Pros and cons of installment payments
The product has the following advantages:
no interest for the client;
fast registration;
instant receipt of goods (no need to go to the bank first);
high probability of approval.
The application form you fill out is sent to all partner banks. Even if you shandong mobile number database have a bad credit history, there is a high chance that one of the banks will still approve the application.
Unlike a loan, an installment plan has three important disadvantages:
intended purpose (you receive goods, not cash);
a short term, which increases the size of monthly payments;
imposition of additional purchases.
The last point requires clarification. For example, you are buying a laptop. In order not to pay the entire amount at once, but to split it into equal payments, you will be offered to buy a licensed version of the software or order some paid service. If you refuse, the application will not be filled out. If you really need the software, there are no problems. But otherwise, you will pay for software that you will not use. Then it may be more profitable to apply for a loan from a bank.
Pros and cons of a loan
Loans are distinguished by a large sum that you receive in cash and can spend on any purpose. This is its main advantage. If you are doing repairs, you will make purchases in different places and look for the most advantageous offers. If you try to arrange an installment plan every time, it will take too much time, and not every seller will have this option. It is much more convenient to take a loan from a bank.
But this product has a significant drawback - interest. But you can take out a large loan for a long term and pay it back in small payments. For a family budget, this may be better.
The differences between the products are clear, and the choice should be made depending on the situation. If you just need a smartphone, it makes sense to consider buying from a seller. You may have to buy accessories right away, but they will still come in handy.