There is a lot of information about POS loans on Internet sites, but not all citizens understand what they mean in reality. Adding “POS” due to ignorance of the transfer simply instills fear in potential bank borrowers. The real concept of POS lending is to issue loans to customers to buy goods immediately in stores and this is a fairly common service.
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Why are such loans so common?
The modern development of production, aimed at creating home comfort or facilitating the life of Americans, is on the stage where, perhaps, there is no longer a family where they use a manual meat grinder or whisk meringues with a whisk, and also wash things on a special board – they were replaced by automatic combines , washing machines and other “miracles” of technology. There are no longer people who use tube televisions, since now there are televisions with a remote control. when you get that bank transfer your money to your bank using us bank routing number But this is not all, the creators of technology do not stand still, and the market is filled with more and more universal, convenient devices.
Citizens are so accustomed to resorting to automatic devices in their lives that now, starting an independent life away from their parents’ houses, the first thing they do is acquire furniture and household appliances. But, as you know, neither young people, nor pensioners who want to create coziness or comfort, can not immediately buy the necessary devices for available funds, so they resort to borrowing services.
Is it possible to purchase goods on credit at 0%?
Currently, many shops are full of advertising on installments and free loans. Can these ads be trusted? I would not want to upset readers, but you have to pay for everything in this life, including on a loan. You can argue that “Purchased, we know – for free.” But this “free” was, first of all, paid due to the high cost of goods in installments , or you could pay for the borrowing service by listing the commissions that were formed at the expense of interest rates or interest on the loan . There are other ways to hide loan rates for goods in equipment stores: interest may be hidden in the price of insurance. In other words, to a client buying equipment on credit, you need to be aware that he will overpay for the goods, and may not even understand how he will do this, but that he will pay more is 100%. A POS loan can be issued by anyone who holds a document confirming his identity and American citizenship, is over 18 years old and has provided a salary paper.
Advantages of such a loan
The plus of the borrowing service as such is the purchase of the necessary goods instantly, and there is no difference between loans for equipment. In addition, the client, buying goods on credit, protects himself from the possible overpayment for the thing due to inflationary operations. And finally, the last – the acquisition of this type does not burden much financially, because loan installments are divided into a specific number and amount, which is affected by the lending period.
Goods on credit – cons
Intemperance of buyers is what usually serves the investors. When a person turned to a shopping center, he saw the thing he liked, and at the moment the loan manager unexpectedly approaches him and offers to buy the goods, and the employee draws a lack of money for a minor misunderstanding, which is easy to resolve by contacting the loan. Usually unrestrained buyers agree and subscribe to a loan for such a coveted product. Once at home, they see: the purchased object in the nearest store was cheaper, or the person didn’t like it at all, or at the same price you could buy something better (but you still didn’t transfer these funds), or even that the loan turned out to be at this point does not fit into the client’s budget.Naturally, the seller will take the goods back, but only if it reveals a defect or defect that arose in the conditions of delivery or creation. So it turns out that an unexpected decision can lead to disappointment with a POS loan in general.
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