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Interest rate is very high, similar to a credit card. Rates are granted based on your credit rating and range from a low of about 10% all the way to 28%. :eek:


Nice thing about it, is quite often they have a don't pay with no interest for 6 months. Its also quite flexible, as you can pay it off at any time with no penalty.

The other reason is ease of obtaining credit. They approve almost anyone with a pulse. Its a trade off.. you get approved easily, but the interest rate is high.

Also acts as revolving credit. Once your approved, you can buy stuff. Pay it off and the credit is there to buy more Mac stuff. This can be a good and bad thing. :D

The Apple Instant Loan is run by MBNA Canada. You can apple online and get sample payment rates here http://www.apple.com/ca/instantloan/.

Credit can be a good thing if used properlly, but you can easily over extend yourself and get into bad debt in a hurry. :( It is better to save your pennies until you can afford it. Or, if your credit history is good, to get a lower interest bank loan. But... if you just gotta have it. :cool: (Can you say G5!)
 
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