Laptops have become indispensable tools in modern life as they can easily perform various professional and personal tasks. Available in different models and price ranges, laptops provide essential functionality and connectivity to students, professionals, and regular users alike. In the country, laptop prices typically range from ZAR5,000 to ZAR20,000. But many use financing options like loans, instalments, and credit offers to buy laptops, making these devices more accessible and affordable.

Getting a laptop on credit
To purchase consumer electronics in their own name, individuals must fulfil certain criteria, such as being 18 years old or above, having a valid national identification number, and having an existing valid bank account from which instalment money can be deducted. Besides, one should also check one’s loan eligibility through a credit assessment. Financial institutions or retailers may offer different financing options based on credit score. Lenders could also set a credit limit based on the individual’s income to ensure they can manage monthly repayments with ease. In most cases, an individual’s minimum monthly earnings would be expected to be ZAR5,500, but the minimum required income can vary from one financial institution to another. So, it’s best to confirm this criterion with the preferred bank before buying the laptop.

Ways to get a laptop on credit without checks
It is possible to acquire consumer electronics without credit checks or even with bad credit. Various financing options and loan-acquiring methods exist today.

1. Consider a rent-to-own agreement
Similar to taking a subscription, rent-to-own is an option many retailers provide, especially for cash-strapped individuals. The process does not require one to wait and save up enough cash for the purchase. These programs also do not require credit checks and provide the option to rent a laptop on a monthly basis. The agreement does have certain noteworthy terms, like a strict return policy or penalties if the laptop is damaged. That said, this option can benefit those who need to get the latest devices on a budget. This option also allows users to upgrade to newer and technologically advanced laptops after returning the previous one.

But before committing to an agreement, it is important to read the fine print. The rental and rent-to-own contracts often include various rigid terms and conditions. Some constraints can also include a 30-day written notice to terminate the contract and other fees or penalties applicable during the rental period. On the other hand, certain other agreements let users get ownership of the laptop once the rental period ends. So, it can be an excellent way to examine a laptop model and check whether it meets one’s needs before buying it. Besides, most of these agreements are flexible and customizable to accommodate various financial situations.

2. Opt for third-party financing
Another alternative is to opt for certain third-party financing companies that require no credit checks or provide loans to people with less-than-ideal credit scores. One can bypass the credit check but still have to go through a verification process involving one’s employment and income. Here, the interest rates or fees are typically high, and lenders may potentially practice predatory lending practices, so one needs to be careful while choosing a third-party lender.

3. Choose peer-to-peer lending
In the country, P2P platforms are common, facilitating direct connections between laptop borrowers and lenders. Both parties can directly manage the dealings, ensuring a more personalized and flexible transaction process. One has to create a profile on any P2P lending platform and submit a loan requirement based on their financial needs. One will then receive lender offers and can choose the loan that best suits one’s requirements. The interest rates here are lower than traditional bank loans, but there is a risk of a longer approval process or longer wait time to meet the right lenders. Even so, P2P lending tends to be more lenient in terms of approval criteria than traditional banks.

4. Get a co-signer
This arrangement involves finding someone who has a solid credit score and is willing to rely on the borrower’s capability to repay the loan and getting them to co-sign a loan. A co-signer can be a friend, colleague, family member, or a trusted person who acts as a guarantor. Here, both the individual and the co-signer apply for the loan, and the co-signer is equally responsible for repayment if the primary borrower defaults on the payment. There are either no credit checks or lenient credit checks on the primary borrower here. That said, failure to replay the loan will also affect the co-signer’s credit score.

5. Consider lay-by plans
This agreement allows people to buy different models of laptops by paying for their purchases over a long period. It does not involve any interest payments; one can pay for the laptop in instalments before taking it home. This option does not require any credit checks and is also widely available nationwide. Lay-by plans involve a few steps.

• First, choose the preferred laptop from the lay-by plan list. Retailers may offer limited options, but the options may be wide-ranging, helping one find their preferred device on the list.
• Make a small initial deposit that seems affordable.
• Make regular payments until the entire amount is settled.
• Once all payments are completed, collect the laptop from the retailer.

Lay-by plans benefit individuals who anticipate a future need for a laptop but do not want to spend much on buying one now. Since there is no interest, one also saves more and pays less each month.