It is a way of making phones affordable for more people. The flip side is that you have to pay an interest on the selling price of the phone, so you end up paying more at the end of the day. However, it is a win-win for both buyer and seller. Buying a smartphone on an installment plan is becoming more essential as the prices of smartphones go up. Manufacturers are improving on their products and adding more cutting edge features to them. The consequence of this is that prices also go up. The current crop of 2020 premium flagship smartphones, for example, are hitting the range of $1,000.
What is an installment plan?
Paying in installments means splitting up the payment for a device from one bulk sum to smaller multiple amounts. So, a 2-month instalment plan means that the payment is spread across two months, while a 6-month installment plan means that the payment is spread across 6 months. An installment plan is a credit-based transaction. This is called financing in some countries, e.g., the US. You will find it called “pay small small” in Nigeria, Ghana, and other countries in Africa.
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