Are you a paycheck person? Would you like to replace your old electronics without using your salary or savings? Well, then, I believe you’ll find my today’s subject on buy now pay later electronics no credit check financing interesting and, perhaps, worthwhile.
Needless to say, the topic is my simplest of all the articles I have written recently. Unlike things like food, alcohol, and firearms, electronics are easy to find financing companies. You just have to make sure your income report has the right impression as many of these lenders use your salary in assessing your approval.
But again, various point-of-sale credit departments may still need a few more details to determine your qualification, plus have a different interest rate. So, this post will cover the 11 best buys now pay later electronics no credit check companies that has a perfect balance of all that.
Is Buy Now pay Later Electronics Payment Plan a Good Idea?
Buy now pay later plan, or simply BNPL is one of the best methods to finance your most expensive dream item. If it’s that gigantic 4K Ultra HD Smart TV you have been wanting to jazz up your living room, you can either withdraw $3,000 from your savings. Or else look for a lease-to-own company that will allow you to split the amount into smaller bits. For instance, Luther Sales can split the cost into $151 monthly charges for 36 months. Hence, giving the option to enjoy a vivid streaming experience without affecting your regular bills significantly.
Apart from spreading out the purchase amount, a buy now pay later payment plan can also help build your credit score from those affordable installments. You only have to make your payments on time and consistently.
But again, your lender has to be reporting to the credit agencies for your performance to reflect on the upcoming score reports. This means also there are chances of affecting your credit score negatively, which now brings us to our next part of the discussion.
Shortcomings of Buy Now Pay Later Electronics Payment Plan
The first and obvious drawback of using lease-to-own companies is that they’re not exactly cost-effective. Yes, the retailer or credit company will trick you that it’s an affordable payment alternative, but it’s not.
If it’s our previous example with the 4K Ultra HD Smart TV, Luther sales charges $2,549.00 when you pay outright without financing. When you decide to use the credit option instead, the company has various payment frequencies to consider. If you choose to pay up on monthly basis, you’ll be required to pay up to $151 for a period of up to 36 months. This is to say you’ll have paid about $5,436 on the last day, roughly 2,887 more than what you should have paid without financing.
Another thing, buy now pay later financing can cause you to indulge in impulse purchasing, which in turn leads to overspending. You’ll even start buying things you really don’t want for as long the source of income keeps on flowing and the retailer offers affordable monthly charges.
Lastly, late or missed monthly payments could ruin your credit history if the lender usually reports to the bureau. This means you’re ruining your credibility with the current and future credit department in case you need help again.
What’s The Best Buy Now Pay Later Electronics No Credit Check Store?
Even with the few downsides, more and more people are turning to point-of-sale credit companies for emergency financial solutions. Especially with millennials, many of them don’t want anything to do with the traditional plastic credit cards. In return, this has left more and more credit departments, particularly financial technology companies, sprouting out and grappling for subscribers.
Regardless, Walmart Retail Store is my first choice when looking for a convenient buy now pay later electronics no credit check program. Not only does it have a wide selection of products but also has reasonable monthly charges at a rate of 10-30%.
However, we can’t conclude that this rate is the lowest as some companies have 0% APR and others finance purchases over $2,000.
Comparing the various Buy Now Pay Later Electronics Payment Programs Features and Benefits
In this part, I have divided the eleven lease-to-own companies into two sections- Retailers credit and Financial companies credit. In the rundown, I’ve only focused on the features and benefits that stand out each provider from the other.
A. Buy Now pay Later Electronics Retailers
In this option, the retailer extends the credit directly to the consumer or using external credit departments. Its main upside is that you can easily compare the monthly payments of individual products before adding them to the cart.
1.Amazon.com Online Store
Even though the firm isn’t the best at it, I still can recommend it if you’ve planned in vain to replace your electronics. The company has hundreds of electronic gadgets and appliances to choose from, all brand-quality and at competitive pricing.
More on that, you can pay for your particulars in short bits using the Amazon Monthly payments plan. The credit facility is very easy to qualify as you only need an Amazon account that has been active and with nice payment history.
Even better, the company doesn’t charge interest to the offer but might require an initial payment on the day of shipping.
