Being able to buy a smartphone and pay in installments has obvious benefits. The most glaring is that it helps you purchase the latest phones without stretching your cash flow thin. In other words, you do not have to empty your pocket or bank account in order not to miss out on new devices.
It is a way of making phones affordable for more people. The flip side is that you have to pay an interest on the selling price of the phone, so you end up paying more at the end of the day. However, it is a win-win for both buyer and seller.
Buying a smartphone on an installment plan is becoming more essential as the prices of smartphones go up. Manufacturers are improving on ther products and adding more cutting edge features to them. The consequence of this is that prices also go up. The current crop of 2020 premium flagship smartphones, for example, are hitting the range of $1,000.
What does per installment mean?
Paying in installments means splitting up the payment for a device from one bulk sum to smaller multiple amounts. So, a 2-month instalment plan means that the payment is spread across two months, while a 6-month installment plan means that payment is spread across 6 months.
If you are resident in Nigeria, our sister site, Mobility Nigeria, lets you sign up for an instalment payment plan and pick up a smartphone after you have paid a deposit and then pay up the balance later.
Fotr more information, visit Mobility Nigeria’s Phone Instalment Plan page.