Tuesday 15 July 2014

Loans for Unemployed People on Benefits - Buy Now Pay Later Credit (IDEA 7 of 20)

This Post is Part 7 of the 20 Part Mini Series on Loans for people on unemployment benefits. One question I get asked all the time on the Millionaires Giving Money Blog is - Do loans for people on benefits really exist? After answering a handful of these emails I decided to think of and share 20 loan ideas for people on benefits. These 20 short sweet posts are relevant to unemployed people on benefits, disabled people on benefits and people who have a bad credit history and a bad credit score. Before you take out any loan always consider the principal amount and the amount you have to repay over the period of time. Also consider and negotiate a low APR rate so you will pay less in interest payments. Finally take time to fill in an income and expenses form to determine whether the repayments will be affordable. So without further ADO here is idea 7 of 20 for loans for people on unemployment benefits.

Loans for People on Unemployment Benefits - Buy Now Pay Later Catalogs

Most of the time when we need an emergency loan it is because we need to replace or purchase something new for the household. This purchase might be a new washing machine or a cooker or even household clothes for you children. Rather than going for an expensive pay day loan it is better to apply for buy now pay later catalogs which have easy credit facilities. Catalogs such as Sears, Fingerhut, and Montgomery Ward all offer credit facilities and some even come with buy now pay later where you don't have to pay anything for 12 months interest free. You can shop in departments such as Bed, bath, kitchen, furniture, home, sport, electronics, toys, baby, health, beauty, apparel, shoes and Jewelry. Most of these catalogs offer shop now pay later and you can pay your balance off with low monthly payments via services like WebBank. Fingerhut boast that they say yes where others say NO which means that they have fairly relaxed credit. Fingerhut also offer better buying power and no annual fees which makes everything easier for shopper.

To get started make a list of all the items in your household that need replacing and then apply to a handful of buy now pay later catalogs. Try not to apply to more than 3 catalogs at a time otherwise you will be seen as being desperate for credit and your application might be declined. Instead apply for a BNPL credit account every month to maintain your credit score. Always try to find 12 months deferred payments which are interest free. This means that you wont have to pay anything for 12 months and you can borrow the credit for free. Buy now pay later catalogs are a fantastic alternative as a loan for unemployment people on benefits. 


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