Thursday 10th Aug, 2017
When you are strapped for cash but need to kit out your home the lure of being able to buy a sofa and a TV for a few quid a week can seem too good to resist.
Retailers such as Perfect Home and Brighthouse sell electronics, household appliances and furniture for weekly payments – but often customers end up paying far more for their purchases than they need to.
For example, the true cost of being able to buy a fridge freezer from BrightHouse for what seems a great deal at well under twenty quid a week, ends up costing a chilling amount.
According to their own calculations, a silver Samsung 60cm fridge freezer* costs £588.75 with delivery and installation. To repay over 52 weeks with an interest rate of 69.9% APR would cost you £14.51 a week- not bad, right?
However, this means the customer would eventually pay a shocking total of £754.52 - instead, with a bit of shopping around and a loan from us, you could save a massive £287.64 that could have paid for the kids’ new school uniforms or towards that weekend away!
The same product is available from John Lewis and Currys for £399.00 with free delivery.
A loan from Unify to buy directly from either of these stores, including the interest, would cost £470.84 which could be paid back at a rate of £9.06 per week. The saving to the customer is £283.68
We are on a mission to show there is another way, a more affordable and certainly more ethical way, to buy big ticket items for you and your family.
Debt charity Stepchange said: "'Rent-to-own' suppliers, such as Brighthouse, allow you to purchase big ticket items and pay a small amount on a weekly basis. While this may seem like a good idea, we recommend you consider alternatives first. Items from pay weekly stores often cost double the price than items bought outright, sometimes more.
"If you need to buy new goods, there are alternatives. Credit unions are known for offering reasonably priced loans at rates that you can afford."
Let's help consign BrightHouse, along with payday lenders and loan sharks, to history. Choose another way, choose Unify Credit Union instead.
*(product number RB31FDRNDS)
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