Online Cell Phone Loans
Compare monthly payment options from several lenders in under 2 minutes.
Cell Phone Financing For Good & Bad Credit
What is an online cell phone loan?
Cell phones can be costly nowadays leaving many of us with a need for financing. Thankfully, there are a few options for cell phone loans. Let’s review some of the most popular options.
- Personal loan: Personal loans are a type of installment loan that can be used for cell phones and other electronics. With a personal loan, you can use one loan for multiple cell phones, accessories, other electronics, and more, since they have few spending restrictions. Personal loans usually do not require collateral or a down payment, and can be funded as a lump sum. Once a personal loan is approved and funded, you receive funds you can get to spending. Repayment for a personal loan usually consists of fixed installments with interest over a predetermined period. The key to a personal loan is applying for, and qualifying for, the appropriate amount and finding a competitive offer.
- Financing through service provider or retailer: Some service providers or retailers offering cell phone financing options. However, they are usually in parallel with your service contract. If you need to replace your phone before the loan or installment plan is paid in full, you’ll likely need to pay off the loan. For example, let’s say you purchase a phone with an 18-month installment plan with installments of $47. After making the 10th installment, you break your phone and need to buy a new one. To purchase the new phone you’ll likely need to pay for it in cash or pay off the existing installment plan to finance the new phone. In addition, you may have to pay taxes and other fees upfront. When purchasing a phone that costs upwards of $1,000, taxes and fees can add up.
Compare rates from top lenders
Learn More About Cell Phone Loans
Keep reading to learn more about cell phone financing options available today.
Read more - FAQ
Can I get a phone loan with bad credit?
Getting a phone loan with bad credit can mean fewer options and or a higher cost of borrowing. The two main types of loans are secured and unsecured. The main difference is the requirement for collateral. In most cases an unsecured loan is used as a cell phone loan, meaning it does not require collateral. Loans that do not require collateral are typically based on creditworthiness, otherwise known as the likelihood of repayment. Credit score can be an important requirement to help determine creditworthiness, although other requirements can be considered too. Additional requirements can include income, debt-to-income, credit history, and more. While some cell phone loan options or lenders can have less strict requirements, the best way to boost your chance of approval is boosting your credit score or applying with a co-signer with good credit.
What is the minimum credit score needed to finance a phone?
Minimum credit score requirements can vary by lender, with most favoring borrowers with fair, good, or very good credit. To help translate this we can reference the FICO® score scale.
- FICO® fair credit range: 580-669
- FICO® good credit range: 670-739
- FICO® very good credit range: 740-799
In addition to credit score, lenders or providers can consider income, credit history, and other factors too. In addition, some cell phone loans may not have a minimum credit score requirement. If you’re concerned about credit score, explore more options to dial in on the right one.
Do I need a credit check to apply for a cell phone loan?
Most cell phone loans require a credit check. Options for a no credit check cell phone loan can include a payday loan, pawn shop loan, or car title loan. When using no credit check loan options, pay attention to fees as they may be high. In addition, if the loan is not reported to credit bureaus it may not work to help build or boost credit. If you're hesitant to apply for a personal cell phone loan because you don’t want your credit dinged, visit Acorn Finance. By submitting some personal information, you can check offers from top national lenders with no credit score impact.
Can I get a cell phone loan with no down payment?
Most cell phone loans can be obtained without a down payment. If you are using a payment plan or financing through a cell phone provider you may be required to pay taxes and or fees upfront.
What types of cell phones can I finance?
Shopping for a new cell phone is exciting - and the good news is you can finance just about any type of cell phone, tablet, or electronic.
See Also:
How can I get a personal loan fast?
Get Started$1000 Loan Calculator
Find the loan you're looking for
What can I do with a $1,000 personal loan?
Still have questions?
Will my credit score improve if I make timely payments?
Making on-time payments on a loan that’s reported to the credit bureaus can work to improve your credit score. FICO® scores are made up of the following.
- Amounts owed (30%)
- New credit (10%)
- Length of credit history (15%)
- Credit mix (10%)
- Payment history (35%)
As you can see, payment history plays the largest role in credit scores. However, other factors are very important in boosting and maintaining a good credit score. In summary, a loan can benefit your credit in multiple ways, especially so if you make on-time payments.
How long do I have to pay off the loan?
Repayment periods for a cell phone loan can vary depending on credit score, type of loan, loan amount, and other factors. Personal loans can have repayment periods up to 12 years, depending on credit score. However, longer repayment periods are usually intended for larger personal loans. Installment plans or financing through service providers usually have repayment periods around 24 months or less.
What are the repayment terms for an online cell phone loan?
Personal loan repayment periods can be offered up to 12 years, depending on credit score. However, some lenders may have shorter maximum repayment periods. Additional details such as loan amount or qualifications of the borrower can impact the repayment period available. Cell phone loans offered through providers are usually for shorter repayment periods that are more in line with the expected life of the phone.
Why choose Acorn Finance for cell phone loans?
At Acorn Finance you can dial in just the right personal cell phone offer in seconds, with no credit score impact. Using our secure platform you can submit some personal information to check rates from top national lenders. With access to multiple lenders in one place, you can choose the most competitive offer that works best for you. Personal loans can be a flexible lending product for cell phones and electronics as you can use one loan for one or more cell phones, accessories, electronics, and more. Approved loans can be funded in as little as 1-2 business days, although funding times can vary.
Unlock competitive personal cell phone offers with no credit score impact. . check rates at Acorn Finance today!
One home, endless possibilities
