Finance

Computer Financing With Bad Credit | Does It REALLY Work?

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If you can’t afford a computer altogether, don’t worry, Computer financing with bad credit is still possible.

Through personal loans, lease one, rent-to-own companies, buy now pay later schemes, or using credit from a computer retailer.

What Will We Talk About Here?
  • You can get computer financing with bad credit by applying for a loan, lease-to-own, buy now pay later schemes, or crowd-funding.
  • Top companies that can help you with computer financing include Amazon, Aaron’s, LeaseVille, and Fingerhut.
  • Credit Unions can also assist with purchase of the computer if you have poor credit score.

…and Much More!

Computer Financing With Bad Credit – How It Works?

With  Computer financing through bad credit, you can purchase a computer with minimal installments that, if paid on time, can help enhance your credit score.

Personal loans are simple to obtain. These lenders specialize in assisting clients with bad credit acquire a loan term they can afford, similar to sub-prime auto loans.

  • Another alternative is to purchase a computer and finance it through the retailer. However, compared to a personal loan, this might be very costly.

When the lease costs are added to the original price, leasing a $1,000 computer for a year may cost you double that amount. A year’s worth of interest on a $2,000 personal loan at a 20% interest rate is only about $200.

Store direct computer financing, like that offered by Flexshopper, eliminates the need for a loan and allows you to pay for the computer directly with the seller’s finance department.

Some plans offer an in-house credit program for purchasing a computer. Wards charge its credit customers an annual percentage rate (APR) ranging from 5.75 percent to 25.99 percent, based on their credit score.

How Can You Receive A Pc Loan If You Have Bad Credit?

When it comes to buying a laptop, not having enough money can be a pain. Any of the following solutions, on the other hand, can assist you.

1. Apply for a Personal Loan

Sites like CashUSA.com, for example, provide personal loans to people with various forms of credit. You can then agree on payment terms and pay in installments until the project is completed. However, the sum will pique some attention.

2. Purchase Now And Pay Later

Fingerhut and FlexShopper, for example, can sell you a computer and then let you pay in installments, which may or may not involve a deposit.

3. Lease-To-Own

Rent-A-Center and Aaron’s both let you rent an item, in this example a computer, and then pay weekly or monthly fees to use it. You have the option to buy the entire system at some point and possess it entirely.

4. Crowd-Funding

Crowd-funding is a method of generating funds from a large number of individuals, primarily via the use of online platforms. Individuals give a small amount, yet collectively, you end up with a significant sum of money.

Top Companies That Offer Bad Credit Computer Financing?

We’ve put together a comprehensive list of the top nine companies that can provide computer financing to people with terrible credit.

Computer Financing Through A Rent-To-Own Program

1. Aaron’s 

  • Payment terms include 12 months, 18 months, 24 months, or additional 120 days, depending on the company.
  • If you pay the entire balance due within 120 days, the corporation will waive all lease fees.
  • You’ll need to show proof of your income and where you live. In addition, three references must be provided.

2. LeaseVille

  • There is no credit check performed by LeaseVille. It means that even folks with weak credit can get a computer.
  • You must have a $1,000 monthly income and an active checking account with no NSFs in the previous 30 days.
  • You need also make at least $500 in deposits each month and make five transactions.

3. Rent-to-Own (RTO)

  • There are no credit checks required while using Rent-2-Own. However, 6 references, a source of income, and evidence of residency are all required.
  • The corporation makes payments weekly, biweekly, or monthly over a year.
  • You can also pay the entire amount, excluding lease fees, within 120 days.

4. Rent-A-Center (Rent-A-Center)

  • Customers are subjected to credit checks, but you are not required to have a credit history. You must submit proof of residency, income, and references to rent.
  • Within one year, you have numerous payment options, including weekly, bi-weekly, or monthly installments. You can also avoid lease costs by paying in full within 90 days.
  • Delivery, setup, and maintenance are all included in the price of computers and other equipment.

Computer Financing Through A Buy Now, Pay Later Scheme

1. Fingerhut

  • Desktops, laptops, i-Pads, tablets, and computer peripherals are all available. You may apply for Fingerhut credit online to acquire the finance you need.
  • Payments are made monthly, with the length of time-varying according to the item’s price.
  • Fingerhut conducts credit checks, however, there are no specific prerequisites for receiving computer financing from Fingerhut.
Note! Fingerhut is notable for holding sweepstakes contests regularly. You could win anything as a customer if you participate in the competition.

2. Seventh Avenue

  • Customers can use the company’s credit card.
  • You can make monthly payments once you receive your computer.
  • The length of monthly payments is determined by the item’s price.

