Argos buy now pay later

TheMilkyPirate

Anybody ever used this service? What are they like in regards to approving applications, Are they strict? I'm working at the moment and have no large debt at all so I would have thought I'd be ok?

coylemj

Don't have any experience of applying for credit from them but the key to getting approved by anyone these days is that you have a squeaky clean credit record. That means that you pay off your credit card bill in full and on time every month, you don't go into the red on your current account without prior approval and if you have had loans, you made all of the payments on time.

Never having had a loan of any kind can sometimes act against you because it makes you an unknown quantity.

NIMAN

Just be careful if you are tied into paying up for it, rather than being allowed to pay if off in full after the 6 months.

I think their APR is around the 30% mark, so you'll pay a lot more if you are forced into paying it off in installments. They have to get something off you for letting you have the goods free for the 1st 6 months.

198321

I have no loans, no credit cards, no debts at all..

I work full time for last 5 years, weekly wages 350-400.

I went to buy new a camera for 600 euro and spend 20 minutes waiting for staff member, 30 minutes going through application and it was refused at the end.

I didn't have enough money in my account for Vodafone direct debit for home broadband 2 months ago, DD went through leaving my account in overdraft of something like 18 euro, I covered that next day. I think that might be a reason I didn't get it.

I applied in Bank of Ireland for 500 euro loan to cover camera (with tiny 10euro weekly payments - for a year) and it was refused.

I guess with loans like that the profit is really small while the risk is high (rich people aren't going to ask for loans like that) so you need excellent record to get it. (my experience - although I have stable income for last 5 years and no loans - they won't give me a cent)

On the other hand to buy something on credit is tempting, but since I get no credit - saves me a lot of money )

StillWaters

I doubt it was the one missed payment that caused refusal. I'd sat it is that you have no credit history, no loans or no credit cards means no proven repayment capacity.

Rodin

This sounds like the same harebrained scheme that got the country in so much debt trouble.

chris85

Going overdrawn doesnt get noted on your credit record.

198321

chris85 wrote: »

Going overdrawn doesnt get noted on your credit record.

Well than I'm starting to have a feeling it's because im not Irish. I know I have no credit history in Ireland but 500 euro would be a good start and there is no way I would not pay it back as it's tiny compared to 'typical' loan.

They are advertising loans for students, yet me - full time job, not in debt can't get 500. There is something wrong with Irish banks - oh wait , everybody knows that I guess

Anyway the topic is argos buy now pay later and I just wanted to say that my application was refused. Sorry for going off topic.

coylemj

chris85 wrote: »

Going overdrawn doesnt get noted on your credit record.

Going into the red without prior approval may not make it's way on to your credit record in the Irish Credit Bureau but it will be a black mark on your profile within your own bank. Sister worked for one of the large banks and said it's one of the things that can count against you, along with never having borrowed from them.

Even if you have approval to go into the red, it's also a black mark against you if you stay permanently overdrawn, even if you never exceed the agreed facility. Again, this would not constitute a breach of any agreement so would not be on your record in the ICB but your own bank would regard you as a poor risk if you couldn't get your a/c back into the black at least every so often, once a quarter is the unwritten guidance.

chris85

coylemj wrote: »

Going into the red without prior approval may not make it's way on to your credit record in the Irish Credit Bureau but it will be a black mark on your profile within your own bank. Sister worked for one of the large banks and said it's one of the things that can count against you, along with never having borrowed from them.

Even if you have approval to go into the red, it's also a black mark against you if you stay permanently overdrawn, even if you never exceed the agreed facility. Again, this would not constitute a breach of any agreement so would not be on your record in the ICB but your own bank would regard you as a poor risk if you couldn't get your a/c back into the black at least every so often, once a quarter is the unwritten guidance.

Yes agreed, but still not noted on ICB, his application with Argos would not have been refused based on this. The loan application with BOI may have been refused based on this but unlikely. More likely due to the lack of any credit history on the ICB.