within 24 hours.

Here is the payment chart from the Montgomery Ward Catalog site.

PAYMENTS: Each month you must pay at least the full Minimum Payment Due (Minimum Monthly Payment plus any past due amount) on or before the due date shown on your monthly statement. Your Minimum Monthly Payment is determined based on the highest new balance ("HNB") of your Account, in accordance with the table below or, if the HNB exceeds $2,400, then 3.34% of the HNB. The HNB is the highest principal balance of your Account since it was last paid in full. This means that the Minimum Monthly Payment will not decrease unless your Account is paid in full, but we reserve the right to recalculate the HNB based on returned merchandise or Account adjustments. We can apply your payments to fees and charges or amounts financed in our sole discretion, subject to applicable law. Payments in excess of the minimum will not reduce future Minimum Monthly Payments.

Minimum Monthly
Highest New
Source: Montgomery Ward Credit Account

The Montgomery Ward Credit account is considered to be better than a Layaway account because there is no extra fee to open your account. All the items in the catalog are eligible for credit. There are no minimum orders and you can make easy payments online from the comfort of your own home. The items are delivered to your door and you could pay as little as £20 per month.

Buy now pay later catalogs are very convenient if you need to replace an item but don’t have money right away. The credit account offers flexibility and the interest paid is much more competitive compared to payday loans or expensive credit cards. Make sure you spend money on what you need and always set money aside in an emergency fund to avoid taking out further credit.

As always if you've found this information useful then please share with others. It's always nice to hear from readers so if you've tried this method feel free to leave a comment below.

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