What Are Pay Weekly Catalogues?
In this section, we’ll explain what pay weekly catalogues are. We’ll also consider aspects such as how popular they are. As mentioned, pay weekly catalogues involve an overall payment being broken up into small payments, each of which is paid week by week.
Pay weekly catalogues are now one of the most popular spread out payment methods available. So long as you lack bad credit, you should have no issue in signing up to a pay weekly catalogue. Not all catalogues have a pay weekly option, but plenty do, and the amount is on the rise.
How Do Pay Weekly Catalogues Work?
Let’s now take a look at how these catalogues work. With a pay weekly catalogue, you simply go to the website where the offer exists and apply for an account. In most cases, you will be immediately approved and given the details of how much you can expect to pay per week for a given item.
You will receive the item within a day or two. Also, you will receive an account within a week after your order, containing information about your first payment date along with the minimum amount you have to pay every week after that until you pay the balance completely. You will usually face a credit check as part of your application.
This will be part of the overall form that you’ll need to fill out online. The weekly cost will be defined as a certain fraction of the total cost, that being the cost of the item plus the APR (essentially the interest) that is added by the provider. How much you will pay will depend on the offer given by the company/store.
You may be looking at five to six separate payments, a dozen payments, two dozen payments or even more. The representative APR of most offers comes with a variable rate of around 25% to 40%. In some cases, additional special offers will be featured with a pay weekly catalogue such as having X amount taken off the total cost or free delivery.
Benefits of Pay Weekly Catalogues
There are many advantages to using a pay weekly catalogue, which we will explore in this section.
Lets You Spread out The Cost
For one, as with any multiple payment catalogues, you can spread out the overall cost of an item over an extended period of time. As a result, if you don’t have much cash to spare right now, it gives you the perfect chance to pay for items gradually and in small payments over many weeks.
This may be particularly suitable if you get paid weekly. Hence you’ll have money coming in each week to help cover the cost. Either way, if you feel confident that you’ll have a bit of money to spend as a fraction of the overall cost of an item on a weekly basis, then you should definitely consider a pay weekly catalogue.
Yes, you will be paying more overall, but it may work out as a more financially feasible option, especially if you want to buy plenty of items, such as those that are part of your holiday season shopping.
Smaller Payments
A pay weekly catalogue while featuring more regular payments than most spread out payment catalogues does come with the smallest amounts per payment. You could pay a larger sum of money each month, for example, but with weekly payments, you can pay a fraction of that price roughly every seven days.
This might not only work better for you financially as it will allow you to pay a small amount and keep on top of your financial goals, but it may also be less stressful. Even if the overall payment may be the same, just seeing a smaller charge for each payment may simply be less distressing.
That is because, for instance, if you pay monthly, you may forget that you’ve got a monthly payment coming up. It could catch you off guard, especially, if you’ve failed to set aside a sufficient amount of money in your account for such payments on every occasion.
Better Control over Finances
As touched on in the above subsection, with a pay weekly catalogue, you can obtain better financial control. It’s easier to keep on top of things and plan ahead when you get used to paying a relatively small amount on a weekly basis.
Great for Anyone with Bad or No Credit
Thankfully you will not find it too difficult to find a pay weekly catalogue for bad credit or those which are suitable for anyone with no credit history at all.
While some pay weekly catalogues come with a credit check and may or may not be quite strict when it comes to bad credit, there are plenty which will be willing to credit your account regardless.
However, catalogues which approve of applicants with bad credit often come with some catches which we’ll dive into in more detail later on.
Disadvantages of Pay Weekly Catalogues
While there are many pros to pay weekly catalogues, it’s also essential to consider the cons. Let’s take a look at some of the disadvantages of catalogue pay weekly.
Missing Payments Can Cause You to Lose a Flexible Payment Option
While the payments are relatively small with pay weekly catalogues, there is no guarantee that you’ll always be able to meet these payments. Should you have a bad week financially or another surprise expense appears, you may end up missing a payment.
By missing payments, you may lose your access to a flexible payment option. Such flexibility can allow you to alter how much you’ll pay and by what date rather than having to pay by a fixed date as set entirely by the provider/company.
Less Convenient
For some, this catalogue option is less convenient. You may prefer to pay larger amounts and with a smaller number of payments in total. You may find, particularly if you are paid monthly that a pay monthly catalogue is better suited to you.
To avoid choosing an inconvenient catalogue, it’s best to do your research beforehand and consider the advantages and disadvantages of each choice. By doing so, you should hopefully avoid making the wrong decision.
Who Offers Pay Weekly Payment Plans?
So you’re a fan of pay weekly catalogues, but now you might be wondering, who provides these offers? Thankfully there are many stores who have this type of payment plan including but certainly not limited to Jacamo, JDWilliams, Perfect Home, Studio and Home Essentials.
These stores use buy now, pay later companies to provide this service with examples being Klarna and ClearPay. Such services are among the best pay weekly catalogues UK. Many catalogues offer a pay weekly option, which is, in fact, one of the most popular buy now, pay later plans on the market.
