"Do you have a payment plan?"
This has been a very common question from families trying to figure out how to budget their curriculum purchases over the course of a school year. Timberdoodle has been able to integrate Klarna Credit into our checkout process to allow customers to pay over time.
Now the question we're being asked is, "How does it work?"
Klarna Credit is a flexible financing option which is offered at checkout. It allows you to pay for your purchases over time.
Applying is simple. When you get to the payment step at checkout, simply select the "Slice it. Pay over time with Klarna" option under Payment Methods, and once you click “Complete Order” you will be redirected to Klarna’s site to complete your purchase securely. They have a quick pre-approval process, and will let you know in a matter of seconds if you’ve been pre-approved. If so, you’ll have a choice of how to pay:
- Planned Payments: 6- to 36-month payment terms are available at a reduced promotional APR, and you can know up-front exactly what your total cost will be.
- Flexible Month-to-Month: No fixed term commitment. You can pay your balance in full or make the minimum monthly payment (interest charges may apply); it’s your choice.
At that point you can opt to go ahead with the purchase using Klarna, or go back and choose a different payment method if you prefer not to use Klarna. If Klarna is not able to pre-approve your purchase, it will tell you that there are no options available.
Obviously interest will be applied over the term of your payment plan, but there are no added fees. For those of you who like to do your homework, Klarna’s Credit Account Agreement, including interest rate and other details, can be found here:
Klarna Account Agreement
Complete Terms and Conditions are available here:
Klarna Terms and Conditions
Many people don’t realize that PayPal also offers pay-later options, including No Payments and No Interest for 6 months on qualifying purchases. That could work out well for you, particularly if you anticipate a relatively short-term payoff. Of course, if you choose this plan you’ll want to keep in mind that the interest will catch up with you if you don’t pay within the six months!
To apply for PayPal Credit, select “PayPal” under Payment Methods at checkout, and then look for a link to apply from PayPal’s site. You can find more information on PayPal Credit here:
PayPal Credit Info
In any case, you’ll want to approach any pay-later options with a healthy level of caution. Make sure that if you do choose a credit plan, it’s something that fits within your educational budget.