Online stores EZ payment plans - with NO credit checks?
Hey guys, been checking out some stores online with the EZ payment plans. I noticed alot are doing it, but found some that at the very end or by phone or in very fine print say they will do a credit check.
I ordered a pair of headphones from sweetwater and the online payment went through, but got a message from a sales rep saying he had to go over a few things with me??
Also checked out AMS - american music supply and it says no credit check right on the site, but they don't have a few things im looking for.
So anyways, who does and who doesnt do credit checks...and what is the info they need to talk to you about?
I always had good luck with using AMS for the 3 payments. They do a credit check for the 5 payments. Yeah, it is true that they don't carry everything (Mopho, Tetra).
Sweetwater will check credit for just about everything. Their 3 payments require a credit check because it can be used for big ticket items as well as the small stuff.
The Sweetwater guy called you to make sure the order came for you and confirm that its not fraud. They do that for all new customers and to also develop a relationship with a new customer. It may be a pain at first, but the service you can get from Sweetwater is well worth it.
With the AMS 5 payment plan...say if you wanted to buy 2 monitors and total they exceed the $995 max for the 3 payment plan. Why not just buy one one day then buy the other the next day? Seems like that could be a loophole....??
This is why so many online box stores are going under. Most people especially in the US have lost their creditworthiness due to the financial crisis and are cash poor.
Most kids can't get credit because they are $20k in debt from college. Many adults can't because Wall Street gambled their pensions and 401k's, and lost.
Many of these special deals can be scams like 25% interest, which are higher than Tony Soprano would charge. CRIDIT IS A SCAM. BE AWARE and READ FINE PRINT!
This leaves us with a few options:
1- Make due with what you have.
2- Make more money.
3- Go to a local shop and put it on layaway, which is what I do and pay something each week. more and more stores are doing this to survive.
4- Buy used.
I may not have the best rig in on GS, but I own it, it's all paid for.
I've had plenty of great experiences with both Sweetwater and Zzounds. I have a fiance, kid, and 3 dogs. I usually don't have a way of buying the gear I want/need. I do teach music and DJ around town along with my 40 hour/week job. I am able to spend around $200-$250 on my studio per month. The monthly payment plans have allowed me to purchase items i could not normally get. I have purchased on payment plans from those two sites which actually allowed me to expand my business.
My credit sucks, and Zzounds called me when I picked up the QSC KW 153s on an 8 month payment plan. They wanted to verify mailing address with shipping address. Other than that, I haven't had many problems with their EZ pay. If you're lucky, you can get a a few things on 12 pay which means you can get more stuff and keep the payments low. Word.
The 25, or 29.99% interest is what you'll see from pretty much any predatory credit card. Only Delaware and I think 1 other state allows interest rates that high, where 18% tends to be standard across most states.
Buying things on credit is partially why the financial crisis happened in 2007 and 1929. Both times, the average American went deeper into debt, assuming more and more risk. Then, at the first sign of trouble, the whole thing falls apart because you can only milk average joe American for so much for so long.
Debt is a slippery slope and 29.99% APR is really hard to dig yourself out from under. Ask a pawn shop what interest they charge. If you think 30% annually is rough, try 20% monthly! Now think about what that *insert $500 thing here* winds up costing in the end. Almost, $700 on the credit card, $1100 through the pawn shop.
So, if you're going to buy gear on credit, be smart, be safe, and plan to get out of that cycle eventually.
First post. Sounds like an enthusiastic new Zzounds employee.
Nope not an employee of Zzounds.. I bought a new Korg Krome 61 from em on credit and my credit reeks.......So I am just passing the info to those who might be looking for somewhere they can get something with bad credit.