There are many good things about no contract carriers like Leap Wireless and MetroPCS. The biggest benefit is that you don’t have to sign a contract and you can cancel whenever you want. The big downside to wireless carriers like these is that you have to pay the full purchase price of the handset up front.
That means if you want something like the iPhone 5, you could pay as much as $500 upfront. That can be a lot of money to come up with for many people. Both Leap Wireless and MetroPCS have announced that they are now offering handset financing programs. Metro PCS is working with Progressive Finance and BillFloat. Leap Wireless is working with Progressive Finance.
The financing services require no credit check as long as the buyer has an active checking account the finance companies can access for monthly payments. Users can finance any combination of smart phone hardware and accessories $200 and over. With this plan, users could walk in and get an iPhone 5 with the first month service for only $105 out-of-pocket. Accounts paid within 90 days get no interest charged but the buyer can take up to nine months.