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Shopto offering credit
TheVoid
Posts: 3,086
Forum Member
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I think this is a good idea! In fact, I may do this for the PS4.
Interest free for 36 months, and you can choose your deposit and time length - i.e. £100 deposit, and then £21 over 12 months or £41 over 6 months. Use the calculator on the site to work out a plan.
Sound good?
Interest free for 36 months, and you can choose your deposit and time length - i.e. £100 deposit, and then £21 over 12 months or £41 over 6 months. Use the calculator on the site to work out a plan.
Sound good?
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Usual finance rules apply of course, no students (which is a bit unfair since some are decent incomes) and a minimum 16hr employment.
Imagine not everyone will get offered interest free
The interest isn't too bad anyway. If you pay upfront the max amount you can (£95) and chose the 12 month option for the PS4, the interest only amounts to like £30, which is pretty reasonable and you only pay £20 odd a month. I won't be doing it, but it's a good option - even for people who can afford it but don't want to pay so much at once.
Why wouldn't you be eligible for interest free?
I think I'll do this - £95 deposit (use money I'll get at xmas to pay this off) and then £21 a month for 12 months.
Hmmm, it's technically a loan though... not something I'm keen on.
Interest free is subject to status, just like the loan itself.
Things like poor or no credit history and low income determine your eligibility.
I click buy it now & it adds to preorders & the only option it gives is pay with card or cancel preorder.
I cancelled it and added a PS3 & 3DSXL to my basket. I clicked my basket & it allows you to apply for finance.
I also went as far as adding a XboxOne80 to my cart & it wouldn't give a finance option, so it looks like you can only get finance on items that are in stock (for now)
I've already paid for my PS4 but if there was a zero interest option, I'd have gone for that & used the money for a weekend away
It's because it's not yet in stock mate. Once it is (a day before release) then it should allow you to pay monthly. That's what I'm going to do.
That's right. I got a reply from shopto this morning saying finance is not available on pre-orders yet, it is something they are looking into.
As long as you still pay somehow but not sure how much of a pain that would turn out to be.
Well the pre-order won't go through unless you pay for it obviously but I would have thought you'd be given an option before they cancelled it if you didn't get finance.
Depends how good your credit is, you'll need extremely good credit to get interest free over 36 months, not so good credit you'll get interest free over say 6-12 months, if you've got rubbish credit then you'll need to pay interest on it.
It says subject to status
No doubt.
But it doesn't say if you've a good rating you'll get this %, if you're not too bad you'll get this % and if you're a shady character you'll have to make do with this %.
It says you get to select the option suitable for you and use the calculator to find one.
The loan amount is so low, that really it's pretty much a non-issue (Pay the max deposit - £95 and pay over 12 months, the interest is only around £30).
Credit is evil