Financing Electronics with Bad Credit

Analog TVs might be a thing of the past, but tablets, smartphones, computers, and other electronics are not only part of our everyday lives – and in many cases – they’re also essential.

However, whip out your first cell phone and compare it to the one you have today, and what you will quickly notice is that electronics progress extremely fast. Keeping up with the latest electronics is a must with never-ending technological advancements, but what if you have bad credit? How can you stay on the cutting edge?

Luckily, financing electronics with bad credit is more readily available than ever before, with countless options at your fingertips. This financial tool can help make furnishing your home with the products you love and need more realistic, even with a less-than-stellar credit history. In this article today, you will learn about these important aspects of bad credit electronics financing:

• What Exactly Is Bad Credit Electronics Financing?
• Does “No Credit Check” Mean the Same as “No Credit Needed”?
• Where is Electronics Financing for Bad Credit Available?
• Who Can Get Electronics Financing and How Do I Apply?
• FAQs About Bad Credit Electronics Financing

Bad credit financing refers to accessing financing for new electronics even if you have a poor credit score and less-than-perfect credit history.

The general rule is that a credit score of below 670 is considered fair, while anything below 580 is deemed poor or very poor credit, often referred to as “having bad credit.” A credit report is used to assess credit risk and determine whether to extend credit or a loan to a potential borrower.

Even if you have bad credit, you don’t have to completely rule out financing for electronics. You just have to be resourceful and explore alternative (yet still safe) avenues to do so.

Semantics matter when it comes to financing, and the subtle nuances between no credit check and no credit needed are worth noting. Before you start shopping for different payment options, it’s crucial to understand how it works.

• No Credit Check is when someone’s credit will not be pulled in the process of finding lending for new electronics.
• No Credit Needed refers to the fact that your credit score may be checked, but other factors are part of the approval requirements.

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.

Whether you’re looking to upgrade your home theater or grab the latest console to play video games with, you’re able to finance what you’re looking for in most cases. From smartphones and tablets to computers and more – most electronics stores offer flexible payment options to let you grab the latest tech.

Using the list below, you’ll have no problem finding some of the most popular electronics available, where you might be able to get them with payment options at the checkout.

**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 electronics you purchase. For example, a simple oven can have a retail price as low as $500. However, a double oven may have a retail price upwards of $2,500.

Try this, find a person without a smartphone. Pretty hard, right? That is because smartphones are essential to everyday life in that we use them not just to communicate, but to work, play, and get from place to place.

However, smartphones tend to run on the pricier side and for most people, draining their savings isn’t practical when financing a smartphone.

A smartwatch is essentially a smartphone on your wrist. Typically used for communicating, working out, and other things, like your location, in addition to telling you the time, smartwatches have risen in popularity. With stylish options to add to your smartwatch, smartwatches are often financed with small periodic payments.

More and more electronics users are financing tablets instead of laptops due to the accessibility and ease of use. Not to mention more people use their tablets for entertainment instead of a TV. Either way, you may be able to finance a tablet for relatively little each month without taking a big hit on your wallet!

Television sales have dropped over the years with the rise of tablets and smartphones (people watch entertainment on their phones more than on a television studies show), but that doesn’t mean you won’t see a large TV on the wall of most homes.

Known to last long and stand the test of time as far as technological advancements go, you might not buy a TV as often as you buy a new smartphone, but regardless a TV is an expensive purchase which makes bad credit financing a viable option.

During the pandemic, it was apparent how essential laptops were for students and adults working remotely or simply decompressing with their laptops. Regardless of your reason for needing a new laptop, financing a computer might be practical, whereas shelling out $600 or more for one often isn’t.

Did you know that where you accept financing can determine where you can shop for products? Search our network of merchant partners where, if approved, you can use your approval on the electronics of your choice.

It’s easy to understand why financing electronics is so popular today- they’ve become somewhat essential.

An electronic purchase is often large enough of an expense that people have difficulty paying for it outright, so they consider financing options. It can be challenging to shell out several hundred to several thousand dollars to buy electronics but managing the payments may be simple and lessen the blow of a considerable expense.

Furthermore, financing your favorite electronics is often accessible and transparent, thanks to the availability of financing options. Bad credit lending has been made possible by using alternative data, and old-fashioned layaway solutions have given way to updated pay-as-you-go plans.

The internet has brought about a positive evolution of lending and financing for those with bad credit due to accessibility and the ability to compare lending!

While the options might be more limited when you have bad credit vs. good credit, it is important to remember that bad credit electronics financing is possible. In many cases, procuring financing through a known payment solution provider can offer a trusted and reliable option. But consumers have multiple options these days.

At the end of the day, you most likely need a smartphone and, at the very least, a laptop or computer to complete work tasks and manage everyday life. Poor credit shouldn’t prevent you from purchasing these items, and with so many avenues to pursue via lending these days, don’t sell yourself short.

A bad credit score can be corrected, but it takes time. However, it is possible to obtain financing for electronics with poor credit, and while using what may be viewed as non-conventional routes may seem like an extra step, in reality, the financing helps provide access where there previously was little or none.