Looking for a bad credit catalogue? There are quite a few catalogues that offer finance to people with a low credit score but it’s important to understand why you have bad credit as well as learning how to change this rather than just ignore it. Remember that credit is only offered to those customers which pass the credit and affordability checks. There is never a guarantee of getting accepted.
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What is a Credit Rating
On account of large scale lending and borrowing today, having money before spending it is no more a valid concept; the assurance of having it by some future date is enough. Credit is what a lot of economies are thriving on today.
In such a scenario, having a bad credit rating could be financially fatal. A lot of factors are taken into account while determining the creditability of an individual; the kind of debts, the frequency of borrowing, the history of payment of loans and so on. Your creditability is ranked on a scale of 300 to 850, and anything below 675 is unhealthy. This kind of situation often prevents you from being able to buy what you want, or even what you need, on credit.
Online Stores who offer Finance
Many online retailers have, therefore, designed catalogues offering special financial incentives to their customers, mostly those holding personal accounts with the retailer which are free and easy to open. They offer buy now pay later schemes, where no payment is expected of the customer for up to 3 months after purchase, after which the customer may either choose to pay off the balance in a lump-sum or in bits spread out over a span of time. The no-payment window differs from retailer to retailer. Gimmitech, the online retailer in electronic gadgets and devices offers a 3-month long no-payment period for all its products.
Most online retailers such as Simply Be and Marisota offer monthly and weekly payment schemes, where after a 14 month trial period in which goods can be returned, a notice stating the minimum amount to be paid at the end of 28 days from the point of purchase is sent to the customer, and no interest is charged for the first 28 days. The minimum amount is typically 1/12th of the cost of purchased goods, but not below £5. After the first month a variable representative APR of 39.9% is charged. The retailers may even reduce the minimum amount charged in case the customer has been extremely punctual and frequent with the payment.