By now you must be seriously considering getting an installment plan. Installment plans are affordable, flexible, and accessible to virtually anyone. But before you sign your name on the dotted line, here are 5 questions you need to ask yourself before getting an installment plan.
Getting an installment plan is really popular nowadays, alongside the rise of online shopping. There are just so many things you can buy in an online shopping site! Couple that with a “buy now, pay later” payment method, and you got a perfect combination.
But remember, it’s easy to get carried away with all the benefits of getting an installment plan as well! Without proper guidance, you might be setting yourself up on a road of financial difficulties and bad financial decisions.
So before you click that “Apply” button or even before you sign that electronic contract, take a step back and ask yourself these 5 important questions.
How much can I afford?
When applying for a loan, most people like to think that they’re invincible and their funds, limitless. These people would max their installment plan limits, thinking they can just wing it when it’s time for the payment.
This is almost always far from the truth, though! These people would soon realize they’ve bitten far more than what they can chew. By then, it’s too late to get out of the installment plan they availed.
To avoid going down that path, ask yourself first, “How much can I really afford?” Take a good look at your budget and determine just how much strain you can put on it without having it break.
Remember that getting an installment plan is supposed to make your life easier, not a living nightmare.
What do I need it for?
We get it: it’s easy to give in to the urge of buying new, shiny additions to your possessions, especially with the almost unlimited amount of choices presented to you in an online shopping site.
And while nobody here would presume to tell you that you can’t have all the nice things your money can afford, it is still important to take a step back and ask yourself, “What do I need it for?”
Ask yourself if you need the purchase now or if you can push it further down your wishlist to make way for more important things such as bills or family needs.
Focusing on your goals and prioritizing your needs over your wants will ultimately save you from the headaches of making bad financial decisions.
Will I be able to pay for my installment plan easily?
There is an old joke that claims the only motivation Filipinos need to get things done is last minute panic.
It’s funny, but unfortunately, the joke holds some truth – and it extends to paying bills! Who here isn’t guilty of paying their bills on the day it’s due (despite getting reminders and notices days before)?
But we get it, sometimes money doesn’t come by early. Lining up to pay for your repayments can also take considerable time and effort from your end and who wants that, really?
So before getting an installment plan, make sure that flexible payment options are available to you. An ideal installment plan is one that will allow you to pay not just through over-the-counter bank transactions but also through online payment systems.
Have I done enough research?
Yes, it’s tempting to apply to the first company that offers you a 0% installment plan. And anyway, who has time to read all that customer reviews and Terms and Conditions and all that marketing shenanigan. If it’s on social media, it must be safe and legitimate, right?
Wrong. And allow us to tell you here and now that there is nothing more unfortunate than someone who dives into circumstances without fully knowing what he’s getting himself into.
The sad truth is, there are scammers and loan sharks out there who are out for your hard-earned money. These evil-doers prey on people who trust easily and don’t do enough research before making their financial decisions.
So before getting an installment plan, we urge you to read up and do your own research. Know the warning signs of an online scam and read up on how installment plans work. This way, you will know that your money and your sanity is in safe hands.
If after you’ve asked yourself the five questions above you still find yourself wanting to avail an installment plan, BillEase is here to help. We offer flexible payment options you can take advantage of. To learn more about BillEase and our services, watch the video below.