A lot of people do not have a credit card but in a lot of situations, they want to make a purchase through a credit card.
There are a lot of ways through which you can buy on credit without the need of credit card.
These alternatives of the credit card are also available to those who have no credit or bad credit or those who have very limited parameters.
But you will also find that all the options may not be suitable for all the circumstances.
These are the ways by which you can buy credit without any credit card.
1. Sign Reverse Lawaway Agreement
This includes the commitment that the payments must be done on your end as agreed in the contract.
These payments are also guaranteed with some collateral like pre-written checks.
So with the reverse Law-away process, you can buy the credit.
A. Find the service provider or retailer which offers you the reverse layaway process.
B. Then you have to complete the reverse law away form. You will have to provide the information and sign for the contract to pay.
C. So as to cover all the future payments, you have to write checks which should be made according to the contract terms.
With the accounting system of the store, these checks are run by the salesperson. The amounts can also be drawn from the checking account on dates that have been filled by you.
2. Rent to Own
If you don’t have a credit card, you can easily purchase the merchandise by renting in credit.
A. Find the retailer which is specialized in renting to own the sales. You can find rent so as to own the location on the web or you can walk into a store so as to begin the renting process.
B. The application must be completed. There will be no credit check but you will have to provide the information about residence, income and provide verifiable references.
C. Then the merchandise has to be purchased at rent so as to own the store, up to the limit which the store has determined.
D. You must agree to the terms and conditions. You can choose to pay monthly or weekly.
3. On websites use option –Buy Now Pay Later
A lot of online retailers allow you to do the purchase by using the option buy now and pay later, then you will be given the 90 days just like the cash terms.
With buying it on credit when you will receive merchandise you will have to pay for that.
4. Closed End Credit Account
These credit lines are the extensions for the credit which have pre-defined repayment periods and credit amounts.
These retailers cater especially to buyers with no credit card and offer them credit accounts that can be used for purchasing the merchandise from the retailer directly.
A. Firstly find the retailers which will offer you closed-end credit accounts online.
B. Then the application form must be completed for the same.
Then it is very important for you to provide all your information about income, employment, residence, and information about the reference must also be provided.
C. On the website of the retailer, you can search and shop for the merchandise or the catalog can be sent to you by the retailer.
D. Then the monthly payments can be directly done to the retailer till your account is paid off.
5. Take Home Equity Line of Credit
If you have your own house and want to have equity build-up, then you will be able to borrow against the home equity with the setting of the HELOC.
A Home Equity Line of Credit (HELOC) works just like a credit card or the revolving line of credit which can be used to purchase the items.
The monthly payments can also be made at an interest rate.
A. Apply for a home equity line of credit with any mortgage lender or bank.
B. Then you have to draw against HELOC either with the account or check card whenever you really want to make any purchase.
C. Then on the monthly basis, the payments towards the home equity line of credit can also be made.