Luxury comes with a price to pay. If you are flamboyant or a house owner who needs to furnish your house with the latest washer and dryer, you must be ready to part with a number of coins. This is because these modern house appliances are luxury devices thus quite prohibitive.
If you need these washer and dryer but in short of finance without credit check, all is not lost for you. There a number of companies or stores that allows you to lease such appliances and pay back with serene monthly installments. These companies finance you without any check on your credit background. Our guide has more details on these financers. Enjoy!
Why Do You Need A Finance Washer And Dryer ?
Though ranked as luxury devices, getting a financial help for your washer and dryer is not a wasted priority. This is because it comes with a number of benefits. Below are some of the reasons why you would need a finance washer and dryer.
1. Wash and dryer are costly to buy
Imagine your washer and dryer broke down abruptly with no spare money in your bank to replace? This would definitely force you to remain without one because most brands of washer and dryers are expensive and cost over 1000$. Since the appliance is expensive and you have to remain clean, this is where financing comes in.
2. Financing has sensible interest rates
Okay, your washer and dryer broke down and you have no spare money in your bank to replace, what next? More often than not, people rush out to buy a new appliance through their credit cards. This is not a good idea because buying expensive appliances through credit cards raise utilization rate which might affect your credit score.
The remedy to this problem is financing your washer and dryer because appliance loans are available at very low and friendly interest rates. In most cases, its interest rates reduce up to half of credit card interest rates. This is the second reason you would need a finance washer and dryer.
3. Finance washer and dryer without credit check has an easy application process.
You have made your mind to replace your appliance through finance washer and dryer method, what next? You need to apply. This application process is so easy and not as delicate as other loan services. In fact, it is even possible to apply online without need to check your financial documents and records. This makes the application convenient and easily accessible. This finance is also released faster compared to other loans. This is the third reason why you would need a finance washer and dryer.
4. Financing washer and dryer are easy to pay and do not cause debt accumulation
Choosing finance washer and dryer is a wise decision as the entire loan is spread over a set amount of time as per your preference. The payment is then serviced with a friendly monthly payment making it easy for you to pay. Also, the monthly payments inscribed on these loans MUST be paid within the set date of every month. This eliminates possible accumulative overwhelming money that causes debts accumulation.
5. Finance washer and dryer are not discriminative
This is another reason you need finance for washer and dryer. The finance will benefit you regardless of your credit history. I mean, the nature of your credit will not hinder you from getting this loan because most financers don’t conduct a credit check on lenders. Other stores conduct your credit check but provides special ‘bad credit financing’ so that people with bad credit can benefit.
What Should Think Before Take Finance For Washer and Dryer Without Credit Check?
Anytime you take finance on your washer and dryer, they are things you should first think about. Taking finance for these appliances means you are committing yourself to monthly payments. Therefore, it is important to first think about these five things before committing yourself;
1. Is financing for my washer and dryer really necessary?
This should be the first thing to think about before committing to take finance for your washer and dryer. Precaution: don’t take this finance under influence from friends or family. Also, ask whether the appliance is so urgent. Can it wait until I save enough to buy in cash rather than getting myself into debts? However, if the appliance is necessary and urgently needed in your life, go for it! After all, the payment process provided by most financers is easy and friendly.
2. After taking the finance, how much payment do I need to make?
Once you have decided to finance your washer and dryer then ask yourself, how much payment do I need to make? Will I afford it? First off, determine the monthly payment that will be imposed on you. What will it impose on my financial flexibility? Can I pay it comfortably without strain? This is where knowing your DTI (debt to income ratio) comes in. you should measure the amount of debt you can take as compared to your income. If your DTI is lower than 25, that means your washer and drier payment will not impose restrictive financial constrain to your income. Therefore, you can take the finance. However, if your DTI is higher than 25, then you might strain to make the payment. This requires you to avoid it.
3. Think about your Budget
It is also important to determine your budget before financing your washer and dryer. There are different brands of washer and dryer in the market that are available with different prices. These brands come with variable monthly payments, terms and duration of payment. Therefore, consider the brand that goes hand in hand with your budget.
4. Compare different financial options
Before financing your washer and dryer, compare different financial options. There are a variety of lenders with different interest rates, length of payment and amount payable per month. It’s therefore important to compare the total cost payable from various lenders before picking your preference financial option.
5. Think about what might happen if you fail to make your payment
As much as you’re delighted to finance and bring your washer and dryer home, it’s also significant to think about the worst scenario. What if I lose my job and fail to meet my monthly payment obligations? What might happen? In some cases, failure to pay off might affect your credit score which in return affect your ability to get a job elsewhere. You need to consider whether you have strong financial security, extra sources of income or whether your spouse or family can help you pay it off in case of an emergency.
3 Best Seller Stores And 3 Best Financial Companies That Finance For Washer And Dryer With Bad Credit
1. ShopEZcredit – Best Seller Stores
This is an amazing ‘buy now pay later’ in-store that gives out a variety of washer and dryer brands at an affordable monthly payment from as low as 57$. It allows you to rent out the machine with no credit check.
- Fill out the application form and submit the documents. Ensure to fill in necessary information like; your official name, proof of identification card, income proof, residential address.
- Wait for approval. Approval takes less time less than 2 business days.
- After, they will contact or email to notify your approval and inform you about available payment terms.
- Understand these payment terms and agree to them.
