Smartphones can be pricey without a contract. Sign a two-year contract and that price can be slashed drastically. Now, Motorola is giving customers a way to get a cheap smartphone without signing the sometimes dreaded two-year contract with the Motorola Moto E.

For just $150, customers can purchase a Moto E smartphone that runs Android without being forced to sign any contract, according to Yahoo Finance.

The Moto E is smaller and less powerful than most smartphones on the market now, but it will still get the job done. The latest Moto E is capable of connecting to 4G LTE which means faster loading apps and messages will send faster too.

The last Moto E did not have the capability of running 4G LTE. That version still costs $130. For $20 more customers will get the 4G LTE speeds.

Even though the latest Moto E is bargain-priced, it will still be shipped with the latest version of Android, 5.0 Lollipop. More expensive, yet older phones are still waiting on the update to Android 5.0 Lollipop.

The screen size on the Moto E is only 4.5 inches. Most new smartphones are offering screens that are 5.0 inches or greater. It still is larger than the last Moto E, which was 4.3 inches and an entire half inch bigger than the iPhone 5.

The screen resolution on the latest Moto E will disappoint many users; it is only 540 x 960.

New to the latest Moto E is a better processor, an upgraded Qualcomm processor that will help it run at faster speeds.

A front-facing camera is pretty standard on most smartphones for selfies and video-chatting but the last version of the Moto E did not have a front-facing camera. The new Moto E will include a front-facing camera.

Motorola also plans to offer a 3G-only Moto E smartphone. That likely would be even cheaper in cost.

A fun feature on the new Moto E is the capability to customize the color by swapping out the bezel, TechCrunch reports.

The Motorola Moto E offers a cheap, yet useful smartphone experience for the budget-minded consumer. It also does not require a two-year contract.