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Everything You Need To Know About Smartphone Financing

You don’t need $200, $150 or even $100 up front to buy one of the latest smartphones; instead you can finance your new phone without paying a huge sum all at once. Everyone needs a cell phone but most people aren’t wealthy enough to comfortably afford a brand new phone, after all the latest smartphones are incredibly expensive, more expensive than ever before.

We want everyone to have the smartphone of his or her dreams, after all a great smartphone can help you professionally, creatively and even allow you to have more fun. That’s why we offer affordable financing options on all phone models.

The best part is, you don’t need a perfect credit score to secure financing. Payments vary and can be made weekly or bi-weekly, depending on when and what you get paid. You can even use some of your financed funds to purchase accessories to go with your new phone.

Allow us to answer some of the most commonly asked questions we receive about smartphone financing.

Do You Need Good Credit?

No! We understand that plenty of honest, hardworking people have not-so-good credit. Life happens, but we’re not here to judge, or tell you ‘no,’ which is why we don’t require an excellent credit score to qualify for financing. You’ve got nothing to lose, and a brand new smartphone to gain—might as well apply!

What Do You Need To Get Approved?

There are a few things you need to get approved for financing, none of which is perfect credit. You _do_ need a social security number, bank account and routing number, credit or debit card, and a job. Oh, and also, you need to be 18 or older.

Is Financing My Phone A Smart Financial Decision?

Let’s start by saying, we’re not bankers so we don’t give any real sort of financial advice. But… there are a few easy to pinpoint benefits of financing a smartphone in certain situations.

For one, instead of taking a huge chunk out of your bank account all at once, financing a phone allows you to pay a little bit here and there over time. This reduces stress and allows you to get a better phone than you could otherwise afford. Getting a higher quality phone offers a double-sided benefit because the ability to buy a better smartphone means it will hold its value better. For instance, the average iPhone sells for around $299 after rebate, and resells 2-years later for as much as $200-$250, meaning the phone almost pays for itself.

Financing a new outfit is not necessarily a good financial decision; in fact it’s what one might consider ‘bad debt’ because an outfit will never hold its value. Plus, you’re going to want a new outfit next week, while your cell phone is with you for around 2-years on average. On the other hand, financing a cell phone, which do tend to hold their value well, can be a wise decision as long as your payments are affordable and you don’t end up paying too much extra in interest.

How Is Our Phone Financing Different From Verizon Financing?

Verizon now offers a financing option that allows you to pay a monthly amount for your phone as opposed to a couple hundred dollars upfront. The thing is, if you go with their particular financing option you’re going to end up paying the entire sum of the phone because subsidized prices don’t apply to phones that are financed. Traditionally, you pay a certain amount for a phone upfront and the remaining portion is subsidized. For instance, it’s common to get a $900 phone for $399, thanks to subsidies.

Here’s an example of how Verizon’s financing plans work: If you buy a phone that is $720 full retail, you will pay the full tax on that amount plus $30 a month. That means at the end of your two-year agreement you spend the full $720 on the phone, which is now worth $250, at best. If you did not finance the phone and instead paid $300 up front, thanks to the subsidy, you’d still be in the same situation with the same phone, but spent half as much money.

Our financing options are nothing like this. We simply offer you a line of credit to purchase phones and accessories at everyday fair prices. Our financing options are easy to understand and never ask you to overpay for the same phone. Skip the tricks and head over to your local My Broken Phone for smartphone financing!

Can You Finance Phone Accessories?

Yes! You can also use your line of credit to purchase accessories to go with your new phone. We have a huge selection of the latest cell phone cases, chargers, and other must-have wireless accessories.

Visit Us Today To Finance Your New Smartphone!

Apply for financing today and shop our full section of the latest smartphones, new and used. Our experienced in-store technicians would love to help you find the best smartphone for your needs and budget. Visit us today to join our growing family of satisfied customers!