Why do people prefer buying with a payment installment plan?

by Starry   ·  8 months ago   ·  

People across the globe take advantage of payment installment plans to purchase their favorite brands if they are short of money at the moment. Everything is available at easy payment installment plans, from a phone installment plan to the car camera installation plan. 

The popularity of a fixed installment plan is becoming popular. In comparison to traditional loan methods, today, people and small businesses take these plans to make great purchases. iPhone installment plan Singapore without credit card is famous all across Singapore. 

What is a payment installment plan?

With a payment installment plan, the customer should return the payment to the credit card issuing company instead of paying the merchant. The payment installment plans are designed to divide the amount for the purchase made to be paid overtime. Even if the merchant winds up the business, the customer will still make payments to the credit lending company.  

Duration for an installment plan

With the installment plans, a customer pays for the made purchases fixed, over a set period. Some companies limit their clients to one payment term – for instance, four payments over four weeks with a fixed amount or a set interest rate. Some companies allow the clients to choose the term that is most suitable to them. Did you know that these payment installment plans allow buyers to select among three various repayment tenures that are specially designed to offer options to people coming from every kind of income level? 

Common examples of an installment plan

Some common examples of payment installment plans are student loans, home equity loans, or phone installment plans. When a customer opens an installment account, he borrows some money from the issuer. The client then gives back money with allocated installment plans. 

How does a payment installment plan work?

When a person takes a loan on installment, he receives the requested amount or the item they have purchased. With a certain amount of decided interest rates, the person then gives back the amount of regularly scheduled payments that are called installments. A person has to pay the same amount on each installment for the decided number of weeks, months, or years. 

Today, people prefer to buy online rather than going to the shopping malls and wasting time plus money. Savvy customers have the option of paying online in two ways. Buying expensive items through payment installment plans is a great option for those with a limited budget. 

The payment installment plans were introduced in parallel to the credit cards, and the basic purpose is to provide convenience to the customers to purchase things today and pay later. Most installment companies only charge a fixed fee instead of charging interest, while some charge an interest rate on the overall amount while receiving back the money. You can choose according to your payment schedule and spending habits. 

Did you know that many installment payment businesses are specially structured to provide the installments to even customers who have a bad credit score? These businesses normally do not conduct a credit check to approve a payment installment plan.

There are plenty of platforms for online buyers that provide the payment model of buy now and pay later through easy payment installment plans. Each of these platforms offers its kind of options for repayment, interest rates, fees, and payment schedule.

Among them, Atome is one of the widely acknowledged platforms by savvy customers. People say it is the most reliable platform for buying their favorite brands today and paying back with easy installment plans. 

Atome installment plan

Installment payment types

There are miscellaneous installment payment plans to choose from. This includes bank cards, credit cards, and third-party payment apps. They each carry their pros and cons. The factors in question include interest rate (if any), ease of payment, eligibility for availing of such offers (credit cards are not issued without an employment status), and perhaps the most feared and perilous of all, fraud, misuse, and lack of security.

Bank cards include credit cards, debit cards, and ATM cards and are only issued to individuals having an account in the said bank. Each bank offers its own distinct offers on its cards for its users, and different cards within the same bank provide different discounts and offers; for example, there’s a simple debit card, then there’s a silver card, then a gold card, and the highest in the hierarchy is usually the platinum card.

On the contrary, A third-party payment app is a provider that allows a business to accept payments without opening its own merchant account, a bank account needed for holding money earned from card payments.

Tips for an installment payment plan

First of all, always keep this in the back of your mind that you’re borrowing money that needs to be paid back. So, it is imperative that you stick to your budget. Even though installments are there to take the burden off a hefty shopping away, multiple purchases mean more debt. So, do make sure to bear your necessary expenses in your mind before you proceed to make delinquent or unnecessary purchases.

Read the terms and conditions very carefully. You are, after all, signing in a pact/agreement, so don’t bat a blind eye while you click the ‘agree’ on the terms and conditions. If you fail to oblige, in the worst-case scenario, it could mean a lawsuit, and we don’t want that, do we?

Do make sure to verify that the financing company is safe and renowned. All monetary agreements and transactions should be carried out extremely carefully since little negligence goes a long and painful way.

Keep your credit score in mind while making purchases. Unpaid debt can be sent to collection agencies, and a delinquent period of 90 days can be reported to the credit bureau.

Using Atome for installment payment in Singapore

When someone says Installment plan Singapore, the first thing that instinctively comes to mind is, of course, Atome. While making the purchase, at the checkout, keep a lookout for Atome as a payment option. Similarly, if you’re at one of the partnered offline stores, scan the QR code at the cashier. If you don’t have an Atome account, sign up today, completely free!

Next, proceed to make the payment. An initial amount will be deducted, and the rest of the bill will be divided into three easier installments which will be paid over the course of 3 months.

Check the status of your payments and payment schedule under ‘Bills’ in the Atome app. You will be notified when your payment has been completed.

What’s best about Atome is that it is a completely interest-free payment option. So, while it conveniences you by taking the burden off the lump-sum payment, it doesn’t charge you for it in the form of interest. And the added fact that Atome is a very reputable app keeps your concerns about scams and fraudulence at bay.

The name Atome speaks for itself; partnered with more than 6000 merchants online and offline, Sephora, ZALORA, Shein (for SHEIN reviews Singapore), Qoo10, and Secretlab being a few of them, Atome is needless of an introduction, and these key partnerships vouch for this fact.

Atome installment plan

Frequently Asked Questions

  1. What is the difference between installment and payment?

A payment means depositing money for a service or commodity right at the checkout. At the same time, an installment is an agreement in which money is paid in smaller portions over a span of time. An installment can be with an added interest rate or completely interest-free.

  • How does an installment payment plan work?

Different services have different installment payment plans—some more complicated than others. Usually, when something expensive is being purchased, the hefty amount can be a burden on the customer. So, most installment plans offer to break this lump sum expense into smaller, less cumbersome payments. They could levy interest on the payments, charging for the service of providing you with this convenience.

  • Is there any good iPhone installment plan without a credit card?

Yes. iPhones and other Apple products can be shopped online using the iStudio installment plan with the Atome app. iStudio is the largest reseller of Apple products which aims to make owning an iPhone (or any other Apple product for that matter) a reality. It’s simple, choose any Apple product, and using iStudio’s installment plan at Atome, pay with three months of interest-free installments!

What is Atome? How does it work? 

Atome is a digital platform that comes with easy payment installment plans. It gives you the opportunity of buying your favorite brand today and pay later. You can repay the total amount with an installment plan that splits your purchases across 3 payments. So even if a customer is short on budget, they can shop with Atome.  

The app allows shoppers to split their purchases over three interest-free monthly payments by scanning a partner retailer’s in-store QR code or upon website checkout. By splitting their payments, Atome users will be able to better manage their budget while making higher-quality products more affordable.

Scan QR code to download Atome app
Scan QR code to download Atome app

Our verdict

For savvy customers who have a limited budget, the good news is that there are plenty of digital platforms that let them purchase their desired items at a set payment installment plan. Atome is one of them that comes with no interests and other hidden charges.

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