Phones on Finance: Everything You Should Know
Buying a phone on finance helps spread the cost into smaller, more affordable amounts, making it easier when you’re on a budget.
Who provides the credit?
Deko, our partner who specialises in finance. Deko’s platform generates the best credit rate available from multiple lenders, and you get told specifically who your lender is when a loan is offered.
What’s a credit search?
It’s when a credit lender reviews your credit report to see how well you look after your credit, both in the past and present. A credit search can be recorded on your credit report, visible for other third parties to see at a later date.
Should I apply for a phone on finance?
If you’re happy to apply for a mobile phone on a network contract, then you should be in a position to apply for a phone on finance.
How do I pay for my phone on finance?
A Direct Debit gets set up, so your payments are made monthly straight from your bank account. All you need to do is provide the relevant bank account details on your finance application. Payments typically start one month after the date of your finance agreement.
Will I need to pay a deposit?
If your application is successful, you’ll need to pay a deposit that’s calculated at 10% of the phone’s SIM free price.
How long is my finance agreement?
36 months, making it even easier to afford the monthly instalments.
What does a representative example of the credit look like?
Value of Goods: £689.00
Percentage of Deposit: 10%
Amount of Deposit: £68.90
Amount of Loan: £620.10
Term of Agreement: 36 months
Monthly Instalments: £21.72
Loan Repayment: £781.75
Total Amount Payable: £850.65
Cost of Loan: £161.65
Can I see your Terms around phones on finance?
Please visit our Help Centre for full details.