- Sign the contract. You can either do it virtually or visit the store
- Make your down payment and wait for your wash and dryer.
2. The MayTag – Best Seller Stores
This is another incredible appliance store that allows you to buy now and pay later your washer and dryer with no credit check.
To apply you need to
- Sign up for an online account or visit any of their physical store
- Fill out the application form and wait for approval
- Understand and agree their terms of payment
- Wait for your machine delivery.
Relevant information to apply
- Identity card
- Residential address
- Proof of income
- Your name and contact information.
3. LutherSales – Best Seller Stores
With LutherSales, luxury is made so easy and convenient. This store will give you a washer and dryer for free allowing you to pay later at very affordable monthly terms. The store conducts no credit check and no set up fee.
- Visit their site and submit an application form
- Wait for approval that happens within the same day of application
- Select your favorable payment plan
- Wait for your product shipment.
Information needed to apply;
- Proof of identity
- Home address.
- Proof of income.
4. SNAP FINANCE – Best Financial Companies
Going for Snap Finance to help you acquire these home appliances is a good choice to make. First off, Snap Finance does not conduct any credit before granting your application request.
To get the financial help, you should first apply so that the financing process can commence. Luckily, the company exhibits one of the easiest and simplest application processes. The application can be done online through;
- Filling in an application form and submit.
- Wait for approval that only takes seconds.
- Pay 39$ to process your application.
Information needed to apply
- Your checking account
- Proof that you have a job for at least 90 days and a monthly salary of at least a thousand Dollars.
Note that although Snap Finance doesn’t check your credit, it gives the information regarding the payments every month to credit bureaus. When it comes to the payment of the loan, the company automatically deducts the monthly charges from your account. Although, this deduction takes place exactly 24 hrs after your pay day.
Benefit of financing
- This financing gives you the chance to obtain an appliance for free and pay later with installments
5. ACIMA – Best Financial Companies
Acima is yet another excellent financing company that we recommend for your washer and dryer finance. Just like Snap finance, Acima don’t check your credit history. However, it reports all your payments to credit bureaus. Before making an application, Acima requires you to have the following necessary information;
- Proof of a job for at least three months.
- Proof of monthly income of 1000$ per month
- Checking or routing account that is at least three months old.
- Application can be done online through your phone.
- Select the store that you need to shop your washer and dryer.
- Fill your application form
- Agree to the application terms and conditions
- Submit your form
- Wait for approval.
Note that the company’s payment options are not limitative. These options include weekly, twice weekly, twice monthly or monthly payment. Also, all applicants have the liberty to choose their most desirable payment plan and its contracts are set for up to 12 months of leasing. To pay your loan, automatic deduction is done from your credit account a day after your payday.
Benefit of financing
- It incurs zero interest rate.
- Has several payment options
6. ELECTRO FINANCE – Best Financial Companies
Last but not the least; we have Electro Finance that also provides very reliable financing options when it comes to buying washer and dryer appliances. The company does not conduct a credit check to their clients. To apply, you are required to have;
- Valid mobile number for verification.
- Active checking account and a valid social security number (SSN).
- Fill and submit the form
- The application is simply done over on your mobile phone and takes matter of few minutes to be approved.
- After approval, a success page is availed to you with approval ID and the amount approved. However this is only done once you have completed your first contract. In case you are not approved, you will wait for 90 days before you can apply again. Finally, the loan payments are auto deducted from your account.
Benefits of financing
- In case you pay all your payments on time, this financing ameliorates your credit score since it reports all payments to credit bureaus.
What Qualities Should You Seek In Finance Washer And Dryer With Bad Credit?
- A swift response and fast approval : While looking for a finance washer and dryer with bad credit, check out the company’s customer service. An ideal financer should have a swift response towards its customers’ concern. Also, it should not delay your application request.
- Low or no fee : Some finance companies have upfront or hidden fees that increase the cost of your appliance. However, an ideal finance should have no hidden fees or if there is, it should be so low. This will make your purchase friendly and affordable.
- Long term and monthly payments : An ideal finance washer and dryer no credit check should spread its payment over a huge amount of time. This creates a long term payment that will necessitate a cheap and affordable monthly payment over your appliance.
What Is The Idea Behind A Rent To Own Finance Washer And Dryer Company?
The idea is greatly meant for individuals with poor credit score or perhaps bad credit history. Poor credit score may greatly hinder you from accessing normal loans since the credit bureau keeps all your information. This makes seeking a loan or credit quite an uphill task for you.
In case you are in such a situation, a rent to own finance and Dyer Company can be very helpful to you. As a matter of fact, these companies have a different type of contract that works for everyone irrespective of bad credit score or poor credit history. To be more precise, it rids off the hassle and stress associated with the stringent regulations of attaining items on credit. It also allows you to attain ownership of the latter in more amiable way. On top of that, the company also highlights different things including how much you are supposed to finance. And, in case you need help through this process, they readily render it to you.
As seen, there are a number of budget friendly ways to buy your washer and dryer with no credit check. You can get financial loan, purchase your machine and pay on monthly installments or enroll on a rent to own program. Either way, financing washer and dryer with bad credit comes with a lot of benefits. Therefore, don’t let your bad credit hinder you from enjoying the benefits of this luxurious appliance. Now that you have learnt more about financing washer and dryer, start shopping for your favorite appliance and make your dream come true. All the best!