Different ways to finance your mobile phone

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In today’s digital age, mobile phones have become a necessity. We need them to communicate, send emails, go online and browse Internet web sites. It’s also convenient to carry around on the go, making it a must have for professionals, students, parents and practically anyone.

There are plenty of mobile phones available in the market. Each year, manufacturers produce new models with new features. If you were like most people, you’d want to get your hands on these new models. Unfortunately, not all of us can afford to buy a new phone especially a high-end one upfront. This is where financing options make a lot of sense. If you’re looking to go this route, here are different ways to finance your phone purchase:

Apply for a phone contract

One way to subsidize your phone’s cost is to apply for a phone contract plan. Major carriers in the UK offer this option if you are of legal age, a UK resident with good credit and you can provide proof of income.  With a phone contract, you’ll get exactly the phone that you want in addition to a bundle plan for your call, text and data services. In exchange, you agree to pay a monthly fee for the next 24 or 36 months covering the phone and your phone services’ cost. Rather than pay the phone’s cost in full, you can do it on a monthly basis instead.

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Avail a mobile phone financing plan

If you applied for a phone contract and you’ve been rejected because of bad credit, this is where mobile phone financing may be a better option. With this type of financing plan, you don’t get subsidies for the cost of your phone. Instead, you have to pay for your smartphone’s full price through a financing plan, which in turn you’ll have to pay back with monthly installments.

With this plan, you don’t necessarily have to have good credit. If you’re employed, you can almost always get approved for a financing plan and once you reach a certain payment threshold in your plan, you can upgrade to a different one so you can also upgrade your phone. Terms and conditions will vary from plan to plan. But in any case, this is a great way to finance your phone purchase especially if you have a poor credit score.

Get a personal loan

If mobile phone financing isn’t working out for you, another option to consider is to get a personal loan. If you’re eligible for a personal loan, you can easily get approved within a day. And because most personal loans wouldn’t ask you the reason for the loan, you can use the money any way you want like buying a new phone. Some examples of personal loans include peer-to-peer loans, logbook loans, guarantor loans and payday loans among other loan options. When getting a personal loan, just make sure you can afford the monthly repayments to avoid any financial complications along the way.

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Is mobile phone financing for you?

Some experts will tell you that mobile financing isn’t wise. Why borrow money to buy a high-end mobile phone when you can buy a cheaper handset instead? To a point, they are correct. You don’t really need a high-end handset for everyday communication. If you’re going to mostly make calls and send text messages with your phone, a cheap one is the way to go. But if you’re going to do a lot more like sending emails, browsing the Internet and more, this is when mobile financing can help you get the phone that you want.