Online Shopping in the UK: How Zilch Can Help Pinoy Dependent Partners Build Credit and Shop Smart
- The Moving Aunne
- Jul 28, 2024
- 3 min read
Moving to a new country, especially as a dependent partner, can be both exciting and challenging. For many Pinoy dependent partners who've recently moved to the UK, getting accustomed to a new environment, culture, and financial system is a significant adjustment. One common hurdle is understanding how to manage finances, especially when it comes to online shopping and building credit. This is where Zilch can play a pivotal role.
What is Zilch?
Zilch is a "Buy Now, Pay Later" (BNPL) service that allows users to shop online and pay for their purchases in manageable installments. Unlike traditional credit cards, Zilch does not charge interest if you pay your installments on time, making it an attractive option for those looking to budget their spending.
How Zilch Works
Signup Process:
Eligibility: To sign up for Zilch, you must be over 18 and have a UK bank account.
Registration: Visit the Zilch website or download the app. You'll need to provide some basic personal information and link your UK bank account.
Approval: Once your details are verified, you can start shopping with Zilch at participating retailers or use your virtual Zilch card for other online purchases.
Shopping and Payment:
Select Zilch at Checkout: When shopping online, choose Zilch as your payment option.
Payment Plans: Zilch typically allows you to pay in 4 equal installments over 6 weeks. The first installment is due at the time of purchase, with the remaining payments automatically deducted from your linked bank account.
Interest and Fees: Zilch offers interest-free payments if you stick to the installment schedule. However, late fees may apply if you miss a payment.
Why Zilch is Great for Credit Building
For many Pinoy dependent partners, establishing a credit history in the UK can be challenging, especially without a credit card or traditional credit products. Zilch offers a unique advantage:
Credit Reporting: Zilch reports your payment activity to major credit reference agencies. By using Zilch responsibly and making payments on time, you can start building a positive credit history in the UK.
No Credit Check Required: Unlike credit cards, Zilch does not require a credit check for sign-up, making it accessible for newcomers who might not have an established credit score.
Benefits of Using Zilch
Budget Management: Zilch allows you to spread the cost of your purchases over time, making it easier to manage your budget without the immediate strain on your finances.
No Hidden Costs: Zilch is transparent about fees, which are generally avoidable by making timely payments.
Convenience: With the virtual Zilch card, you can shop at a wide range of online stores, giving you the flexibility to choose where and when to shop.
Tips for Pinoy Dependent Partners Using Zilch
Stay On Top of Payments: Set reminders to ensure you never miss a payment, thus avoiding late fees and negative marks on your credit report.
Use Wisely: Only use Zilch for purchases you can afford to pay off within the installment period.
Monitor Your Credit Score: Regularly check your credit report to track your progress and address any discrepancies promptly.
Conclusion
Using Zilch can be a smart financial tool for Pinoy dependent partners new to the UK. Not only does it facilitate convenient online shopping, but it also provides a pathway to building a strong credit history. By understanding how Zilch works and using it responsibly, you can manage your finances effectively and set a solid foundation for your future in the UK.
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