Cricket now offering payment plans, including a 'no credit check' option

Probably one of the biggest deterrents for those considering going with a prepaid service is that you no longer get subsidized pricing or payment plans, instead you pay the full price for devices upfront but are rewarded with cheaper monthly service plans that you can walk away from at anytime thanks to freedom from contracts. But what if you want your cake and eat it too? Cricket has your back.

Prepaid AT&T-owned Cricket is now introducing payment plans, giving three different options for those that can’t or don’t want to pay the full price of a device upfront. The first two “tiers” require credit checks, but for those with less than perfect credit, the third option doesn’t, instead letting you “rent-to-own” your new phone over the course of 90 days.

Here’s the official breakdown of each of the tiers:

Tier I: Finance your device with an initial loan payment of $19.99 and 0% interest for 24 months. This option requires approval through a standard credit bureau check, and accessories and tax may be included in the loan.

Tier II: Finance your device with an initial loan payment of $19.99 and six-month deferred interest offer and 29.99% APR for an 18 month term. Customers pay no interest if the purchase amount is paid off within 6 months. If the loan is not paid off within 6 months, all accrued interest from the date of purchase is billed to the account. Monthly payments for this option are determined by the amount of the loan. This option also requires approval through a standard credit bureau check. Accessories and tax may be included in the loan.

Tier III: This rent-to-own leasing option is equivalent to 90 Days same as cash. That means, a customer can purchase a premium device with $49.99 initial rental payment, pay the remaining balance in installments over a 90-day period, and not incur any interest at all – just like you paid for your device upfront. This option requires no credit check, but a third party may be used to verify financial information.

Keep in mind that your device must cost at least $199.99 in order to qualify for any of these financing plans. Furthermore, the official press release suggests you’ll need to walk into a physical Cricket store in order to get financing. A final consideration is the rather limited amount of premium devices that Cricket offers, though the Galaxy S5 is currently on offer and the Galaxy S6 is expected in fairly short order. Who knows, maybe if there’s enough interest in the payment plans, Cricket will expand its lineup of devices.

What do you think of Cricket’s new financing options? Anyone planning to take advantage?

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[press]ATLANTA, April 8, 2015 – Cricket Wireless today announces the launch of its new Phone Payment Plans*, designed to help customers get the latest, premium devices like the upcoming Samsung Galaxy S®6, even faster – without breaking their budget. Cricket is the first national prepaid wireless carrier that offers three distinct credit financing options including a rent-to-own leasing option for qualified customers – all with no annual contract.

Cricket’s Phone Payment Plans give consumers some of the most flexible pay options in the industry. Walk into any participating Cricket location and, if qualified and approved, walk out with the phone you want for as little as $19.99 down, plus taxes and fees, and a payment plan you can afford.

Tier I: Finance your device with an initial loan payment of $19.99 and 0% interest for 24 months. This option requires approval through a standard credit bureau check, and accessories and tax may be included in the loan.

Tier II: Finance your device with an initial loan payment of $19.99 and six-month deferred interest offer and 29.99% APR for an 18 month term. Customers pay no interest if the purchase amount is paid off within 6 months. If the loan is not paid off within 6 months, all accrued interest from the date of purchase is billed to the account. Monthly payments for this option are determined by the amount of the loan. This option also requires approval through a standard credit bureau check. Accessories and tax may be included in the loan.

Tier III: This rent-to-own leasing option is equivalent to 90 Days same as cash. That means, a customer can purchase a premium device with $49.99 initial rental payment, pay the remaining balance in installments over a 90-day period, and not incur any interest at all – just like you paid for your device upfront. This option requires no credit check, but a third party may be used to verify financial information.

“At Cricket, we know consumers want to get the latest devices – either for themselves or as gifts – but aren’t always sure if they can fit it in their budget,” said Janna Ducich, vice president and chief marketing officer, Cricket Wireless. “The Cricket Phone Payment Plans were created to simplify financing and make it quicker and more affordable to get the premium devices you want and need, when you want and need them.”

Any phone from Cricket priced at or over $199.99, including the upcoming Samsung S®6​, and the popular ZTE Grand X Max+, qualifies for the new Phone Payment Plans. A maximum of five devices may be financed per account and customers can also add accessories to their plan after the purchase of a qualifying device.

Switching is Easy Too

For a limited time, Cricket is also offering customers who switch from T-Mobile, Metro-PCS, Sprint, Boost, and others 1 free month** of service after completing two months of service. This applies to customers who select the $50 or $60 monthly rate plan.

Cricket offers its customers more generous high-speed data access allotments, apples-to-apples, than other prepaid carriers. This makes Cricket’s wireless plans more affordable so customers can spend their hard-earned money on things that matter to them. Cricket’s Basic, Smart, and Pro plans are $35, $45 and $55 each, after a $5 monthly Auto Pay credit. Plus, unlimited calling and messaging to Mexico from the U.S. is included on the Smart and Pro plans.[/press]