Buy Now Pay Later With No Credit Check
Online shopping credit accounts or buy now pay later websites is a great way to get your shopping done for the holidays, or to get what you need for yourself and your family. Often these online shopping credit accounts have little or now credit requirements so that you that your credit approval is often instant or greatly relaxed. Someone who may have bad credit, someone who may have no credit or even simply someone who may not want to have to submit to a credit check regardless even though they may have good credit, may find these online shopping credit accounts or who most people call "buy now pay later" or deferred billing merchants offer great products at competitive pricing.
History of Buy Now Pay Later Catalog And Websites
To understand the history of "buy now pay later" websites and catalogs you should really understand the history of credit in America. Before World War II, consumers worked directly with merchants. If they needed credit, the merchant would be the ones to hold the credit for the customer. There were also very small consumer reporting agencies that reported only consumers who did not pay the merchants who held their credit. So business was between merchant and customer only, the banks were not involved. After World War II however, these small credit reporting agencies came together to form a national network. When the economy began to get better, the banks then entered the credit lending arena, which they began to dominate with services that allowed consumers to shop while they are mobile. These banks, financial institutions and national credit reporting agencies grew into what you see today. So if you are wondering why you have to pay a higher interest because you have bad credit, it's because the banks and lending institutions now have to make money, and if you have bad credit, you there is higher risk.
However, before the bank intervention after World War II, merchants held the credit for consumers, much like you see now with the buy now pay later website or online shopping credit accounts.
How Can They Afford Not To Check Your Credit?
Well, some do and some don't. However, it all depends on you and your payment history. You are extended a little bit of credit at a time. As you prove yourself to be a trustworthy customer who pays on time and in full, your pre-approved credit amounts usually increases. However, if you fail to pay, your relationship with this online merchant is destroyed and most likely the unpaid debt will be reported on your credit report. So they may start you out with $200 or $250 credit to buy something. It's not like you get thousands of dollars in credit. As you pay your debt and order more things and pay on time, your pre-approved amount naturally increases. You will also get pre-approved credit offers from other buy now pay later online merchants and catalogs.
What Kind Of Things Can I Buy On Credit And Pay Later
If you can imagine it, then you can buy it from a deferred billing merchant online or from a catalog. Things you can buy from these catalogs or online include:
- Coat (Leather or Fur or other types of materials)
- Baby supplies
- Housewares and home appliances
- Toys and Games
- Gardening supplies
- Videos and movies
- Computers and laptops
- Collectors items
- Home decor (bedroom, kitchen, bathroom etc)
- Makeup and beauty items
- Novelty items
- Clothing and personal items
- Mens items
- Pet items
- Cell phones and telephones
- Motorcycle items
- Car items
- Weather related items
- Sports items and sporting goods
- Luggage and travel related items
- Tools and home improvement items
- Women's items
- Children's items
- Seasonal items
- And much much more!
What If I don't Pay For An Item When Using The Buy Now Pay later Online Shopping Account?
As stated above, if you don't pay, then your relationship with that merchant is placed in jeopardy. They usually give you ample opportunity to clear your debt and they don't extend you too much credit all at once so you don't spend above your means. If you continually go without paying, your relationship with them will be severed and you unpaid debt will most likely be reported to the credit bureau. The method of getting merchandise on credit may be much more relaxed, but the end result is practically the same. So if you don't have the means to buy, then don't buy.
What Is The Interest Rate Like On Buy Now Pay Later No Credit Check Purchases
Remember above that the more risk taken, the higher the interest rate. Well, with these merchants the interest rate can get high. Interest rates vary with the different merchants but they can be anywhere from 17 percent to 25 percent interest. You should be very careful of buy now pay later catalogs and online merchants with VERY high interest rates.
Can I Use Buy Now Pay Later Catalogs And Websites To Build My Credit?
Yes! You can do so. They will report good payments to the credit bureau. If you get your credit report and find that they are not reporting, then send them a letter requesting them to report your good payment history to the credit reporting agencies. For people with bad credit or no credit, this is an easy way to build and repair credit.
List of Buy Now Pay Later Online Shopping Credit Accounts
Please click on the thumbnail or logo to learn more about each merchant.
Blair At HomeCredit: http://www.orchardbrands.com/brands/blair
Walmart (through bill me later)
Heartland AmericaCredit: Google images
Seventh AvenueCredit: Seventhavenue.com
Mason Easy Pay And MasseysCredit: Mason Easy PayCredit: Massys
Read More About Mason Easy Pay and Masseys
Time For Me CatalogueCredit: Googleimages
So If You Have Bad Credit or No Credit.......
There are a great deal more of these catalogues that all have their own specialty items. The great part about it is that when you get one or two of them, the rest will just start showing up in the mail. As long as you pay for your purchases on time and keep up a good relationship with the company you choose, your pre-approved limit will increase gradually and you will also get a new catalogues from different companies in the mail. So if you have bad credit or no credit, you can still buy nice things on credit. Much of what you can get in the stores, you can also get from these pre-approved credit catalogues.