Cricket Wireless offers financing options for smartphones and accessories through Progressive Leasing. This allows customers to acquire devices without paying the full upfront cost, making them more accessible. Here’s a breakdown:
Progressive Leasing: How it Works
Progressive Leasing is a lease-to-own program, not a traditional credit line. This is a key distinction. You’re essentially entering into a rental agreement where you make regular payments for a set period (typically 12 months). At the end of the lease, you have the option to purchase the device outright.
The application process is usually quick and can often be completed online or in-store. Progressive Leasing assesses your ability to make payments based on factors like income, banking history, and other data points. Credit score typically plays a less significant role compared to traditional credit applications. This can be beneficial for individuals with limited or challenged credit histories.
If approved, you’ll select your desired device and accessories at Cricket Wireless. Progressive Leasing then pays Cricket Wireless for the merchandise. You’ll be responsible for making regular payments to Progressive Leasing according to the terms of your lease agreement.
Cost Considerations
While financing can be helpful, it’s important to understand the total cost of ownership when using Progressive Leasing. Because it’s a lease-to-own agreement, the total amount you pay over the lease term will typically be significantly higher than the cash price of the device. This is due to the built-in lease fees and interest.
Progressive Leasing often offers early purchase options. Exercising these options can reduce the total amount paid compared to completing the full lease term. Review the specific terms of your agreement to understand the costs and benefits of different purchase options.
Benefits and Drawbacks
Benefits:
- Accessibility: Makes devices more affordable, especially for those with limited credit.
- Quick Approval: The application process is usually fast.
- Early Purchase Options: Allows you to own the device sooner and potentially save money.
Drawbacks:
- Higher Total Cost: The total amount paid over the lease term is significantly higher than the cash price.
- Lease Obligation: You’re obligated to make payments according to the lease agreement. Failure to do so can have negative consequences.
- Not a Credit Builder: Progressive Leasing typically doesn’t report to major credit bureaus, so on-time payments may not help improve your credit score.
Important Considerations
Before choosing to finance through Progressive Leasing at Cricket Wireless, carefully consider your budget and ability to make consistent payments. Read the lease agreement thoroughly to understand all the terms and conditions, including the total cost of ownership, payment schedule, and early purchase options. Compare the cost of financing with other payment options, such as saving up to purchase the device outright, or exploring other financing solutions.
Remember that while financing can provide immediate access to a desired device, it’s crucial to be aware of the financial implications and make an informed decision.
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