Tuesday, December 1

Lease-To-Own And Get Approved For $5000 With No Credit. Here’s What We Found.

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Let me start by saying I’ve had my share of financial and credit problems in the past, many because of circumstances I couldn’t control and a few because of my own bad decisions. But having bad credit should not keep you from getting the new computer you need for work, or the tools you need to entertain yourself and stay happy.

I recently found myself needing to work remotely because of COVID but did not have thousands of dollars in the bank or the credit to finance a macbook like I needed.

I found this website called RTBShopper.com, which is like a Rent-A-Center™ or Aarons™ but is on the internet. They have tens of thousands of products available for lease, most of which you can pick up at a Best Buy the same day you order it. I got approved for $3,000 myself after just filling out a quick one-page form, the entire process only took a few minutes. My down payment was $50. They set up payments to match the dates I get paid on. The RTBShopper.com staff were super nice and helped me find the store closest to me. I had my new computer in less than hour after being approved.

So, you’re probably thinking there’s a catch. The lease to own model has been around for years and the interest can be high if you do not take advantage of the early buyout options. I paid off my lease in less than 90 days, so I was able to pay the minimal amount – only 10% over the retail cost. All-in-all I think it was a great deal for someone who does not have the credit and financial history to get a credit card.

I made a list of pros and cons for anyone who is debating the concept:

Credit

Pros:

  1. No credit required
  2. All the products are fulfilled by Best Buy
  3. The process was way faster than I expected
  4. Fees were way less than if I had gotten a payday or other high-interest loan instead
  5. The payment plan matched my pay schedule which was very convenient

Cons:

  1. The fees are high if you do not do the early purchase option. The longer you lease, the more you end up paying.
  2. You are limited to only products that are sold by Best Buy

To qualify for a lease you need to be at least 18 years old, make more than $1,000 a month, have a valid debit or credit card, and a government-issued identification card. To apply, simply go to RTBShopper.com or click here.

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