Mobile phones are result of advancement in the technology of communication. Mobile phones have tremendous utility value. Therefore, this kind of electronic gadget has become very popular within a short span of time. One can easily gauge its rise in popularity if one studies the turnover of the companies manufacturing and selling the mobile phones. Mobile phones are at present part of urban or rural life.
Mobile phones are available in several varieties and in several designs. It is really an advantage to find chance for contacting with anybody anywhere with the help of a mobile phone. With the passage of time newer values are added to this product. Mobile phones can be used for taking still photographs and short videos. There is provision for listening to music through MP3. It is also possible to get access to several websites on the internet with the help of the mobile phones. Mobile phone financing are available under two schemes which are pre-paid scheme and post-paid scheme.
Pre-paid scheme is similar to the debit cards. The debit card holders have bank account and they deposit some amount with the bank. They can secure finance from the same account when they need. Of course, they cannot draw any amount unless they have deposited it well in advance.
The post-paid scheme is like the credit cards. In this scheme, companies offering mobile services allow the customers to avail the mobile services for thirty days. Companies receive the amount after the services are provided. In the post-paid scheme, the companies providing services are to take risks. Companies ask the applicant to deposit fair amount before the mobile services are approved. There are facilities like part payment and setting up the limit towards credit.
There are borrowers who have been tagged with weak credit history. They have borrowed from different sources. They have failed to repay the loan amount within the time. Companies offering mobile services are serious in verifying if an applicant holds good credit record. They do not like to offer mobile services if the user does not have worthy credit history.
On the other hand, companies do not check credit history if a user wants to secure pre-paid mobile phone services, because one has already paid for the charge. In a sense, the pre-paid scheme of mobile phones financing is comparatively better, because the users can know what amount they have in their bank.