Alternate Credit

Retailer Credit Cards 
Retailer credit cards are bank-issued credit cards co-branded with a retailer. Most often you can use the card only at that retailer or a specific group of retailers. Store credit cards can help you build credit, offer incentives and savings, and make shopping at your favorite retailers convenient. However, be sure to pay your balance on time and stay below the (oftentimes lower) credit limit so that your credit score isn’t negatively impacted.  

Layaway 
Layaway means paying for items with an initial down payment followed by smaller installments paid over time. Retailers will keep the merchandise while you pay small installments over a specific period, determined by you and the retailer. Once you have paid the total amount owed, you can pick up your items. Layaway does include flat fees, but there is no interest associated with the purchase.  
Layaway programs do not run credit checks for you to use, you simply need a proof of identification. The downside to layaway is that the fees can be high and if you are unable to complete the payment installments over time, you may be charged additional fees to leave the agreement.  

Buy Now-Pay Later 
Buy Now – Pay Later (“BNPL”) or “installment payment”, is a newer type of layaway program where you pay installments over time to pay off a purchase. However, with BNPL you do not have to wait to receive the item, you receive it right away. It varies whether a BNPL program includes interest or is interest-free.  

Recurring payment  
Typically used for mortgages, auto loans and student loans, recurring or installment credit gives you a fixed, lump sum of money that will be paid in recurring installments until the loan is paid in full. Installment credit can have lower, fixed interest rates if you qualify. 

Payday Lending
Payday lending is a high-interest, short term loan designed to be paid back in one payment. These loans are usually based on your income, and you often need to provide a paystub to qualify. Making sure you can pay the amount back in time is critical in payday lending.