Why do people like to buy with installment plan?

What is the installment plan?

An installment plan is a service that allows customers to return payments to the credit card company instead of to the merchant.

  • Installment plans are designed to split the amount of purchases made into overtime payments.
  • Even if the seller ends up doing business, the customer will still pay the credit card company.
  • People across the globe take advantage of installment plans to buy their favorite brands if they are short on money at the moment.
  • Everything is available with easy payment installment plans, from phone installment plans to car camera installation packages.

Fixed installment payment method is becoming popular.

Compared to traditional loan methods, today, people and small businesses apply these plans to make purchases efficiently.

Payment term for installment plan:
  • With installment plans, customers pay for purchases made over a fixed period of time.
  • Some companies limit their clients to one payment term - for example, four payments in four weeks for a fixed amount or a fixed interest rate.
  • Some companies allow customers to choose the term that works best for them.
  • Did you know that these installment plans allow buyers to choose from three different installment periods specifically designed to provide options to people from all income levels?
Common examples of installment plans:
  • Some common examples of installment plans are student loans, home loans, or phone installment plans.
  • When the customer opens an installment account, he borrows some money from the issuer.
  • The customer then returns the money with the amortized installment plans.

How does the installment plan work?

chương trình trả góp

  • When a borrower pays in installments, he receives the requested amount or the item they purchased.
  • With a certain decided interest rate, the person then pays back the amount of regular scheduled payments known as installments.
  • One must pay the same amount each installment for a set number of weeks, months or years.
  • Nowadays, people prefer to shop online rather than going to the mall and wasting time plus money.
  • Savvy customers have the option of paying online in two ways.
  • Buying expensive items through installment plans is a great option for those on a tight budget.
  • Installment plans were born in parallel with credit cards, and the basic purpose is to create convenience for customers to shop today and pay later.
  • Most installment companies just charge a flat fee instead of interest, while some companies charge interest on the total amount while getting the money back.
  • You can choose according to your payment schedule and spending habits.
  • Did you know that many installment businesses are specifically structured to offer installment payments even to customers with poor credit scores?
  • These businesses typically do not conduct a credit check to approve an installment plan.
  • There are many online buyer platforms that offer a buy now pay later model through easy payment installment plans.
  • Each of these platforms offers different types of repayment options, interest rates, fees, and payment schedules.
  • Among them, Movi is one of the platforms widely recognized by loyal customers.
  • People say it is the most reliable platform to buy their favorite brand products and pay with easy installment plans.

What is Movi and how does it work?

  • Movi is a digital payment service provider that comes with easy payment installment plans.
  • It gives you the opportunity to buy your favorite brands today and pay later.
  • You can refund the total amount with an installment plan that divides your purchases into 3 payments.
  • So even if customers are short on budget, they can still shop with Movi.

Our Conclusion

For savvy customers with limited budgets, the good news is that there are many digital platforms that allow them to make installment purchases with a predefined installment plan.

Movi is one of them, transparent in service and free of other hidden fees.