If you’re on a shoestring budget but want to make sure you have an iPhone, you need to learn how to buy an iPhone without money. Yes, it is possible, even if Apple tends to be draconian about payment methods. It’s about time to talk about how you can get an iPhone without any money down.
The most common way to get an iPhone without having any money on hand is to go through a financing platform or getting a personal loan to do so. Downgrading to an older model is also a common choice. In some rare situations, you may also be able to get a free iPhone for reviewing it online or as a result of breaking a current iPhone.
Getting an iPhone when you don’t have money to spend may seem unrealistic, but people do it every day. It’s time to talk about how people get it done.
Getting an iPhone is going to cost something, but money doesn’t have to be it. Or rather, it doesn’t have to be upfront. Let’s look at the best ways to have it happen.
Downgrade And Trade In
This is another highly unlikely way to buy an iPhone without money, but it might be doable. If you somehow got a brand new, top-of-the-line Android device, you might be able to trade it in for an iPhone at a typical phone store.
Unfortunately, this comes with a snag. This method will not get you a brand new iPhone, even if you have a great new phone to offer. You will probably be able to get a slightly outdated (or very outdated) trade-in iPhone instead.
Get A Personal Loan
If you find yourself being rebuffed by the store’s financing program, there’s another way to get the iPhone you want. This can be done by applying for a personal loan on your own, online. If you’re approved, the lender will give you the funds that you need within a matter of time.
Personal loans can be found online pretty easily, many of which may be willing to work with average to poor credit. There are some sites that can do better than others. Our top picks include:
- PersonalLoans.com. This is an entire site that’s dedicated to helping you get a personal loan. Here, bankers and lenders compete for you and give you the lowest rates possible. Disbursement is pretty fast, too.
- CreditKarma. This might be the most famous site for getting a personal loan and getting a good idea on how to improve your FICO score. They match you with potential lenders and lines of credit by looking at your credit score. Since it’s credit score-based, your chances of getting accepted are high.
- Rocket Loans. If you are familiar with Rocket Mortgage, then you should know that they also have a regular personal loan option too. They tend to be pretty forgiving about things and will approve you when others might turn away.
An Important Note: If you apply for a personal loan, you may have a ding on your credit score. This is because credit bureaus apply temporary negative marks when you do a hard pull on your credit history. The same does not go with cash advances.
Be An Influencer Reviewer
Yes, it’s true. Apple and Samsung both send free phones for people to review on sites like YouTube. In many cases, people who get the phones are actually able to keep them. In other cases, you might be asked to return them.
Generally speaking, you would actually have to work very hard to get a following worthy of getting a free iPhone. Most people who get them have millions of views on YouTube and are known for being tech influencers. With that said, it’s always a possibility.
Call Your Phone Insurance
Do you need a new iPhone because your old one broke? Don’t have much money in the bank to get one? If your phone was still under insurance, you might be able to get your money reimbursed so you can buy a new one.
Obviously, this is only going to work if you have an iPhone to begin with and if it’s under an insurance plan. If you’re in this situation, it could work. Otherwise, it’s a no-go.
If you want to buy an iPhone without money to pay for it upfront, financing is probably the way to go. Financing will allow certain buyers with good credit to get an iPhone without having to put any money down.
With financing, you will have to qualify for a “no money down” option. This allows you to buy the iPhone without any out of pocket charges. However, there’s a catch. You will have to pay the phone’s value (plus interest) over the course of 24 months.
Here’s what you usually need to do to finance a phone:
- Go to the cell phone service provider store of your choice and ask about promotions involving no money down iPhones.
- Talk to the sales staff and ask to get your credit score run.
- If you have a trade-in, use that as a down payment. (It helps!)
- If you qualify, pick out an iPhone and buy it.
Should You Try To Buy An iPhone Without Money?
While it’s possible to get an iPhone without plunking down any cash upfront, it’s a good idea to hit the pause button before you do. When you don’t pay for everything upfront, you often end up having to pay extra in either time or money.
The truth is that buying an iPhone without trying to put together a down payment isn’t ideal. Paying off that loan will involve higher interest and steeper monthly payments at best. At worst, you might be rejected for the offer altogether.
Even if you just put $100 down for the iPhone, you will be doing yourself a huge favor on a financial level. So while you often can buy an iPhone without using cash out of pocket, it’s not like you really should.