Get a pay monthly contract with a new Smartphone without damaging
can be expensive, and it can be difficult to pay for a handset in one
go - pairing a SIM plan with a handset and taking out a contract with
a phone provider is a great way to spread the cost of a handset and
provide airtime for its use. The phone provider will run financial
and background checks on any potential customer that applies and once
the customer is accepted will set up a recurring payment or direct
debit to pay for the services.
around 20 million UK adults a contract with a phone provider isn’t
something they can take advantage of. This is typically down to
pre-determined credit rating the providers require for the customer
to be approved for services. In some cases, the provider may ask for
a deposit to be made, this can be a significant proportion of the
total contract value and be in the hundreds of pounds making it too
expensive for the customer.
The very act of
applying for a contract and failing the providers checks will leave a
negative record on the customer’s credit file. This makes it very
unlikely the customer will be approved with another provider if they
Tribe see this as
a very restrictive and potentially unfair way of deciding if
customers are eligible to join.
hard to find a solution with the finance industry to enable us to
make more informed decisions about a customer application.
By using the
latest in open banking technology and affordability testing, we
enable our customers to join us on terms that suit them.
available in the Tribe store is available to be paid for via Stripe
checkout or Payl8r. Customers can opt for Stripe payments to pay the
full cost of the handset in one go or Payl8r that offers finance to
spread the cost of the handset over 3,6,9 or 12 months.