The "conventional" finance application is for customers who have fair (525) or better credit.
If you are unsure of your credit status or believe that your score is likely 525-620, we will submit your application to our local lender: Lendmark Financial. Lendmark offers 6 months no interest for purchases under $1,000.00 and 12 months no interest for purchases over $1,000.00. The repayment term will be 12-48 months with an (approximate) 18% interest rate (after the no interest period).
$1,000 loan: 18 month contract= $63.81/monthly; 24 month contract= $49.92/monthly
$2,000 loan: 24 months= $99.85/monthly; 36 months= $72.30/monthly
NOTE: The monthly payments are the minimum payments. This payment will NOT pay the loan amount in full within the 12 months no interest period. To pay $1,000 in 12 equal payments, you will have to pay ~$84.00 per month. $2,000 would be ~$167.00 per month. You can always just pay the minimum payment amount and then pay a lump sum to pay off the loan before the no interest period expires.
If you believe your credit score is higher than 630, we will most likely submit your application to Citi Bank. If approved, you will have your own Furniture World "Home Furnishings" credit card. This account is favorable if you intend to make more furniture purchases at a later date but do not wish to have your credit rechecked to do so. However, the "no interest" periods are DEFERRED interest. That means if you do not pay the entire balance during the no interest period, interest will be charged based on your original purchase amount-- NOT the balance on the account at the time the no interest period expires.
"If the balance is not paid in full by the end of the promotional period, interest charges will be imposed from the purchase date at the variable purchase rate on your account which is 30.74% APR. This APR is as of December 26, 2018 and will vary with the market based on the Prime Rate."
The minimum payment each month will be $28 or 1% of your balance--whichever is greater.
To see the complete Home Furnishings Credit Card Disclosure, CLICK HERE.
"no credit check" finance application
We partner with two companies who offer no credit check lease purchase options: ACIMA and PROGRESSIVE.
Though the requirements are mostly the same, there are slight differences.
WHAT YOU NEED TO QUALIFY:
ACIMA: U.S government-issued photo ID and SSN or ITIN.
Employed with your current employer for at least three months.
Deposits totaling $1,000.00 or more monthly into your checking account that has been opened for at least 90 days.
No NSFs, excessive overdrafts, or negative balances on your checking account.
Acima offers approvals up to $5,000, but most people are approved for $1000-$2500.
Once you’ve made your initial payment ($43.90) in-store, future payments are automatically deducted directly from your checking account. Once delivery has been confirmed and you are in possession of your merchandise, your first lease payment will be scheduled to fall in line with your next pay date.
Pay off/Early Purchase Options• Price + $10 payment processing fee (Acima Cash Price is equal to the Lease Amount).• Early Buyout Option allows you to pay a discounted portion (usually 75% of the remaining payments owed) in one lump sum at any time after the first 90 days of the agreement.• 12-Month Lease allows you to pay off the lease over a 12-month term without buyout fees or penalties.
Acima also reports to Experian to help build your credit rating. Apply directly on Acima's site by CLICKING HERE.
The requirements are the same as with Acima, except Progressive requires you to have a credit or debit card. Progressive's initial payment is ~$53. Your next payment will not be due until at least 10 days after you receive your merchandise. You can apply directly on Progressive's secure site by CLICKING HERE.
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