- It’s quick to get approved
- Offers a wide range of products
- Has a friendly installment rate
- Stocks new and renewed electronics
- You can apply with perfect to bad credit score
- It has late payment fees
- Might request a down payment
2. Luther Sales Luxury Store
The Luther Sales is kind of one of my favorite buy now pay later companies. It’s mostly for luxury products, which is why Apple, Galaxy, Bose, Sony, and XBOX are the kind of names you’ll find on the list. You’ll find quite a variety in each product category and clean after-sales service, including free delivery to your location.
Furthermore, you can clear your checkout purchases in either full payments or using Luther Sales Credit at low monthly charges. The credit plan is quick to apply and get approved, plus requires no down payment, credit card, or annual fees.
- It offers decent and high-quality items
- Can help build a credit score
- Has multiple payment frequencies
- Allows add-on purchases on credit
- Available for even bad credit score
- It has a user-friendly, easy-to-navigate site
- It has a high-interest rate
- Doesn’t have a local/ in-store shopping
- Doesn’t apply for credit without a pay Stub or L.E.S
3. Walmart Retail Company
Be it the latest smart TV, computer, video game, cellphones, or home theatres, Walmart always has a full stock to choose. You can also get electric cars, bikes, and ATVs for your kid, as well as RC toys to chase after at home. The retailer usually keeps the highest quality products, all from well-known and trusted brands.
Furthermore, Walmart has a convenient checkout option, which you can do so in full or partial payments. It’s a partner with Affirm Finance Company to bring you flexible monthly plans that you can distribute for up to 12 months.
The company has a standard interest rate at 10-30% APR but does have promotional offers at zero annual rates. It doesn’t have any hidden fees to worry about, not even late fees or establishment charges as some lenders request.
- The store has plenty of product choices
- Has reasonable payment plans
- Quick and straightforward to apply
- Supports both in-store and online shopping
- It displays monthly rates on the product page
- It might check credit report
- Can hurt your credit with late payments
4. Kmart Big-box Store
Kmart is another retail giant, though not as famous as Amazon and Walmart. You can get nearly all kinds of products, with the electronics department featuring more than twenty sub-categories of televisions, home theater, phones, laptops, digital cameras, and more.
In case you don’t have enough cash to cater to all your purchases, the Kmart leasing program allows you to lease at a flexible schedule and rate. It requires no credit to apply and has instant approval, considering you have a stable income level.
Powered by WhyNotLeaseIt, Kmart’s leasing plan offers a standard payment period of five-month. If that ends before completing the payments, you can continue making the payments at the same amount and schedule.
Speaking of schedule, the retailer gives the option to pay weekly, bi-weekly, or monthly. Each product does display the pay-in-full price and also the monthly payment rate. So, it won’t be any hard to decide the best payment frequency for your situation.
- It doesn’t require credit
- Has simple and instant approval
- Feature wide selection of items
- Includes credit rate on each product
- Assures convenient and secure online transactions
- It might require a down payment (not always)
- Can be a bit confusing on how it works
5. Overstock Retail company
If you’re still looking around for a provider with a buy now pay later plan, Overstock.com also fits the bill. It has quite an impressive electronics collection, including top-brand security camera systems like Ring and Nest. The retail store also has the most recent TV sets, audio systems, iPhones, and media streaming devices.
Further, the company has the option to finance your purchases upfront or in partial monthly installments. So, you have no excuse to not start watching in 4K Smart OLED right away.
Even so, the Overstock.com leasing plan relies on progressive Leasing to extend credit to its consumers. So, aspects like soft credit inquiry do apply to determine the amount limit to give you.
- It doesn’t require credit
- Has multiple payment frequencies
- Quick to apply and instant approval
- Can use with perfect or no credit
- It has low monthly payment plans
- It does ask for initial payment
- Unavailable in some states
6. Montgomery Ward Retail Company
From as low as $25, Montgomery Ward can deliver you a 32-inch HDTV for the bedroom or an all-in-one printer for your home office. Of course, not many talk about it, but the brand has some amazing selections that you might like. Basic phones, kid’s toys, audio systems, video gaming, and video cameras are all available.