Can I Use a Pay Weekly Plan with Bad Credit?
As discussed earlier, some catalogues offer a pay weekly plan where you can apply even with bad credit. In this section, we’ll take a look at this in more detail. Credit score is important to a certain extent for many spread out payment catalogue applications.
However, some catalogues are an exemption to this rule, and these are known as pay weekly catalogues with no credit checks. The issue with these catalogues, however, is that they tend to come with a particularly high APR or/and other catches.
Examples include Argos and Jacamo. In the case of the latter, you’ll face an APR of a whopping 58.7% while with Argos, you pay no interest so long as you pay up within 12 months of purchase. With that being said, if you miss your final payment deadline, you will face a substantial charge on top of the overall cost.
So, in a nutshell, yes you can benefit from a pay weekly catalogue bad credit, but there are usually some catches attached.
Considerations before Taking out Pay Weekly Payments
Even if you feel sure that you’d like to avail of a pay weekly catalogue, it’s essential to consider any issues and challenges that may arise. Let’s take a look at some examples.
Representative APR
The annual percentage rate (APR) associated with a pay weekly catalogue is the overall interest rate which a store/company has attached to the cost of a product. As discussed earlier, in most cases, this will range from 25% to 40%, but it can reach around 60% in some cases.
Make sure that you are aware of the APR for choosing an item or several items before making a purchase. That way, you can weigh up whether the added interest is worth the short-term savings of paying the cost later.
There are some pay weekly catalogues which offer no interest or the possibility of deferred interest, but these catalogues are few and far between. In most cases, your weekly payment will include a substantial level of interest.
Prepayment Penalties
Suppose you’ve got £200 left to pay for an item over the next eight weeks, but suddenly you find that you’re in an okay place financially. You decide to pay the remaining £200 straightaway. Great, right? Well, actually, no, not necessarily! Unfortunately, some pay weekly catalogues demand that you pay over the time as initially agreed upon.
So, in some cases, either you won’t be able to make this payment, or if you do, you will face an additional charge for paying too early. The reason why some catalogues have prepayment penalties is that the company would prefer you pay weekly as planned since this shows you are comfortable with paying in segments.
In essence, they might see it as a sign that you are less predictable as a customer for weekly repayments if you do not stick to the initial agreement. Thus some companies have such penalties in place to discourage this behaviour.
Thankfully, not all catalogues come with prepayment penalties but make sure you are aware of whether a company has this policy or not in advance so that you don’t face additional charges!
Approval
Most applicants will be successful in applying for a pay weekly catalogue. However, it will depend on a range of different factors. First and foremost, if you have no credit history or bad credit, then there’s a risk that you won’t be approved.
Even if you are approved, you may not be given as much credit as you’d like. As with each of the considerations already discussed in this section, it will really depend on the company/store.
Minimum Purchase Amounts
Just as many stores will have a maximum purchase amount, there is often a minimum purchase amount with pay weekly plans. Usually, you’ll have to make at least £50 in purchases (or a single purchase of at least £50 depending on the catalogue) to avail of a pay weekly option.
Most of the time, you will be paying somewhere in the range of £2 to £8 per week for each item. So, if you bought say ten different items, your weekly expenses could be somewhere in the range of £20 to £80 as opposed to paying perhaps five to ten fold (or even more) that cost upfront.
Conclusion
Pay weekly catalogues are a great way of cutting down on near future expenses. While, due to the APR associated with these catalogues, in most cases, you’ll be paying more in the medium to long-term, they’re a great way to save on money in the short-term.
This may be particularly helpful for many people who are trying to cut down on costs due to the economic fallout caused by Covid-19. However, it’s important that you do your research first and ensure that not only pay weekly catalogues are suitable for you but that you choose specific catalogues that you are happy with.
In this article, we’ve explained what a pay weekly catalogue is, who offers these payment plans and the pros and cons of such catalogues among other relevant subtopics. If you believe that pay weekly catalogues are the right choice for you, then you’re now informed and equipped to go out and find catalogues that you feel are a good match.
Before making a purchase, don’t forget to check important details of a catalogue such as the APR, any associated special offers and added terms and conditions which may feature with some catalogues and not with others.
FAQs
Q: Will I have to pay interest on pay weekly catalogues?
A: In most cases, yes. The interest rate for these catalogues is usually around 25% to 40%.
Q: Is there a minimum purchase amount of pay weekly catalogues?
A: Yes, and the minimum purchase amount is generally about £50.
Q: How long does it take to pay off a purchase with a pay weekly plan?
A: In most cases, it’ll probably take between two to three months, although it will depend on the company.
Q: Can you pay off the last few weeks of a pay weekly catalogue all at once?
A: In many cases, it won’t be possible, or you’ll risk a prepayment penalty.
Q: What are some popular examples of pay weekly catalogues?
A: Among those stores who offer pay weekly catalogues are Jacamo, Perfect Home, JDWilliams and Home Essentials.
