Financing a Carpet with Bad Credit
The ability to finance carpet with bad credit may have given more options to consumers than before. This financial tool may help make furnishing your home with the carpet you want possible, even with less-than-stellar credit history. Learn about aspects of bad credit carpet financing below:
- What Exactly Is Bad Credit Carpet Financing?
- Does “No Credit Check” Mean the Same as “No Credit Needed”?
- Where is Carpet Financing for Bad Credit Available?
- Who Can Get Carpet Financing and How Do I Apply?
- FAQs About Bad Credit Carpet Financing
Bad Credit Carpet Financing – What Is It?
Financing carpet with bad credit refers to utilizing an alternative lending option specifically designed to provide payment solutions* for consumers who may have a low credit score or no credit score. With this option, you may be able to get the financing you need for new carpet.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
No Credit Check vs. No Credit Needed for Carpet Financing
While the terms below may seem interchangeable, there are a few differences to know when considering a “No Credit Check” vs. “No Credit Needed” alternative lender for financing.
No Credit Check vs. No Credit Needed
- No Credit Check is when someone’s credit will not be pulled.
- No Credit Needed refers to the fact that your credit score may be checked, but there are other factors that are part of the approval requirements.
Although your credit may be examined with “No Credit Needed,” it may not be the only determining factor in whether your application is approved. Other factors, such as your income, could be considered, not just your credit score.
What Type of Carpet Can Be Financed with Bad Credit?
In general, most types of carpet may be accessed with the help of outside financing. What type of carpet to choose is largely based on personal preference, taste, and your individual needs.
You might be wondering: Is a lease the same as a loan?
Leases & loans are quite different – here’s what you need to know:
- A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
- A lease (or rent-to-own option) allows the recipient to possess the leased item for a pre-determined period of time and includes the option to purchase the item outright. It does not include interest but has leasing fees.
Alternative lenders may offer consumers with bad credit direct merchant financing for carpet and installation up to a determined dollar value–even with bad credit or no credit history. In most cases, funding may be secured as early as the next business day.
Carpet per square foot (PSF) in 2024
Material: Wool
Average Cost**: $5.50 – $10.00 PSF
Material: Polyester
Average Cost**: $2.00 – $3.00 PSF
Material: Nylon
Average Cost**: $3.50 – $6.50 PSF
Material: Olefin
Average Cost**: $2.00 – $8.50 PSF
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
**Retail prices may vary based on extras and the type of carpet you may want to purchase. For example, carpet can have a retail price as low as $2.00 PSF; however, other types may have a retail price upwards of $10.00 PSF or more.
Where Can I Use Bad Credit Carpet Financing?
When you begin your search, you may find many rug shops, retail distributors, flooring companies, and other carpet vendors who help make carpet financing possible. You can even use our merchant search tool* to locate a retailer near you and to find out how to apply for financing through our website. However, there are many additional options* available to consumers across the market.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
The Popularity of Financing Carpet
Carpet can be a way to change the look inside your home with noticeable results. And carpet financing may be a great way to acquire new carpets for a home improvement project.
High-ticket items like new floors or carpeting can sometimes be hard to finance with traditional lenders when you have a lower credit score, or no credit score at all. However, there are nontraditional lenders or alternative lenders, who specialize in financing solutions,* specifically for people with challenged credit.
Applying for Carpet Financing with Bad Credit?
Among other benefits, nontraditional lenders may offer alternative financing options* to consumers who have bad credit. They may not require credit scores for credit approval, but you may have your credit checked.
Credit scores do not define you. To determine whether you qualify, locate a store and fill out an application* with your basic information, such as income.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Bad Credit Carpet Financing in Summary
Bad credit may place potential borrowers into the challenging category with traditional banks or credit unions, preventing access to lending programs within reach. Many alternative lenders offer access to items that were seemingly previously only attainable through mostly conventional or traditional loans.
While a less-than-stellar history may make borrowing money more of a challenge, there are still options for consumers to access payment solutions* even with bad credit.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Carpet Financing with Bad Credit FAQs
Financial terms and conditions can be a challenge. To help, we have compiled commonly asked questions and answers for bad credit carpet financing.
Q: What Qualifies as “Bad Credit” Financing?
A: A credit score below 670 is considered fair to poor credit by traditional financial institutions and credit unions. With bad credit financing, people with no credit or a low credit score may be able to get the products and services they need by looking at options* with alternative lenders.
Q: What Credit Score Is Required to Get Financing?
A: A credit score of 670 or higher is usually the credit rating preferred by conventional lending institutions. Lenders specializing in bad credit lending may offer financing options* to those who would not otherwise qualify. These alternative lenders may provide financing for those without credit scores or with lower credit scores and may look at more than just your credit score during the approval process.
Q: Where’s the Best Place to Finance Carpeting?
A: The best place to finance carpeting depends on your specific needs, options, and financial situation. Alternative lenders may offer financing options* to borrowers with bad credit who want to obtain carpets and area rugs and are available in some stores and online. To see what carpet financing may be available within our network, find a store near you.*
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Q: How Can I Finance Carpets with Bad Credit?
A: You may be able to apply for carpet financing and see if you qualify within minutes. Credit checks may be performed, but less-than-perfect credit (or no credit) is only one of the factors considered, and bad credit or no credit does not necessarily disqualify you.
To begin, find a store near you.*
Q: Where Can I Use My Carpet Financing if Approved?
A: There are many carpet stores throughout the country that consumers may choose from when seeking financing. To search our network, use our Merchant Search tool* to find a store near you and apply right on our site.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.