Apple's latest brainchild just dropped, and millions around the globe have already emptied their wallets to jump in on the latest in tech. The iPhone 12 and its derivatives were built with an iconic boxy silhouette, a new Magsafe charging feature, a crazy-fast A14 bionic chip, and a ceramic shield-protected OLED display–all packed into a slimmer box with no charger and accessories. But hey, all good things should be enjoyed in moderation, right?

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Nevertheless, the iPhone 12 and 12 pro have already reached the doorsteps of eager pre-orderers. The reception has been positive–a great feat considering the number of new features added to this year's lineup. Moreover, with two more models–the 12 mini and 12 pro max–scheduled to hit stores on November 13, there's lots to be excited about. 

READ: Should You Pay For Big-Ticket Items With A Credit Card

You might be reading this from your 4-year old phone and are thinking that it's about time for an upgrade. With four new iPhone models in varying sizes and price points, there's certainly one for almost every type of consumer. But if there's anything you can't ignore, it's the sky-high price tag for even the most basic model. At the moment, the lowest price for the 64GB iPhone 12 from a third-party retailer is a whopping P54,500. For the average salary worker, that can be a year's worth of savings or more. With that in mind, the big question is whether or not it's worth getting a cash loan online to finance this purchase. 

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Big features, compact silhouette 

There's no doubt that this year's iPhones have been amplified to contain some of the most coveted features in the smartphone market. The new design, chip, lenses, durability, 5G compatibility–the list is seemingly endless. Objectively, conservative 4 and 6GB RAM allocation for the iPhone 12 models would be slower than phones with 8GB or more RAM. However, Apple's power-efficient a-series chip and superior collection memory management make it more powerful than other smartphones and the best choice for power users, such as content creators. To top it off, with night mode compatibility for wide and ultra-wide cameras, you can take stunning photos at any time of the day. 

If you're an existing Apple user and can benefit from device integration or are in a line of work that revolves around making the best use of iPhone features–whether photography, videography, events management, and more–then it's an investment that's tempting to make. 

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An essential for you 

The iPhone 12 isn't only great on paper. Phones used to function as no more than communication tools, but people can now start and maintain careers out of them. For instance, there are legitimate iPhone photography courses and competitions, and Apple has made it a point that the 12's lineup is all about making movies with its improved videography features. If you've been staying afloat with online gigs or have a main job that utilizes the most out of a companion smartphone, then the latest iPhone may be an essential purchase for you. 

READ: Smartphones Below Php10,000 You Can Buy With A Credit Card

Being an important expense doesn't make the price tag easier to swallow. But if you evaluate the new gadget as a necessity in the near future, then there are a couple of ways to help you get the cash you need. For instance, you can opt to take a legit online loan from reputable moneylenders such as pera247, which can lend up to P15,000 on a 90-day tenure for new borrowers through instaLOAN, and up to P30,000 on a 6-month tenure for existing, non-delinquent clients through AffordaLOAN. Your budget will have to accommodate the short-term repayment schedule, so think twice before borrowing. The upside is that you can complete your online loan application in as fast as 15 minutes, so you don't have to worry about the wait. 

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Even P30,000 isn't enough to pay off the cost of the cheapest iPhone 12, but it's enough to cover the cashout cost from telecommunications providers. If you own a postpaid phone plan with Globe or Smart, then you can renew your contract once the new phones drop in their online stores. Otherwise, you'll need to be employed and have a credit card to qualify for a brand new phone line. 

You can opt to make monthly payments from P799 to P2,499 over 2 years after paying off a portion of the phone's value. If you already depend on a postpaid plan or have an employer that covers your phone bill, then this is an amazing way to get the new iPhone 12 at a "discounted" price. 

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Exploring Alternatives 

For most consumers, the biggest challenge behind getting a high-end gadget is the equally expensive price tag. While you can always take an online cash loan to finance a portion (or entirety) of the expense, it isn't a practical choice for everyone, given the shorter repayment tenure. The iPhone 12 may be tempting, but it's not a necessity to live your daily life. There are plenty of budget models and lower-end flagships available on the market. 

Big holiday sale online means you should be on the lookout for tech deals if you're looking into purchasing a new phone. While you might not find the latest iPhone in stock, you can find older–but still wonderful–models on markdown at the Official Apple Flagship Store or opt for a budget smartphone under P10,000.

READ: 5 Powerful Midrange Phones Under 20k

Keep in mind, however, that choosing a better-built phone has its upsides. A P50,000 iPhone can last you 5 years with durable hardware and 5-6 years of software update compatibility. Meanwhile, a P8,000 phone might slow down and lose its luster after 6 months. 

You can take a quick loan online to help you pay for Lazada purchases in installments. Pera247's eShopaLoan is a great way to space out your spending, so you don't have to drop a lump sum to cover for your latest tech purchase. It's one of the friendliest loans for the unemployed with no bank account as the requirements are lax, and both the application and repayments are easy to handle. 

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Final thoughts: is it worth it? 

Ultimately, the most important aspect of making any major gadget purchase is to think twice and hard and not swipe your card or take a loan impulsively. There are a lot of promos offered out there including the buy now, pay later. You can always consider these but make sure you do your math before grabbing any sale. Any large expense will have an impact on your budget, one way or another, so it's pertinent to be sure that a new iPhone 12 is important enough in your life or career to merit its financial impact. 

While pera247's portfolio of quick cash loans can help you go one step closer to your dreams, you'll have to bear the responsibility of payments later on. So check your finances and determine whether taking a loan for a big or mid-range phone now is a good idea. If not, then don't worry–there's always next year. 

*All iPhone12 images used in this article were screen-grabbed from https://www.apple.com/iphone/

Nicole Si

Nicole Si

Nicole is a 20-something writer whose words are fueled by iced coffee and a penchant for financial intricacies. Before GoBear, she was a Communications graduate and a business analyst who's had her fair share of money challenges.

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