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Surviving in this fast-paced, digital world without a laptop can leave you two steps behind the rest. Whether you use it for work or for organising your life, having a computer is almost a necessity. The trouble is, they don’t come cheap, especially if you want a good one. Thankfully, you have a number of options when it comes to funding a new laptop or computer.
To help you afford a new computer, there are several different options for you to consider:
A personal loan is when you borrow money from a specialist lender, and pay it back in monthly instalments over an agreed period of time. With a personal loan, you receive the money upfront, and therefore can pay for your new computer or laptop in full, and pay back your loan monthly.
Lenders will generally charge higher rates on smaller unsecured loans than they would if you were borrowing a larger amount. If you’re getting a loan to buy a laptop, you’re unlikely to need to borrow more than £2,000, which can make it an expensive form of borrowing, especially if you could be eligible for an interest payment or finance plan.
With a credit card, you can purchase your new laptop and pay it off over an extended period of time in instalments. You might want to consider a 0% purchase card, which gives you a 0% interest period in which you can pay off your laptop without being charged interest. This interest-free period can be anywhere from 6 to 30 months, depending on the provider.
If you have a bad credit rating, or no credit history at all, look at the option of a credit builder credit card as they are designed for such customers. The terms are less favourable, but you’ll have all the same benefits as a credit card.
Many shops offer in-store finance to help customers afford expensive products. With in-store finance, you can spread the cost of your new laptop over a period of time to suit you, with many companies offering a 0% interest period.
On expensive items like laptops, you may be able to get around 12 months of interest free credit, which gives you a year to pay off the laptop without incurring any additional costs. However, other retailers will charge interest that’s in line with an unsecured personal loan.
You could also use a buy now, pay later (BNPL) service to help finance your laptop purchase, which lets you split the cost of the laptop into a number of smaller interest-free instalments. Like in-store finance however, BNPL providers may charge you interest or other fees if you fail to pay off your instalments in full and on time.
This will depend on thew type of laptop loan you apply for, but like with any regular loan, you’ll generally need to meet the following criteria to be eligible for a personal loan or credit card:
Some lenders will also have other criteria, like minimum income requirements, that you will need to meet to be eligible for a loan.
You can still be eligible for a loan even if you have bad credit, though you may find your options are more limited compared to someone with good credit. You can generally get a personal loan for any worthwhile purpose, and this would include the purchase of a laptop.
Ultimately, lenders want to make sure that you’re likely to repay your loan. If you have poor credit, this may mean you’ll only be approved for a smaller loan amount, or may only have a certain time in which to repay the loan.
Yes, you can use your student loan to cover the cost of a laptop. While you are generally free to spend your loan on whatever you like, a laptop will usually be a suitable use of your funds, especially if it can assist you in your studies.
Some universities may also offer a laptop loan program, where students can borrow laptops directly from the university library for a certain period of time.
If you have decided that a provider’s loan is right for you, simply fill in the application form for the loan via its website. You will need proof of the following:
Don’t let a broken or slow computer get you down! Whether you use your computer for work or just for social use, there are several options to help you to afford a new one – a personal loan being one option to consider.
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