PayJoy

Installment platform for smartphone users

PayJoy is a free-to-use financial platform. It operates much like an online loan app, although it only works for smartphone purchases. This was designed to help people across the world in getting a new smartphone on an installment basis. The same device is used as collateral for the loan.

PayJoy only works on certain territories, and even then, depends on the platform’s partnership with local dealers. As for the app, it works well for managing applications and reminding. Be warned that its system is designed to lock phones that violate its payment terms until the outstanding balance is paid.

Get a new device on flexible terms

Basically, PayJoy helps you get a new phone. A partner dealership will assist you in the process. You can use your existing device for applying for a purchase. Before turning over the purchased device, this app is also installed on the new phone. It will provide you with reminders and notifications. However, it can limit your phone’s functionality should you miss paying on time.

For the app, it follows an intuitive layout for an easy user experience. It doesn’t use a lot of visuals and presents the data you need. The copy of the app is unique to each device, so you can have multiple devices registered under your name. Once you’ve availed of a smartphone, it shows you your next payment schedule as well as your overall payment progress. 

PayJoy also lets you connect with a customer representative if you need help. Of course, the biggest restriction is that it is only available in select territories. Even then, you will need to check if they are available with a seller or store near you. Other than that, it’s convenient. It doesn’t require a bank account and supports different online payment platforms.

A convenient tool with risks

Since smartphones are considered an investment, PayJoy comes with a new way of obtaining one. Taking into consideration alternative payment methods, it doesn’t require users to have a bank account to gain approval. Even the app is convenient to the users, keeping them reminded of their due through the app. Be warned, however, that it does lock your device and it has limited availability.