There are a few companies out there that offer guaranteed computer financing for students, some of them, however, have been proven to be illegitimate. Still, if you are in desperate need and have bad credit, you may be able to a PC loan from one of the many lenders out there. There are some places you can trust and some you should avoid at all costs. In fact, one company, Blue Hippo PC is now defunct. It's been said they weren't sending their customers the PC's they were promised, but still sending them a bill for the PC loan. If you need guaranteed computer financing for students, you will need to keep your eyes wide open, so you don't fall prey to any scam artists.
About Blue Hippo PC:
This is perhaps the most famous, or should I say infamous, guaranteed computer financing for students lender out there. For just a $99 down payment, you could receive a new laptop or desktop, from a reputable manufacturer like Dell, HP, or others. They advertised no credit checks and no denials. There were some major flaws with Blue Hippo PC, which led to bankruptcy with this lender offering guaranteed computer financing for students. This company, along with many others wanted to help you build credit and get a laptop.
It seems that the company actually only sent out one PC after collecting almost $15,000,000 from consumers making their payments on time. In fact, the FTC states that the one unit sent out was "probably an accident." Those looking for guaranteed computer financing for students will need to be made aware of horror stories like this one. While this company may have been quite the scam, there are some companies out there that are legit lenders and really can offer guaranteed computer financing for students. Some offer no credit checks, some do not. If you are really struggling financially, you may be able to apply for a free laptop for students.
Before you buy:
If you are looking at guaranteed computer financing for students, you will need to be ever diligent of the potential for other companies to follow the example set by Blue Hippo PC. Yes, the company did file bankruptcy, but what does this mean to those waiting for their new desktop to come in? It most likely means they will not be receiving anything. The no credit check lender scammed them, and they are out of their money. Before you buy from any company offering guaranteed computer financing for students, single moms, or anyone else, be sure you do your homework. There are some ways to build credit when you buy a laptop. Here are some things to do.
Check reviews: The online blogging community is quick to write negative blogs about any potential scam. Before you take a loan from any company claiming guaranteed computer financing for students, be sure to check the reviews and blogs online. Keep in mind that even the most legit, well run businesses will have some negative blogs. You are really looking for patterns and common themes when you check out guaranteed computer financing for students lenders. To keep the prices down, you may want to consider cheap Dell scratch and dent laptops for sale under 200 dollars.
Better Business Bureau: This is just one more place to check out before you take a loan from any company offering guaranteed computer financing for students. Just like the blogging world, you will need to sift through some complaints which may or may not be legit. Look for patterns with guaranteed computer financing for students lenders.
Major online newspapers: Consider checking out major online newspapers and search the company by name before you buy from any company offering guaranteed computer financing for students. You may find some blurbs about lawsuits and major complaints. This is actually how the ball generally gets rolling with some of the companies that are scamming their consumers. Any company using slogans like "no credit checks" or "no denials" should be monitored closely. Of course, many will be legit companies offering guaranteed computer financing for students.
Yahoo Answers: Sites like Yahoo Answers are actually a great place to get information on all sorts of things, including lenders that promise guaranteed computer financing for students. Search through the questions and answers that have already been posted and see what you can come up with. Look for relevant links, firsthand info, and personal experience before you jump to conclusions. Many people are quick to attempt to help, but just take educated guesses. When you are looking for information on guaranteed computer financing for students, you don't want to make assumptions based on guesses.
Initial cost: Many companies claiming to offer guaranteed computer financing for students charge outrageous prices. In fact, Blue Hippo PC was charging some customers two or three times more money for their new PC's than the consumer would expect to pay at most stores. No credit check pc lenders often use this tactic, although not generally to this extreme.
Payment total: Is this really a rent to own deal PC deal, or is it something else? What exactly is the guaranteed computer financing for students lender offering? Rent to own PC's are not always a bad thing, nor or the no credit check pc lenders. However, you should really try to figure out the interest rate you will pay, along with the total amount of payments. You will be surprised to see just how many desktops or laptops you could have purchased before you are done paying for the one you buy. You may end up paying for the unit three times over before it's all said and done. This is common with most companies offering guaranteed computer financing for students.
Alternatives: You can use a rent to own PC center to get similar results, although you will still pay for the laptop several times over, in most cases. The main benefit is the ability to work with a person one on one, in person. If you have issues, you can deal with them face to face. You won't have this option if you work with a guaranteed computer financing for students lender online. You can also consider more traditional high risk loans as an alternative to guaranteed computer financing for students.
Credit cards are viable alternative, but they aren't the best option in many ways. You'll pay for your laptop dearly and risk ruining your credit score, but in many cases, the interest rate is actually much less. Few no credit check lenders actually charge less interest than even the high rate credit cards.
Have you considered refurbished or scratch and dent laptops? Many companies, like Dell, sell laptops under $200.
In addition, you may be able to qualify for free laptops and desktops through programs for low income families.
Think about this:
Before you sign on the dotted line with a company offering guaranteed computer financing for students, take a look at used laptops online in your local area. You may even be able to work out a swap with a local person. You will save a lot of money. Also, check out the inexpensive models at Wal-Mart or other retailers. You may be able to pick up a new unit for a fraction of the price. It may be better than going with a company that offers guaranteed computer financing for students.