Shopping is an activity enjoyed by many people. However, buying the things you need can be a challenge if you don’t have a lot of money and your credit is less than perfect. That’s why there are rent-to-own stores like FlexShopper.
FlexShopper is a store that allows you to get what you need now, but pay later. You make payments for a period of time, until the item is paid off. Once you have paid off the item, it is yours to keep.
Rent-to-own is not the same as layaway. When an item is on layaway, it stays in the store until it is paid off. The nice thing about rent-to-own stores like FlexShopper is that you get the item right away. There is no waiting.
With FlexShopper, you can be approved in just minutes for a $2,500 spending limit. You do not need to put any money down and you can be approved even if you have bad credit. You pay just a small weekly amount. There is also a 90 days same as cash option. This means that you can pay off the item in 90 days and be free of any further financial obligations.
There are two requirements, though. Not everyone is approved. You must be employed and earning at least $1,000 a month from one or more jobs. You must also have a bank account that is at least 90 days old.
While FlexShopper is a leader in the rent-to-own category, there are many similar stores. If your credit and income is challenged, consider making a purchase from one of these stores.
Fingerhut is probably FlexShopper’s most popular competitor. Fingerhut ads are often sent in the mail and feature so many cool products you just have to have. Fingerhut offers clothing, pet supplies, home goods, sporting equipment, tools, electronics, baby gear, toys and gifts.
Fingerhut is a good place to shop if your credit history is poor. The store does no offer a rent-to-own model, but it does offer a credit card. The credit limit and terms are determined by WebBank. Like a regular credit card, you must pay at least the minimum payment by the due date every month. You can pay it off any time without penalty.
You do have to pay a down payment as well. This $30 payment can be made online or over the phone.
Emporium offers items for purchase in a variety of categories, including home goods, appliances, furniture, fitness equipment, sporting goods, fashion, automotive, music, electronics and jewelry.
Emporium offers the same shop now, pay later model that FlexShopper has. To qualify, you must be at least 18 years old, receive some source of regular income and have an active checking account.
You can be approved for an amount between $300 and $5,000 and no credit is needed. You can choose from 100,000 items at six months same as cash. The minimum lease is $50. Lease terms may be 12, 18 or 24 months. You can lease as many items as you like at one time, as long as you stay under your credit limit.
There is no interest. You pay a fixed amount each week until the item is paid off. You can pay off the item at any time and save money.
Touted as “your rent-to-own destination,” RentDelite offers flexible rental options on more than 50,000 products. They offer phones, tablets, TVs, computers, video games, fashion, furniture, appliances and more. All are brand-new products.
RentDelite accepts all credit.You start making payments after you receive the product. You will be asked to pay affordable installments with no long-term contracts. All terms are for 12 months. The spending limit is $2,500. You are allowed to lease only one product at a time.
To qualify, you must be at least 18 years old and have a regular source of income. You must also have a valid email address and a debit or credit card. That’s because the payments are automatically taken from the card. You can opt for weekly, bi-weekly, semi-monthly or monthly payments.
Leaseville allows those with challenged credit to buy brand-name, brand-new products. Items include electronics, tools, appliances, furniture, fitness equipment, musical instruments and more. It offers a lease-to-own program, with 12 months same as cash. If you do have credit, you’ll get lower payments. The maximum spending limit is $10,000.
To qualify, you must earn at least $1,000 through non-temporary employment, and be able to verify six months of employment. You must also have had a checking account for three months or longer. The account must also show at least five deposits with a total of $500 or more per month.
Payment terms range from 24 to 36 months. There are no down payments or fees, but you must pay the first month’s lease payment before the item can be shipped to you. Payments are fixed, with no interest.
Gettington is another store with a large amount of merchandise. The department store sells home goods, baby gear, pet supplies, automotive supplies, clothing, sporting goods, health and beauty items and more. Gettington offers a credit card that allows you to buy now and make small monthly payments.
Eligibility is subject to a credit check. WebBank determines your credit limit and your monthly payments. Credit lines are reviewed several times a year and are subject to increase.
Zebit offers millions of products at competitive retail prices. You can purchase just about anything you need, from appliances to electronics to jewelry to home décor to clothing to baby gear. Zebit buys items at wholesale prices and passes the savings on to you, the consumer.
Zebit allows you to get up to $2,500 in interest-free credit. You pay over time, and there is no credit check or fees involved. You pay a down payment at the time of purchase – typically around 20 percent of the total cost – and then make 12 payments of a fixed amount. The only qualifications are that you must be age 18 or older and be employed or receive regular income.
If you just have to have the latest in technology, but don’t have a lot to spend, YuKeep allows you to lease the coolest products. Products include smartphones, video game systems, computers, TVs, sporting goods, appliances and more.
All items are brand new in their original packaging. YuKeep does not sell used or refurbished products. You get free shipping and 100 days same as cash. Just name your lease payment by using the payment calculator and you can own the item in 12 months or less. The payment schedule is based on how often you are paid. You will need to pay a deposit at the time of purchase, which will be refunded if you purchase or return the item.
You don’t need good credit. Just fill out a short application and you could be approved the same day.
Phones and accessories can be pricey, but are often a necessity. Get the peace of mind you desire by using SmartPay Leasing for your next smartphone purchase. You can use SmartPay Leasing online or in store.
Choose the phone and accessories you want and select a plan. Use SmartPay as your payment method. Just fill out a quick application and you could receive up to $1,500 for a phone and accessories. You’ll need to make a down payment. You’ll pay the remaining balance in affordable monthly payments.
To apply for SmartPay Leasing, you’ll need to be at least 18 years old, have a Social Security number and earn at least $1,000 per month. You’ll also need a debit or credit card for the down payment.
Aaron’s is a lease-to-own store that offers furniture, electronics and appliances at affordable prices. No credit is required. You can start a lease online or in store. You get free delivery and setup for the items, as well as free service and repair. Aaron’s offers flexible payment options, so you can make payments once or twice a month. Lease options are 12 months, 18 months and 24 months. The 12-month option is the cheapest overall, but requires larger payments. Currently, Aaron’s is offering six months same as cash in certain areas.
Is a Rent-To-Own Store Right for You?
While FlexShopper and the other stores listed here are good for those who have little money and credit to build credit and show they are responsible. This will help boost their credit score. However, this is not a good option for those who have credit cards or can pay cash. That’s because after you have paid off the lease, a typical purchase can cost you double than what the item would normally cost. For example, a basic laptop on the FlexShopper site costs $728. This includes a $334.99 cash price and $393.01 rental cost. You can find this same laptop elsewhere for around $300.
The small weekly payments attract customers, but make sure you know what you agreeing to before you sign the lease. The terms and conditions need to be taken seriously. If you miss a payment, it will affect your credit score.
Visit the sites listed above and see if their products and payment terms are useful to you. Buying an item at such terms is not ideal, but if you truly need the product, you can build credit in the process.