If you have bad credit or are working on improving your credit score but it’s just not high enough yet to get approved for furniture financing these companies have you covered.
Furniture isn’t something we need to buy frequently but it is something we all need whether we have good credit or not. And while buying furniture in cash is the best option to not only get the best deal but also to avoid paying interest – everyone isn’t in the same boat when it comes to cash flow.
I remember many years ago when I was moving into a newer home with my family and our hand-me-down furniture had reached its expiration date and buying new furniture was a must.
However, at the time my credit wasn’t in the shape to get approved for traditional furniture financing. It was a relief to learn that there were still options for credit-challenged individuals to get approved for furniture financing.
Here is a great listing of furniture stores that have flexible financing options for individuals with bad credit.
1 | Ashley Furniture
Ashley Furniture now known as Ashley Home Store have locations all over the country so you can shop both online and in their showroom stores.
They have traditional financing options available and they also have a lease-to-own option for those who can’t quality for traditional financing. This program goes through Progressive Leasing and offers Instant Decision so no waiting for days for your approval.
Their process requires no credit check with 90-Day purchase option with flexible payments.
2 | American Signature Furniture
American Signature Furniture has showrooms all over the country and has online shopping available as well to make purchasing their gorgeous furniture designs so simple.
In addition to many traditional financing options available they also have a lease-to-own program through Acceptance Now. Their program only requires you to put down a payment of $1 to get started for a minimum purchase of $298.
The lease agreement starts with 120 days same as the cash payment option. The only downside is this financing option is only available in their store locations.
3 | Badcock Home Furniture
Badcock Home Furniture pledges that “everyone is approved” and in doing so they have many options available for financing. You can even use PayPal financing for online purchases but you are subject to PayPal’s approval guidelines.
Badcock offers for in-store purchases only their 90-day interest-free payment option on a $250 minimum purchase. You can even get approved for up to a $5000 credit limit.
4 | Value City Furniture
Value City Furniture has a goal of 100% financing for all of its customers. Therefore they also offer many flexible financing options.
They also have a lease-to-own program through Acceptance Now. Their program only requires you to put down a payment of $1 to get started for a minimum purchase of $298.
The lease agreement starts with 120 days same as the cash payment option. As with most of these options, it is only available at their physical store locations.
5 | The Furniture Mart
The Furniture Mart has three financing options, all easily accessed online. Special financing via a Furniture Mart USA Credit Card is available for anywhere from six to 60 months.
Furniture Mart also has a leasing plan with a flexible payment schedule with 90-day payments and no minimum credit score necessary.
There’s also a layaway option that requires a 25% downpayment. And the best part is if you find your furniture on sale, the layaway will hold that sale price until layaway is paid.
6 | BigLots
BigLots are stores where you can buy everything but the kitchen sink but don’t always get top of mind when furniture shopping. However, you can purchase great quality furniture for every room in your home.
They offer a lease-to-own option to those who don’t have the credit to go the traditional financing route. Their 90-day purchase project doesn’t require credit but does require an initial downpayment of $49 to get started.
7 | Bob’s Discount Furniture
Bob’s Discount Furniture has locations all over the country and have a great selection of furniture to choose.
At Bob’s, they want everyone approved so they offer a financing option with American First Finance. Be aware that this option may have a much higher interest rate.
They also have a lease-to-own program with Progressive Leasing.
How Do Rent to Own Furniture Programs Work?
There are so many stores that offer lease-to-own financing options. Basically, a rent-to-own furniture agreement, also known as lease to own or a lease purchase, is a payment plan in which you agree to make installment payments for the furniture you want to purchase.
You can exit the contract anytime by either returning the item or purchasing the furniture for a lump-sum payment. After the agreed-upon number of payments are made, (usually 90 days) you own the furniture.
Generally, the rental company doesn’t run a credit check for a rent-to-own plan. Instead, a prospective renter may need to provide proof of income and an address — as well as submit personal references — to enter a rent-to-own agreement.
Related: Bad Credit Approved Installment Loans
Are There Any Risks With Lease-to-Own Furniture Financing?
The biggest risk or downside to leasing your furniture is that the monthly payments required often add up to much more than the sales price of the furniture.
On top of your base payments, you may be charged other fees that can be stuffed into the cost which raise your cost even higher. These fees can hide behind names like processing fee, set up or installation fee, and delivery and pickup fees.
When you are in a situation where you have a need such as furniture but you don’t have the credit to quality for traditional financing or you are unable to save the cash, paying a bit more is often the trade-off.
This is all the more reason to keep your financial health in check and protect your credit whenever possible. Having good credit really does pay well in the long run.
