Prepaid plans are typically much more affordable than postpaid option. However, cheaper monthly service plans come at a certain cost, that is no subsidized pricing or payment plans. If you are temporarily on a tight budget, especially the latter can become a serious issue. Not if you plan to join the Cricket team, though. The carrier has just launched three new payment plans, including no credit check option for those with bad credit.
Cricket’s new payment plans – Details
The first option allows Cricket customers to pay off the phone in 24 monthly installments at no interest. This financing method requires an initial loan payment of $19.99 as well as approval through a standard credit bureau check.
The second option also requires an initial loan payment of $19.99 and credit check; however, depending on how long it will take you to pay off the device, interest also may be involved. In short, if you pay off the phone within six month, you won’t be charged any interest. If, however, after six months the handset still isn’t paid off, all accrued interest from the date of purchase will billed to the account, that is a 30 percent APR on an 18-month financing term.
Finally, there’s the third financing method and this one doesn’t require credit check. It’s a rent-to-own option which allows customers to purchase a premium phone with $49.99 initial rental payment. The remaining balance needs to be paid off in installments over a 90-day period at no interest.
The plans are available for any smartphone that costs $199 or more. At the moment, the most premium device you can get is the Samsung Galaxy S5 but don’t worry – the Galaxy S6 is expected to arrive at Cricket soon. The only downside we could find, if you can even call it that, is that the plans are not available online so you will have to go to a physical Cricket store in order to get financing.
Cricket’s announcement comes as a bit of a surprise, since it’s rather uncommon for a prepaid carrier to offer financing plans. It is, however, an important step towards making wireless service available to more customers regardless of their financial situation. Well done Cricket.