Buying a variety of equipment on credit is becoming an increasingly common procedure. After all, in this way, you can buy the right computer or phone without waiting for your salary. But is such a purchase justified?
Should I borrow a phone?
Loan offers can now be found in almost any store. Their conditions are different, somewhere they offer to pay as much money as possible as a first installment, somewhere they offer to get the thing immediately without any financial expenses at a minimum interest. The problem is that the joy of buying a new thing will last a couple of weeks, and the loan will have to be repaid for several months. However, this is not the only disadvantage of the loan.
Before applying for a loan for a desired phone, think about whether you can afford to give an extra two or three thousand rubles a month without compromising your budget and a comfortable life. Think about whether you have loans, how much you pay on them, and how much you still have to pay. Often, when people see something they need, they simply forget about other debt obligations or are unable to calculate their monthly expenses and estimate how much regular payments will affect them. Experts believe that loan payments should be no more than a third of monthly income. So before buying a thing, evaluate not only the terms of the loan, but also your debt load, and the general financial situation.
It should be borne in mind that the cost of loans for small purchases is very high, therefore, if you think that you definitely need something, consider the option of issuing a credit card with a grace period at a trusted bank. Such loan solutions are much cheaper than quick loans at hardware stores.
Alternatives
Real interest rates for the most common loan products can vary widely. From interest-free installments up to ninety percent per annum. The interest rate is determined by many factors (the number of documents required, the size of the down payment, the term of the loan). On average, rates for the purchase of equipment are set at thirty to forty percent per annum. This is due to the fact that loans for mobile phones are classified as high risk, so the lending bank is simply “reinsured” with such a high interest rate.
That is why credit cards are much more beneficial and transparent. In most banks, you can apply for a card with a grace period, which in some cases can be up to three months. This is the time when the loan can be repaid without overpayment. In addition, the average annual percentage on such cards rarely exceeds twenty or thirty points.
It should be borne in mind that the most modern phones quickly become outdated, so it is quite possible that by the time the loan for the old phone is finally repaid, you will have to take out a new loan to buy a more advanced model.
