Don’t want to pay the full cost of a phone upfront? Cricket Wireless now gives you options

When it comes to buying prepaid phones, the biggest deterrent to doing so would be the high upfront cost. Since the phone isn’t subsidized, you’ll have to always pay full price for the handset. Cricket Wireless is hoping to curb that deterrent by introducing three new payment options.

Set up as three tiers, these payment options exist so you don’t have to pay the full price of your Cricket phone upfront. The first two tiers require credit checks, but for those not exactly high in the good-credit board, the third tier lets you make an initial rental payment of $50 and pay the remaining balance within 90 days.

Here are the three tiers:

• Tier I: Finance your device with an initial loan payment of $20 and 0 percent 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 $20 and six-month deferred interest offer and 29.99 percent APR for an 18-month term. Customers pay no interest if the purchase amount is paid off within six months. If the loan is not paid off within six 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 $50 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.

If you want to take advantage of any of these payment options, the prepaid phone of your choosing will have to cost at or over $200. In addition, you’ll need to make your way to a physical Cricket Wireless store if you want to get financing.

Cricket Wireless only has a handful of smartphones that cost more than $200, with the most recent release being the ZTE Grand X Max+ at $220. Even so, the carrier announced the Samsung Galaxy S6 should be available sometime soon.