Watch Your Back Before You Fall For New Gadget ‘On Loan’ !

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There was a time when we used to look for loans only to satisfy ‘need-to-have’ objects in life. With the transformation of life-style and lively preferences, people have started turning out towards loans for almost anything and everything now. As people are becoming more mobile, dependencies over gadgets and mobile devices are also mounting up. As a result, people are more liberal towards funding new technology purchase with a loan – especially personal loans.

As the holiday season is at the next corner, market is flooded with various offers and funding sources. Gadgets are tagged with most lucrative discounts along with tons of loans options to make it easier to own. People powered by credit cards are the most targeted ones as they enjoy the loan facility over gadgets anytime and anywhere instantly. And, this has enabled e-shoppers to multiple their buying power – only by riding high on loan facilities. The recent Cyber Monday sales – highest in history – and Black Friday sales figures are great examples of this, largely powered by such apparent loan facilities. In America half of Gadget shoppers avail some kind of loans always.

However, the whole experience is not as jubilant especially when one avails for gadget loan, tagged along ‘interest free’. Such personal loans for gadget may look quite tempting and resemble like a cake-walk but there could be many hidden facts users would never want to welcome. Here is the list of few such aspects which has being ignored by many ‘loan-buyers’:

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  • Check out the administrative charges on your desired Gadget. This could shoot up your loan amount if you wish to choose for longer duration of repayment, especially on expensive gadgets.
  • Processing fees should not be more than 1% in any case for any gadget. In most of the cases, existing customers loan facility becomes very handy. However, whatever you paid first time as processing fees, it becomes a norm despite of relaxed season.
  • Many times financial institutes offers ‘interest-free’ loan on gadget, but with few months installment up-fronts – Check this out – you are being the victim of unethical marketing practice here. You have all the rights to stand against such promotion and demand for TRUE INTEREST FREE loan.
  • Check out the bundled accessories and gifts with the gadgets coming on ‘interest free’ loan. In few cases you would be surprised to learn that along with the dismissal of interest, few accessories or free gifts are also diluted, only to make the gadget loan available with ‘hidden interest’ charges.
  • In case of defective piece that you would want to surrender against the refund, check out the liabilities of financial institutions and product company. You could easily get trapped between two cats in such scenario and would run for long, from pillar to post.

Hope the above would help you to crack the better deal on your next gadget – if ever you will plan to grab that on ‘interest free’ loan. If you have any more suggestions or tips for takeaways, don’t hesitate to make use of comment section. We would surely add the best ones in main content area.

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