Online shopping installment payments are becoming more popular with buyers. A more significant number of online stores are now offering the installment payments facility to cater to different types of buyers. However, it is vital for buyers to understand every aspect of choosing installment payments for online shopping before getting into it.
How do installment payments work?
When you begin the checkout process at an online shopping store in Singapore or elsewhere, you might notice that there are different options to pay for your purchases. You can do it with cash, a credit card, a debit card, or installment payments. And it is highly likely that you may opt to pay for your goods or services with a certain number of installments. For many customers, the opportunity of online shopping installment payments is very appealing, especially in the case of young shoppers who usually do not own credit cards.
This payment system often comes from a third-party financing firm that makes money by charging retailers a certain percentage of the sales made via its financing options. These financial service providers might also charge interest and late fees from their customers.
The interest rates on online installment payments can range between 0% and 30%, depending on the credit history and the retailer used. Some installments last up to 40 months. You must know that the financing company has to approve you before you can leverage installment payment plans.
Installment payment tips you should never forget
For the best online shopping experience in Singapore, you should keep a few things in mind to manage your finances more efficiently. Even though online shopping installment payments are free of interest, you are still borrowing money and getting to use a product before fully paying for it.
Also, you need to be mindful of your budget. You must consider how monthly or weekly payments will affect your budget and savings. Make sure to read the fine print as well. It is good to have knowledge of the company financing the purchases and other important terms and conditions, such as how long you will have to pay off your debt. Also, try to find out their policy regarding missed or delayed payments and how they handle such situations.
What are the benefits of online installment loans?
There are several reasons more people are becoming interested in shopping online via installment payments; here is a breakdown of some of them.
- Flexible and manageable payments
For the majority of loans, you are expected to make each installment on the due date without fail. Such repayment structure may cause an increased financial strain on the borrower sometimes. One of the reasons people get an online installment loan is because of the smaller and manageable payments. Instead of paying a lump sum, one is able to pay flexibly until the total amount has been covered.
- Higher loan amount
Since installment loans often have longer terms, lenders have the ability to offer larger amounts conveniently. Hefty loan amounts are usually enough to cover unexpected expenses and emergencies for some people. Manageable payments and considerable loan amounts lower the chances of people taking out multiple loans on rainy days.
Another unique benefit of online shopping installment payments is that they are quick. Installment loans are usually deposited into the bank account on the next working day. This quick access to money allows you to handle immediate expenses and pay off the borrowed amount gradually over a period of time.
- Straightforward application process
The process can be pretty frustrating if you intend to apply in person for a traditional bank loan. Moreover, if the loan is needed to handle a financial emergency, being rejected may have dire consequences. As opposed to this, online installment payments have an easy application process, and some take less than 24 hours.
Online shopping made easy with Atome
There’s no denying that making payments in installments for an online shopping haul is exceptionally feasible. Unfortunately, there aren’t a whole lot of brands that let you do it, and when it comes to third-party applications, one cannot be sure which ones to trust. Well, Atome is here to save the day.
Atome is a top-of-the-line buy now, pay later app that has amassed a massive following since its inception in 2019. This can be attributed to the program’s distinguishing features such as the convenience of interest-free smaller payments, user-friendly interface, secure transactions, prompt services, value deals, and most importantly, its partnership with over 10,000 local and international brands.
The brand’s aim has always been to make consumer goods and services accessible to everyone by making the process of paying bills exponentially easy.
When you choose Atome to pay for an online shopping spree, it splits the total bill into three smaller payments that are supposed to be paid at scheduled intervals. Users are charged no interest or additional charges at any point. The best part is that the products are shipped after you have made the first payment.
The fact that Atome is affiliated with numerous brands gives you the liberty to pay in installments for almost every product or service you purchase. Have a look at some of the leading brands that provide you the option to pay with Atome: Samsung, Lovet, Lenskart, JD Sports, OPPO, Nike, Charles & Keith, Dyson, etc. The list is neverending. To simplify things further, partner brands have Atome listed as a payment option on their websites.
That’s not all; new users get a discount voucher worth $10 to use on their first purchase made via Atome. Associated brands also have exclusive promotional deals and discounts for Atome shoppers. It’s a win-win situation for everyone.
In order to get shopping with Atome, all you need to do is download the application (get it here) and create an account on it. The process is free of cost and hardly takes a few minutes. The application is also available on Google Play Store and App Store for download. Also, you will be glad to know that the versatile app can be used for the best online and in-store shopping experience in Singapore. This means even if you aren’t an avid online shopper, you still get to avail yourself of Atome’s perks.
While Atome does everything to ensure customer satisfaction, it is vigilant with the missed-payment policy. Under normal circumstances, the app automatically charges each payment to the linked credit or debit card on the due date. However, if the amount doesn’t go through for whatever reason, your Atome account is frozen until the dues are cleared. You also have to pay an administrative fee to get the account back.
FAQs about online shopping via installment payments
Can I pay for an online shopping spree in installments using a debit card?
The money is directly charged to your bank account when paying through a debit card. So, if you need to make an installment payment online, it can be done via a debit card as long as you have enough cash in your account. However, most online shopping platforms need you to enter your credit card information at checkout as opposed to the debit card.
Does Apple accept online installment payments?
Residents of Singapore have the option to pay for Apple products in interest-free installments; however, they must fulfill specific criteria.
- The order should not be placed online; instead, it should be placed via Telesales, Chat Now, or directly at an Apple Store.
- Only owners of certain credit cards can avail themselves of this offer.
Does Lazada accept Atome?
Fortunately, online shoppers can make use of Atome’s incredible services when purchasing at Lazada. You can pay for your online shopping haul via convenient installment payments.
There is no denying the fact that using the installment payment method for online shopping is a great way to avoid debts and unnecessary loans. Such payments are easy and flexible to handle. Also, with this particular payment option, you are able to place an online order for what you need regardless of your credit score. However, make sure to stay within your spending budget when using installment payments for online shopping. You do not want a negative reputation when you default on payments.