Finding finance for your furniture isn’t as difficult as you might think. We believe that you deserve to fill your home with high quality furniture that makes you happy. It is important to do your market research on finance providers, assess your options and choose a provider that best suits your needs. Here is a very brief "Snap Shot" of the current landscape for consumers;
Unsecured Loans: Agreements that don’t require any collateral however the rate of interest & term of the loan is solely reliant on the financial institutions assessment of your ability to repay the loan. As the loan is not secured against your assets, the interest rates tend to be high.
Peer-to-Peer: Normally taking the form of an investor-funded agreement, peer-to-peer lending enables you to obtain a loan directly from another individual, essentially removing the financial institution from the equation. Ordinarily, this option is reserved for those with a high income (£70,000+) and a strong credit history.
Rent-to-Own: These loans allow the customer to essentially make "rental" payments on the goods of your choice, these payments accumulate toward the final cash price of the items. You are given the option to purchase outright after several payments have already been made. This option is convenient for those who are unsure if they will be moving quickly and don’t know what to do with furniture in a move, however, on the whole, these agreements present a potentially costly short-term solution.
Credit Unions: As non-profit organisations, credit unions present a feasible option for those looking for affordable rates on a personal loan. However they often only extend credit to those with a good-to-average credit history, who want to borrow no more than £2500.00.
High cost Short term lenders: Sometimes referred to as "Payday Lending Companies" are firms that offer a regulated credit agreement with an APR that is equal to or exceeds 100%. These loans are repaid each week on your payday and due to the high rate of interest consumers can get trapped in a cycle of debt that can be difficult to recover from.
Snap Finance: Falling within the parameters of a "Retail-purchase finance provider" here at Snap we offer our customers 15 months credit and if the loan is settled within 15 weeks then they won’t be charged any interest. We pride ourselves on our ability to help those who have potentially fallen on the financial difficulty in the past or have been refused access to traditional credit. With our new hello15 product we allow our customers to ‘opt in’ to the opportunity of a 15-week interest-free period.
We're flexible and your payments can be too. If life happens, you can just continue with your minimum payments over the full 15 months. It’ll cost you about £3 per month for every £100 borrowed. At any point after the first 15 weeks, you can settle your loan early and only pay interest up to that point. We're as flexible as you need us to be!
Allow us to help rebuild your credit file & acquire the furniture of your dreams.
In order to be considered for a Snap Loan you must
Be a minimum of 18 years old.
Possess an active current account that can accept direct debits.
Have a valid debit or credit card.
Have at least a £200 weekly income.
Be a UK resident.
Keeping consistent direct debit payments reflects positively on your credit file, so not only does Snap allow you to purchase the three-piece suite you are after but it can also act as a vehicle to bring stability to potentially rocky credit history.
The application process is quick and paperless and when you are approved you could receive up to £2250 to spend with one of our dedicated retail partners. If you want more information about us or want to see retailers in your area click here. We appreciate you taking the time to read our article and look forward to helping you finance the furniture of your dreams.