Shopper Tips

Shopper Tips

Finally, A Stop to the Credit Score Drama!

When you hear the word ‘loan’, what do you think? You probably picture something that is hard to obtain, like a new home or business. You also probably think of the bank.

The truth is… banks love it when you take out a loan. And the main option out there is financing. Banks want you to fail. They want you to apply for credit, get your loan, and then miss your payments, so they can collect on average 19.9%-29.9% interest. Doesn’t matter how big they write it on the application, no one thinks that they will ever be late in their payments. That’s really how banks make money.

So what’s the alternatives? Up until recently, there really weren’t any. It all depended on your credit score and if you were qualified for one of those financing offers. That is why the team here at Splitit decided to tackle this problem head on. We wanted better options.

Wouldn’t you consider investing in a better quality, higher ticket item if you had a responsible way to pay for it? Especially if it gave you more time to pay for your item and your credit score would not be affected. You would not be required to spell out all your detailed personal information. And you would not be hit with any late fees or penalties.

Pay responsibly with Splitit

Splitit developed patented technology around helping customers pay the responsible way for those bigger items you both want and need.

We don’t always think about it in this manner, but we make decisions all the time to either pay more for better quality, or go for the cheaper item, because we just don’t want to, or often can’t drop that much cash right away.

For example…

Are you a new parent? Pregnant, maybe? Thinking of being one someday in the near future? Have you ever looked at how expensive strollers can be? They are kind of a must have when you have little ones. Yes, you could technically settle for a cheap stroller that you will probably have to throw away after a year or two of use. Or you could invest in a quality stroller that can be used for many years (and multiple children), saving you money in the long run.

What about if your refrigerator breaks? That’s kind of an important household item. Again, cheaper fridges are available, but they are more likely to break again in the near future and they use a much higher amount of energy to keep your food cold, resulting in higher electric bills.

But, if it breaks, and pay day is still several weeks away, what are you supposed to do? Go without one until you can pay for a better quality, energy-saving fridge? That means lots of take out and food thrown away (also expensive). Or would you have to opt for a cheaper version that you can get right away, but will live to regret? If you had an installment-payment option available, however, you wouldn’t HAVE to choose either of those solutions.

Payment method of the future

That’s a major reason why we believe installment-payment options are the way of the future, and will become a regular option available at checkout. There just needs to be alternatives to either paying in full or using financing.

In addition to the personal impact of how we spend our money, there’s also the sustainability factor. There is more awareness today about how much stuff is being made, bought, and ultimately thrown out every year. The way we spend money has a major impact on our environment. By investing our dollars wisely, we can influence how businesses operate and what services they provide.

Be a master of your own financing and don’t let “shiny” financing offers entice you into debt. Here at Splitit, we want to help you invest in those bigger items that will last longer and function better, so you can limit your “stuff-turnover” and start out with quality pieces from the get go.

How does Splitit work?

Splitit works automatically with your existing credit or debit card, is offered as a payment option at checkout on your e-commerce or your physical point-of-sale, and the approval process is immediate. And the best part is, since your purchase runs through your credit card, you still earn points and you increase your credit score each time.

It’s really simple.

1: Select the item you wish to purchase

2: Choose Splitit as your payment option

3: Select the number of payments you wish to make

4: Pay using your credit card, no application necessary

5: Have your order delivered straight to your door

Splitit is also available for in store or mobile purchases.

Unlike financing, Splitit gives you more time to pay for your purchase before accruing any credit card interest, as long as you pay off your credit card bill each month.

It’s nice to know there is finally a payment option out there that takes a responsible approach to buying.

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