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

Must Read

Elon Musk Added Over $100 Billion To His Net Worth In Just 1 Year, Leaves Jeff Bezos Behind

Jeff Bezos may the world's richest person in the world but it's Elon Musk who has been...

iPhone 12 Plagued With Serious Problems: Should You Buy It, Still?

A serious problem with Apple iPhone 12, identified recently, is good enough to give a second thought...

Elon Musk Overtakes Bill Gates And Becomes the 2nd Richest Person in the World

It's been a good week for Elon Musk and his electrical vehicle business Tesla. Earlier this week,...

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’:

Advertisements
  • 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Backed By First-Time Shoppers, Flipkart And Amazon Dominated Festive Online Sales in India

It seems like Flipkart and Amazon squeezed the most out of the month-long festive season in India...

Amazon Gets Slapped With Penalty As GOI Prepares To Tighten The Noose On Ecommerce Players!

In a recent move, the Indian Government slapped Amazon on its wrist for not mentioning the country of origin detail for products...

Facebook’s Past Comes Back To Bite As South Korea Fines Them For 2018 Scandal

The social media behemoth Facebook Inc. (NASDAQ:FB) has once again proved they are the true arch-nemesis of modern-day user-privacy!

Amazon Future Group Dispute Deepens As Singapore Court Turns Down Future Group Plea

The dispute between Amazon and Future Retail is, apparently, far from over anything soon as the Singapore International Arbitration Centre (SIAC) has...

Google Pay Fee On Instant Transfer: An Indication Of Google’s Aggressive Monetisation Strategy?

Google has decided to levy fee on instant payment, starting from the US market. A few days back, Google...

Twitter Account Verification Is Back, But Has it Lost Its Mojo?

Twitterati queue up! As the Twitter account verification process which is responsible for awarding blue badges prepares to...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This