Computer Financing Through A No Credit Check From A Merchant

1. Amazon 

  • The Amazon Store Card and the Amazon Prime Store Card can be used to fund purchases made at Amazon.com.
  • Annual membership payments of $99.00 are required for the card.
  • In addition, for purchases of $600 or more, the card offers 12 equal monthly payments at 0% interest, which varies based on the item.
Attention! With a Prime subscription that qualifies, you’ll also get cash-back. There is no yearly charge with this card.

Computer Financing Through A Personal Loan

1. Cash Advance

  • A short-term loan of $100 to $1,000 is available through CashAdvance.com. Bad credit is welcome because the organization accepts all credit scores. 
  • It has access to a large network of financial institutions. There’s a good probability that you’ll be able to get funds to purchase your computer.
  • You must earn at least $1000 per month and have worked for at least 90 days. The amount of interest charged and the length of time it takes to pay back the loan differs.

2. MoneyMutual 

  • MoneyMutual provides short-term loans of up to $2,500, which can be used to purchase a new computer.
  • The company is a marketplace for online lenders that are prepared to lend money for personal use in exchange for interest.
  • The application process is quick, and the funds might be sent to you within 24 hours.

3. CreditLoan

4. BadCreditLoans

  • BadCreditLoans also works with lenders who offer loans with APRs ranging from 5.99 percent to 35.99 percent.
  • The site explains the financing process well.
  • The monthly payment on a $2,000 loan for 12 months at 19.99 percent APR is $183.63. The entire repayment is $2,203.56.

5. PersonalLoans.com

  • It assists customers in obtaining personal loans of $500 to $35,000.
  • It reminds consumers that once they are led to the loan agreement, the lender will provide data on APR, cash loan refinances conditions and other terms.
  • This is crucial information when applying for a loan.

Computer Financing Through In-Store

You can work directly with stores that sell laptops and offer bad credit financing solutions if you want to avoid the middlemen of getting accepted for a personal loan.

1. FlexShopper

  • Many of the laptops sold by FlexShopper are available for lease, and a weekly payment with the option to purchase might make them reasonable.
  • For applicants who earn at least $1,000 per month and have a bank account where weekly payments can be deducted, Flexshopper offers an instant spending limit of up to $2,500 with no money down.
  • Your lease can be terminated after seven to 29 days. Alternatively, you can continue to pay until the computer is paid off and you own it.

2. Best Buy Progressive Leasing

  • Best Buy has a progressive leasing scheme that allows users to rent or purchase equipment like PCs.
  • Leasing a computer for a year is the cheapest monthly payment option.
  • The other options are to purchase it after 90 days of lease payments or to purchase it early with a large discount on the remaining lease amount.

3. Montgomery Ward 

  • Montgomery Ward is a department store in Montgomery.
  • There is no set amount of payments.
  • Because the credit is revolving, your available credit fluctuates depending on your credit limit, the amount you’ve purchased, and the amount you’ve paid.

Extra Reading

Is Apple Computer Financing Possible?

Majority of the financing options we’ve listed allow you to finance an Apple computer. Wards do not sell or lease Apple computers, while Best Buy and FlexShopper do. It instead provides financing for nine other computer companies, but not for Apple.

Credit Union Assistance In Purchasing a Computer

The terms and quantities of personal loans differ for every credit union, but if you’re a member, it’s worth looking into because credit unions have competitive rates on personal loans.

  • Some credit unions specialize in technology loans for the purchase of smartphones, tablets, laptops, and computers.

These loans have significantly lower interest rates than a personal loan or a credit card for people with terrible credit.

Credit unions are member-owned nonprofit institutions that distribute earnings to members in the form of cheaper loans and credit rates. Even credit union members with bad credit may be able to get a small loan for a computer.

Computer Financing With Bad Credit Auto Loan

Auto lenders aren’t in the business of financing computers, so using a portion of that money to purchase one could be considered fraudulent. The fact that your car serves as security for the loan is one of the reasons behind this.

  • The bank has the right to repossess your vehicle if you default on the loan.

Because a computer isn’t legally collateral on an auto loan, the lender can’t repossess it.

The finance department probably doesn’t want to learn that you can’t make a payment as a car buyer because you used a portion of the loan to buy a computer. Other options for financing a computer, such as the ones listed above, are preferable to using a car loan.

The Bottom Line

When it comes to owning a computer, a lack of funds should not be an impediment. Several companies are willing to help you purchase your preferred computer by various alternatives.

Moreover, there are various ways to opt for computer financing with bad credit. You should explore all the options on the table to choose the one that suits you best.