Have you ever gone to make a purchase and been blindsided by a mountain of unexpected paperwork and fine print? Us too. But here at Woodstock Furniture & Mattress Outlet, we don’t think it should be that way. We believe that the better we communicate our payment options and policies before a customer’s visit, the better their shopping experience will be. That’s why today we are embarking on a journey to answer our customers’ most asked furniture and mattress financing questions.
So what is the first question we’re tackling in this new series? “Do y’all have any no credit needed payment options?” Customers ask variations of this question on a daily basis, and our answer is an emphatic yes! Join us as we dive into different ways you can buy furniture or mattresses without needing credit.
But First, What Do We Mean by No Credit Needed?
We have several no credit needed payment options here at Woodstock Furniture & Mattress Outlet. However, before we go any further, we think it’s important to clarify what we mean by that.
When our customers ask about these types of payment options, there are always a ton of terms that get thrown around. For instance, terms like, “no credit financing”, “no credit check financing”, and “lease-to-own”. So exactly what is no credit or no credit check financing? How about lease-to-own plans? Aren’t these terms just different ways of saying the same thing? It might seem like it, but not really.
We prefer to call them “no credit needed payment options”. Why? Because some of these other terms are confusing, misleading, or both. “No credit financing” implies that the borrower’s credit isn’t involved, and “no credit check financing” implies that the lender doesn’t check your credit whatsoever. Both are incorrect. Furthermore, since the no credit needed options below are technically lease-to-own, the term “financing” itself is inaccurate.
So what can you expect? While you don’t need a lengthy credit history or perfect credit to purchase with one of our no credit needed options, the process is still tied to your credit in a couple of key ways. First, while you won’t need to worry about hard credit checks negatively impacting your credit score, the lenders below will still perform a soft credit check. Don’t worry, it won’t even show up on your next credit report. This is only to verify your identity. Second, should you decide to purchase your furniture or mattress with one of these lenders, they will report your payment history to at least one of the credit bureaus, just like they would a credit card, car note, mortgage, or other loan.
What Requirements Are There? And What No Credit Needed Options Does WFMO Offer?
Each lending partner below is different, but here are a few basics that you should know:
All of our no credit needed options operate on a lease-to-own basis. Simply put, this means that the lender owns your furniture or mattress until you’ve made your final lease payment. Much like a car loan. As a result, we cannot offer cash refunds on these items, only exchanges. That being said, we are otherwise more than happy to exchange, replace or repair lease-to-own items in accordance with our return policy.
Next, while each company has their own policies, they all operate on a 12-month basis with a 90-day purchase option. When it comes to paying off your purchase early, each company handles that differently.
Regardless of which lender you choose, your total borrowed amount will be the sum of your subtotal plus taxes and leasing/processing fees. To be clear, when you lease-to-own something over 12 months, you will pay more than if you’d purchased it outright. However, this arrangement gives you the ability to buy now and pay over time – even with less than perfect credit.
The 90-day purchase option allows you to pay off your purchase with the lender early (within 90 days or less). By doing this, you’ll only have to pay the cost of your furniture plus tax, the initial processing fee, and any applicable buyout fee. This can save you money in the long run.
Lastly, how do you know if you qualify for a no credit needed payment option? Well, you won’t know for sure until you apply. But here are some quick guidelines. While each lender has different criteria for borrowers, they do have the following general requirements – proof of employment, an open and active checking account, and $1,000 or more coming into your account each month.
Acima Leasing
Acima’s selling point is that they’re possibly our most convenient option for lease-to-own. Why? Because the entire process can be done quickly and easily using your iPhone or Android smartphone right there at checkout! Acima’s up front lease processing fees are reasonable, but if you want to pay off your furniture early, they do have a small buyout fee.
Kornerstone Credit
We understand that not everyone has a pile of money lying around. Are you hard-pressed for cash? If so, Kornerstone could be your lease-to-own answer. Kornerstone has the lowest initial lease processing fees of our options, which means it’ll cost you less today to head home with some new furniture! Kornerstone does have a reasonable buyout fee for paying off early, but it is higher than the others on this list.
Progressive Leasing
Lastly, if you’re determined to take the 90-day secondary purchase option (or pay off your purchase at any time before your 12 month term is up), Progressive might be the best fit for you. Unlike the other lease-to-own options on this list, Progressive doesn’t charge fees for early buyout. That being said, they have the highest initial processing fees of our options, so you’ll pay a little more on the front end.
Buy Today w/ No Credit Needed at Woodstock Furniture & Mattress Outlet!
Maybe you don’t have enough cash to cover a large purchase right now, and it would be easier to spread out the payments over time. Or maybe your credit score isn’t as high as you’d like it to be. Unfortunately, life’s needs don’t always wait for the most convenient or affordable time.
However, if you need a new mattress, sofa, desk, dining chairs, table or more, we are committed to helping you find the financing, leasing or payment solution that works best for you. Hopefully one of the options we introduced today is the perfect fit. For full details and restrictions, and to see if your purchase qualifies, contact us today!
In addition to our no credit needed lease-to-own options like Acima, Kornerstone and Progressive, we also have finance options available through institutions like Wells Fargo, Synchrony Bank, and Affirm. Be sure to check out our payment options here, and visit us again soon for answers to more of your payment and financing questions!
