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What you need to Know about Online Shopping with Easy Monthly Payments

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Be sure to check out our 2016 guide for Buy Now Pay Later Catalog Shopping

Just because you do not have any cash to spend does not mean you can no longer shop online and purchase the items that you need. There are now a lot of online retailers that offer online shopping with easy monthly payments option. This is the best option for those who does not have any cash to spend, yet, they need to purchase something online. So here are some important things that you need to know about these shopping schemes.

Buy Now Pay Later Option

Let’s say you are browsing online and found a laptop that is being sold at a discount. You are too eager to purchase the item, but the problem is that you do not have any cash to pay. In this regard, you can check if the website that sells the laptop offers the Buy Now Pay Later option. With this scheme, instead of paying the amount in full at that time that you purchase the item, you can pay it at a later time and at an easy installment. The buy now pay later option is one of the most preferred methods of online shopping with easy monthly payments.

Bill Me Later Option

The bill me later option is another way to shop online without paying in cash. This is basically the same with the buy now pay later schemes, where instead of being billed right away, you can choose to be billed at a later time. So if you are shopping at Wal-Mart, and you would want to take advantage of this payment scheme, you can just get any item you want and not pay for anything. When checking out however, you will be given a statement that displays how much you need to pay in the future and when you need to make a payment.

Installment Loans

If you are buying clothing and other merchandise online and you do not have the means to pay for it in cash, you can take advantage of installment loans, another option for online shopping with easy monthly payments. The great thing about this payment scheme is that some companies will not even charge you with any interest fees at all.

Pros and Cons of Easy Monthly Payments

Although there are lots of advantages when it comes to shopping online for installments, there are actually pros and cons involved on this. The greatest advantage is that it will increase your buying power – you may not be able to afford $1,000 in full payment today but you can certainly afford to pay $100 on a monthly basis. The greatest disadvantage with online shopping with easy monthly payments is that these could hurt your credit rating if you cannot pay your dues on time. Furthermore, these installments usually involves high interest rates, so you could end up paying more than twice the actual price of the item you are buying.

There is really nothing wrong with taking advantage of online shopping with easy monthly payments for as long as you know the terms and conditions behind it. Also, make sure that you adhere to your monthly payments if you do not want to end up with a bad credit rating.

Be sure to check out our 2016 guide for Buy Now Pay Later Catalog Shopping

What you need to Know about Online Shopping with Easy Monthly Payments
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.

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