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szwh14
szwh14 Posts: 13 Forumite
Fourth Anniversary First Post
Hi

I just recently found out about Klarna and its Pay in 3 instalments (over 3 months). I was wondering if there was any other company doing the same thing but over a longer period of time? Without interest and fees.

Thank you for your help

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    0% credit cards would give you a much longer period and more flexibility.
  • szwh14
    szwh14 Posts: 13 Forumite
    Fourth Anniversary First Post
    Is it 0% for a limited time? as i am worried i might not realise it and be charged interest.
  • szwh14 said:
    Is it 0% for a limited time? as i am worried i might not realise it and be charged interest.
    The offer you get will make it clear on acceptance e.g. 0% on purchases for 9 months = anything you spend has to be paid off inside 9 months to avoid interest
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 19 May 2022 at 9:23AM
    It's for a limited time, like Klarna, but a much longer limited time.

    If you have a diary, or phone, you can put the end date in there as a reminder. You'll also see if on each monthly statement.

    Assuming you don't slip into a coma, there's no reason for you to miss the end date.
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 19 May 2022 at 9:39AM
    Just to add a note of caution.  You must never use this type of credit (whether Klarna or a 0% credit card or any other "buy-now-pay-later" scheme) to buy something you can't really afford.  If you're disciplined, and make absolutely sure that you'll be able to clear the full balance when the "term" comes to an end, then great - make use of it.  But if you fail to clear the balance then you'll be hit with interest fees - which can be quite substantial in some cases.
    szwh14 said:
    Is it 0% for a limited time? as i am worried i might not realise it and be charged interest.
    There are 2 ways to make sure this doesn't happen.  Either, as ZX81 says, put a reminder on your phone, or a good old-fashioned physical calendar - and put money aside each month into a separate account to make sure you've got the money available to pay it all off at the end of the promotional period (though you do need to also make at least the minimum payment on a credit card each month).
    Alternatively, set up Direct Debit payments to make sure the balance will be cleared.  For example, if you have a 0% deal on a credit card that runs for 2 years, and you put £2400 on it, set up a Direct Debit to pay £100 every month.  By the time 0% promotion expires, the balance will be cleared.

  • born_again
    born_again Posts: 20,415 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    https://www.liverpoolecho.co.uk/news/business/klarna-customers-facing-big-shake-23859727

    Good news. Which echo's the above post & how people can end up in serious trouble.
    Life in the slow lane
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