You’ve toured the local shops and – more likely – perused the retail websites, and you’ve found the perfect item you want to buy. Trouble is, it’s quite a lot to fork out in one hit, and payday is a week or two away. So do you walk away? Or do you wait until payday and hope that it’s still in stock? If you shop with DivideBuy, you don’t need to do either. You simply buy the item through the website and split the cost over several affordable monthly repayments, using DivideBuy’s interest-free credit option.
What is interest-free credit and how does it work?
So, what is interest free credit is and how does it work? Well, let’s say that you’ve set your heart on an item costing £600. With DivideBuy’s interest free credit option, rather than splashing out £600 in one go, you split the cost over a number of smaller monthly repayments to suit your budget. So, if the item is £600, you may choose to pay £60 per month for 10 months.
An important point to remember is that the price of the item is the exact price you pay, no matter how many repayments you choose to make. There is no interest on top (hence the term “interest free credit”) and DivideBuy don’t impose any hidden charges. If the item cost £600, then that’s what you pay.
What are the benefits of interest free credit?
The big difference between interest free credit and a loan, credit card or a standard retailer payment plan is in that key word: “interest”. Loans, credit cards and standard retailer payment plans will usually charge interest (typically an annual percentage rate – or APR – of between 10% to 28%) on top of the purchase price, which means you end up paying more for the same item.
So for that same item that costs £600, as well as 10 payments of £60, you’d need to pay interest, too. For example, an APR of 25% would mean you end up repaying £663 – £63 more than you would with DivideBuy’s interest free credit option.
The sensible option for savvy shoppers
Sounds good to be true? Well it really isn’t! We operate with complete transparency at every step. DivideBuy gives you the option of making repayments over a set number of months to suit your budget. We’ll outline the repayment schedule in plain, clear language right at the outset so you can see how much you need to repay every month. It only takes about 60 seconds to make an application for interest free credit through DivideBuy and we give you an immediate response. Best of all, thanks to the thorough checks we do, and the fact we consider your circumstances and ability to repay, we approve around 96% of all applications we receive.
There are an ever-increasing number of partner retailers where you can take advantage of DivideBuy’s interest free credit option, including the Simba Sleep, Fun Bikes, and Oak Furniture Superstore, with more being added all the time.
So next time you’re looking to buy something online, see if you can spread the cost with DivideBuy’s interest free credit – the smarter way to shop.