On one hand, purchasing a new TV or another device may not be on the top of your list especially when your credit history isn’t perfect.
Your top priority should be to find the best way to improve your rating and rebuild it. On the other hand, buying a new TV will help you decompress and unwind after a long day at work. Also, it can be a useful option to boost your credit score if you take out a small loan and repay it on time.
As for TV financing with bad credit, there are several options. You may either obtain small personal loans, use a credit card, or ask for a retailer financing plan. Keep on reading to select the most favorable solution.
Using a Credit Card for TV Financing
Almost every consumer owns at least one credit card. If you want to fund a big-ticket purchase and buy a new TV, you can use it to withdraw cash at the nearest ATM. This is one of the fastest solutions when it comes to borrowing additional funds.
It allows consumers to reach extra financial assistance at any time of the day. Another benefit of financing a TV with bad credit using a credit card is the absence of paperwork. There is no need to travel to the retailer shops or request personal loans as you can just obtain quick funds with your card and finance a new purchase.
The drawback of this borrowing solution is the credit limit you may face. Borrowers with a low credit rating will most likely be offered a low credit limit of up to $500. This may restrict your purchasing abilities and allow you to buy a not very expensive TV. Moreover, credit cards come with higher fees and interest rates if you are a low credit holder. So, you may be asked to pay about 36% in interest or take some time to repair your credit rating first.
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Personal Loan Financing for TV with Bad Credit
Another alternative is to take out a small personal loan when you want to finance any big-picture expense. Borrowers with good or poor ratings may qualify for this lending decision depending on their needs. There are several places where you can request this monetary aid:
- Traditional Banks. You can travel to the local bank branch and request a small personal loan of $500 or more. The sum depends on your needs and the type of the TV you are willing to purchase. Be ready for some paperwork and hassle as conventional banks require consumers to fill in numerous papers and gather all the documents necessary to process the transaction. Also, you may be rejected in the end if your credit history is too short.
- Alternative Creditors. Online lenders and special loan-connecting networks offer quick and reliable solutions when it comes to computer financing or financing for TV with bad credit. Such companies should be credible and authorized to provide lending services in a particular state. Remember that some organizations and service providers ask for an origination fee or prepayment charges. So, the loan can turn out to be more expensive than other solutions but everything depends on your credit history. If you want to reach prompt assistance, this can be one of the most suitable solutions.
- Credit Unions. This financial institution is suitable for consumers who are members of a particular credit union. So, in order to qualify for their financial aid, you will need to join their membership first. If this is not the best solution for you and you want to save your time, you may apply to one of the mentioned options.
Retailer Financing Option
Another way of TV financing with bad credit cheap monthly payments is to get funded directly from the retailer. This can be a rather popular method as well although some retailer financing programs may be with limited options to low credit holders.
There is an opportunity to accept a rent-to-own type of funding, or purchase a new TV with the retailer’s credit card. For instance, FlexShopper offers monetary assistance for up to $2,000 with weekly payments for the period of several months or up to one year.
Whatever solution you choose, make sure the creditor doesn’t conduct a hard credit inquiry as it may be harmful to your credit history. Your aim is to receive quick financing and pay for the new device instead of damaging your rating. Once to obtain a small loan you will be able to repair your credit by making regular on-time payments.
Take advantage of crediting options and choose the one that works best for you. Purchase a new TV and get a chance to unwind at home after a long working day. Receive the funds now!