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Exclusive : Get The iPhone 4 From £16.10 Per Month

Want to get an iPhone but can't afford to fork out a whopping £499 outright for it? Well, there's a sneaky way of actually getting your favourite phone for as little as £16.10 per month albeit over a three year period.

You end up paying £579.65 over the life of the loan dna the interest being paid is £80.65 for three years, which is a mere £2.35 per month, hardly back breaking.

Yesterday, during our 7-hour venture to buy the iPhone 4, we got the confirmation that you could indeed buy your iPhone using Apple Financial Services, one which is provided by Barclays Partner Finance and is a wholly owned subsidiary of Barclays bank PLC.

The default repayment period is three years and you get the device immediately. We spoke to someone over the phone and were assured that users wouldn't need to hand over a deposit.

An Apple employee also confirmed that the 16GB model would cost £16.10 per month while the 32GB would hike the price to £19.28 per month, still a great price to pay for the phone.

Our interlocutor told us that the APR is typically at 15.9 per cent (as per Apple's Finance Your Mac page (opens in new tab)) although the monthly payment indicates a lower APR of 10 per cent.

You can settle your loan agreement at any time. But you must first write to Barclay's Partner Finance and they will calculate and send the settlement figure. The settlement figure and date are calculated in line with the Consumer Credit Act.

Désiré Athow
Contributor

Désiré has been musing and writing about technology during a career spanning four decades. He dabbled in website building and web hosting when DHTML and frames were en vogue and started writing about the impact of technology on society just before the start of the Y2K hysteria at the turn of the last millennium. Following an eight-year stint at ITProPortal.com where he discovered the joys of global tech-fests, Désiré now heads up TechRadar Pro. Previously he was a freelance technology journalist at Incisive Media, Breakthrough Publishing and Vnunet, and Business Magazine. He also launched and hosted the first Tech Radio Show on Radio Plus.