If you need a loan to get a phone, maybe you shouldn't be getting it in the first place. I know I sound like an elitist or something, but still....
You don't sound like an elitist but maybe a little a condescending considering you are assuming that those who choose to finance a phone aren't financially fit to get a new phone. That logic is just so simple minded as if every situation is the same. It's such an overgeneralization of a single situation.
I have gotten every new iPhone upgrade since the beginning because I'm a tech junky. Every year, I'd have to find a buyer for my iPhone. This upgrade program now allows me to upgrade seamlessly every year without spending a penny more, it's a no brainer for me. And the key part of that last sentence is "for me".
But how about that single parent who wants to get a phone for their kid so that they could concentrate on school/college vs. trying to get a job so they could afford a phone? Maybe for them, an interest free $30-40 a month is stress free and works for their budget.
Or maybe they have a family of 5 and a monthly plan makes more sense while they invest that large sum they would have dropped paying up front?
Point is, you don't know peoples situation so probably best to keep those condescending thoughts to yourself.
And as much as people will say "you don't need a phone" - in today's world, as part of communication and to be connected, I'll argue that you do need a phone to be connected. I don't know a single adult that does not own a mobile phone. Even my relatives in the Philippines who live in provinces have phones with 3g lol. So even if this program had interest, it would still help those that need a phone but couldn't afford a large sum up front.
So long story short (lol), think out of the box.