Needless to say, the retailer is a branch of Colony Brands, Inc. and operates at a low-price-point that everyone can afford. However, the Wards buy now pay later program can still be helpful in situations like when purchasing multiple items or something like a laptop that costs a bit more.
The good thing, though, is that the company extends credit directly to you without involving third parties. So, you can get better rates than some retailers who rely on external financial companies.
- It has reasonable pricing
- Has fast approval process
- Sells a variety of products
- Serves even bad and poor credit report
- It can help improve your credit history
- It involves late payment fees
- Does report to credit agencies
- It might ask for a down payment (not always)
7. Zebit Online Store
This is yet another amazing lease-to-own company that you can turn to when low in cash. It has a wide range of products, including electronics from trusted brands like Samsung, Apple, Sony, and HP.
Moreover, Zebit has an impressive leasing program that you can take advantage of when you have no enough funds. It’s open to both good and bad credit applicants to a maximum limit of up to $2,500.
But again, it’s not all applications tend to qualify for Zebit buy now pay later payment plan. The company also does request a down payment, which you can place as a single or three partial payments within two weeks.
- It has plenty of brand-quality items
- Effortless and quick to apply
- Has no hidden fees or penalties
- Does not report to major credit agencies
- You can get with bad or poor credit score
- It requires a down payment
- It might do a soft credit check
B. Buy Now Pay Later Financial Providers
For this one, the financial providers extend credit directly to the qualified individual. The good thing is that you can shop conveniently in any store that supports such payment methods, just like you do with a regular credit card.
1. Klarna Bank AB Finance Company
At a rating score of 4.8 stars and over 315K reviews, Klarna is certainly a company worth trying. It allows you to shop your favorite brands anywhere, anytime, and however, you prefer. The company has a standard purchase rate of 19.99% but charges no interest if you can complete the payments in full during their promotional offers.
All the purchases amount are divided into four monthly installments, with the first payment requested on the shipping day. If late to make your payments, however, the company does charge a penalty fee of $2-$35.
2. Afterpay Finance Company
Afterpay is another popular financial solution here in the U.S that you can use to shop for your electronics and pay back in installments over time. It features no hidden fees and has a standard interest rate of 0-30% APR. Best of all, the company does no credit checks, which is to say you can apply with even a bad or no credit history.
Even so, Afterpay may require an initial payment of the total purchase amount when checking out. It also does have late fees if you’re unable to make your monthly installments on time (within ten days after the due date).
3. Splitit Finance Company
Just as the name, the financial provider allows you to split your total purchase amount into small monthly payments that you can pay over time. And not just for electronics but also furniture, Jewelry, and any other products in eligible stores. The company has no interest charges or annual fees. It’s also simple to apply and doesn’t run credit checks. So, you can qualify even with poor or bad credit score, plus use without affecting your credit report.
Even so, Spitit does charge a down payment that comes as the first payment when the retailer confirms your shipment. It also doesn’t have a mobile app, thus, will have to make your payments through the website portal.
4. Affirm Finance Company
Last but not least is Apple’s most famous financial app, with over 600,000 reviews and a solid rating of 4.9 stars. It’s a favorite of many from its friendly monthly rates and integration with many stores here in the U.S.
Affirm Company charges a 10-30% APR but you can so enjoy zero interest during promotional offers. It’s available to even those with poor or bad credit scores and even can help improve it over time. If late to make your payments on time, however, your credit report could still be affected (in a negative way).
Furthermore, the company might request a down payment (10-50%) as the first payment of the agreed payment plan. So, you have to be ready for either when loading the gadgets into your shopping cart.
While there are still others, those are the eleven best companies that you can subscribe for a buy now pay later electronics payment plan. The form of payment isn’t exactly bad as some people put it. With the right lender, you can fulfill your purchases without compromising your salary or credit performance.
If possible, though, a lease-to-own provider that reports to the credit bureaus is the best to consider. Of course, it’s a risk you have to take but can help build your credit report for future borrowing needs.
In any case, if you’ve still not decided on the provider to choose, you can check Walmart buy now pay later program out and see how it goes. It is a perfect example of a retailer with plenty of shelves to shop around, then you can enjoy the low monthly payments and build your credit score along the way.