Alternative Financing: The Buy Now, Pay Later Solution to Fast Funds

Wanna see a magic trick? There’s a foolproof way to make your hard-earned money disappear. First, find something you want to buy. Next, open your wallet. Pick a credit card, any card. Now swipe.
 
It can take a month or more, but you’ll soon notice how the costs associated with putting a big purchase on a high-interest credit card far outweigh the short-term gains. But it’s not just plastic that provides a poor purchasing option: Spending cash or putting a product on layaway are equally stressful choices.
 
If only there were an alternative. A better way (ahem) to pay.
 
You Want It? You Got It!
 
We all want choices in life. The more, the better (usually). From the beer selections on tap at your favorite bar to the different ways you can pay for goods and services online and in retail stores, we like options.
 
Traditionally, layaway is one of those tempting options that sounds better than it actually is. You identify an item to purchase but lack the funds to secure it now, so you commit to making smaller payments every couple of weeks or once a month until you’ve paid the full price — plus any layaway fees. If you don’t want to finish the purchase, you also might be subject to cancellation and restocking fees. With layaway, you could also have to put a significant amount of money down for the product and have monthly or weekly payments that are higher than you’d like. 
 
Cash is another obvious option, but that money is worth more in your pocket than it is in a retailer’s register. Really, cash should be used only when a better (more efficient) payment option isn’t available. In fact, in recent years, the trend has been to put cash to better use in high-interest savings accounts, rather than pay upfront for large purchases. 
 
A third payment option — charging a purchase to a credit card — seems clear enough, but the long-term financial reality is much murkier. Factor in the added interest, plus the risk of harming your credit if payments are late or balances balloon out of control, and suddenly, purchasing with a credit card becomes a bit more of a gamble. 
 
See, when it comes to making big purchases — furniture, sporting goods, travel packages, and automotive repairs, to name a few — you need as much financial flexibility as you can muster. You want a better way to get what you want now, coupled with a logical way to pay for it later (without drastically overspending, such as with those aforementioned high-interest credit cards). To that end, alternative payment options like Credova have never been more popular or promising.
 
Many Reasons to Love
 
Today’s younger generations don’t want to feel beholden to credit-card companies. Millennials (wisely) tend to eschew the temptation of high-interest credit cards in favor of more responsible payment methods that fit into their budgets. Older consumers have gotten the memo as well, drawn to alternative financing’s zero-interest deals and the ability to pay off loans early for bigger savings. Traditional credit cards simply can’t offer the same benefits.
 
In fact, alternative financing products are nimbler and more dynamic, with higher approval amounts than credit cards for some segments of the market. Consider someone with a 550 credit score: Traditionally, they’d be approved for a low credit card limit, maybe around $300 to $500. Alternative financing products have the ability to approve anyone with challenged to perfect credit for amounts up to $5,000.
 
Many times, point-of-purchase financing has a faster application process (and with those more lenient approval amounts) than an in-store credit card. The promotional terms offered by alternative-financing companies also are often superior to promotional terms credit-card companies offer.
 
There are a lot of additional benefits to alternative financing, like that you can be approved without affecting your credit and even increase your credit score by using point-of-sale financing. Say you’re shopping for a new sectional sofa. This lofty, one-time purchase doesn’t require a hard credit inquiry when point-of-sale consumer financing is utilized. Instead, the company offers financing at a fixed monthly rate, and you get to enjoy the peace of mind that comes with having scheduled payments. Alternative financing simplifies the process of making big purchases when you need funds fast.
 
Simply put, Credova is a better option than credit cards, layaway programs, and even hard cash. It helps you reach your personal goals in a responsible way without having to put off a purchase or suffer exorbitant fees down the road. Thousands upon thousands of consumers just like you love it, for obvious reasons.
 
The math — and the magic — speaks for itself.