Your Easy Guide to Buying Phones on Installment in the Philippines

Imagine this: you’re walking down a busy street in Metro Manila, taking care of your daily errands. Suddenly, your phone – an old model that’s seen better days – gives up on you. The screen freezes for the umpteenth time, and this time, it refuses to recover. You need a new phone, but the latest models come with a hefty price tag that’s difficult to pay all at once.

This is a scenario many can relate to. But what if there was a way to get that sleek, new phone you’ve been eyeing without breaking the bank? Welcome to the world of phone installments. With this comprehensive guide, we’ll take you through the journey of buying a phone on installment in the Philippines. Whether it’s your first time considering this option or simply looking for more information, this guide has got you covered.

Understanding Phone Installment Plans

Phone installment plans are a way of buying a new phone without paying the full price upfront. Instead, you pay a small amount of money down (or none at all), and then you pay the rest of the phone’s cost in monthly payments over a period of time, usually 12 or 36 months.

What is the Mobile Phone Installment Experience Like

Getting a phone on installment has become easier since you do not have to go to a physical store. Now, you can simply buy a phone on installment online by verifying yourself on their website and applying for an installment.

How to Get Cellphone Installment Without Down Payment Philippines

Additionally, most smartphone manufacturers don’t require a down payment to buy a phone in installments. You will just choose a timeframe and make monthly payments until you pay the phone off.

👉 Buy Now, Pay Later

Many companies, including Samsung, even offer buy now, pay later financing options. These programs allow you to get a phone with no down payment starting at 0% interest.

👉 Cellphone Manufacturer Financing

Cellphone manufacturer financing is a type of phone installment plan offered by major phone manufacturers, such as Apple or Samsung. It allows you to buy a new phone from the manufacturer’s website or store and pay for it over time with low or zero interest rates.

👉 Retail Smartphone Financing

Another option for a phone installment plan is retail smartphone installment financing, which is when you buy a phone from an electronics retailer that sells phones, such as Robinsons Appliances. It allows you to buy a new phone from the retailer’s website or store and pay for it over time with low or zero interest rates.

Beyond the typical manufacturer and retail financing, online lending platforms, banks, and telecom providers offer a multitude of choices for phone installment plans. Here’s a deeper look into these additional options.

✅ Online Lending Platforms

In recent years, online lending platforms like Digido and Tendopay have emerged as popular sources of phone installment financing in the Philippines. These platforms make it quick and easy to apply for a loan for a phone, with the entire process handled online. They often offer competitive interest rates and flexible payment terms, making them an appealing option for many buyers.

✅ Bank Financing

Some banks in the Philippines also offer phone installment plans, especially to their credit card holders. These plans usually come with the advantage of lower interest rates and extended payment terms. Plus, they may offer additional benefits such as reward points or cashback.

✅ Telecom Provider Financing

Telecom providers such as Globe Telecom and Smart Communications offer their customers the option to purchase phones on installment plans. These plans often come bundled with a postpaid plan, combining your phone and service bills into one convenient payment. This option can be particularly attractive if you’re already planning to use the provider’s services.

Installment Purchase vs. Cell Phone Leasing

Installment cellphone purchases are different from leasing a phone. When you finance a phone, you own it at the end of the finance term, while leasing only allows you to use the phone for a set time period and return it later. Leasing may be better for businesses that must supply phones to employees.

Also Read all About
Phone Loan

Best Providers of Phone Installment Philippines

Note: The information about loan providers presented in the text is subject to change and borrowers are advised to contact their chosen financial or lending company directly for the most updated information.

Get Your Dream Phone with a 0% 🔥 Interest Loan from Digido

Want a New Phone but short on cash? Get a 0%  interest loan with Digido!

Digido is a reliable online lender in the Philippines that offers fast and easy loans for phones and more. You can apply online or via their app and get approved in minutes.

Benefits of Buying a Phone With Digido

• Buy your dream phone now, without saving for months or years
• Enjoy the best features and technology of your phone without settling for less
• Build your credit score and history by paying your loan on time, which can help you get better loans in the future
• Save money on interest and fees by getting the 0% interest offer for first-time borrowers, which is unique among other lenders
• Trust Digido’s simple and transparent service, which has high approval rate, low requirements, no collateral or guarantor needed, and no hidden charges.

All operations are performed online - you don't have to leave your house

In only 4 minutes you can receive up to 10,000 pesos in your bank account, and up to 25,000 pesos for repeat borrowers.

We don't require guarantors representation, documentation, or guarantee deposits.

We only require 1 government valid ID

Requirements to buy a Phone in installments in the Philippines

The requirements may vary depending on the provider you choose, but generally, you need to meet the following criteria:

• Be at least 18 years old
• Be a Filipino citizen or a resident alien
• Have a valid ID
• Have proof of income
• Have a stable source of income
• Have a good credit history

Some providers may also require you to have a credit card, a bank account, a collateral, or a guarantor.

What are the Risks of Buying Installment Phones Philippines

Buying an installment phone in the Philippines has many benefits, but it also has some risks that you should be aware of. Some of the risks are:

• You may end up paying more than the actual value of the phone due to interest and fees
• You may damage or lose your phone before paying off your installments, which can affect your credit score and history
• You may miss or delay your payments due to unforeseen circumstances, which can incur penalties or charges

Buying a Phone in Installments | Bottom Line

Buying a phone in installments in the Philippines is a convenient and affordable way to get your desired device without paying upfront. You can choose from different financing options, such as cellphone manufacturer financing, retail smartphone financing, or online loans, to get your phone today!

Note: Loans are based on the client’s credit worthiness and underwriting policies of the Corporation and means that your lender verifies your income, assets, debt and property details in order to issue final approval for your loan.

Disclaimer: This article was written based on information available to the writer at the time of publication and the article was published for promotional, reference, and educational purposes only. Nothing in the articles published in the website is intended to constitute legal or financial advice and users are advised to seek counsel from legal and financial professionals.

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