Work-from-home has increased the demand for personal computers which is why I was relieved to find out that you can avail computer financing with bad credit and even use certain personal loan providers or BNPL programs to build your credit score with on-time payments. Interesting, right? Let me show you how it is done!
Can I Avail Computer Financing With Bad Credit?
Yes, yes and yes! Computer financing with bad credit shouldn’t give you a tough time especially because so many options are not available in the market. In fact, financing options are now open for houses and cars so buying a computer seems like a very affordable thing to do.
What you actually need to watch out for are the interest rates and financing terms that you agree to. When applying with bad credit, it can be difficult to score low interest rates.
The estimated APR for bad credit financing is 28% to 32% which is roughly the double of rates when you apply with fair credit score i.e. 13% to 15%.
If you really need a computer, then you must agree to paying these extra costs. The bright side is that certain computer financing options can help you improve credit score with on-time payments.
What Stores Offer Direct Computer Financing?
Before I talk to you about financing via third-parties, let’s take a look at stores that let you directly purchase computers from them through bad credit financing. They skip all the hassle of involving a middleman and, besides the fact that they are a bit costly, offer a pretty smooth road-map to getting a laptop of your own!
1. Best Buy Progressive Leasing
In list of stores that offer computer financing with bad credit, Best Buy stands out as it provides outstanding laptop, desktops, components, accessories, and tablets as well.
The payment schedules are set at monthly basis and you need to go through credit check in order to qualify for Best Buy progressive leasing.
Applicants need to be above 18 years of old, or 21 year old in Puerto Rico, in order to apply for financing here. It is also compulsary to provide name, date of birth, contact address, and contact information. Once you apply, the Citibank will re-check all the data and information from employer and credit bureaus before making a decision.
Amazon offers computer financing along with laptops, relevant components, accessories, and tablets as well. You can apply for financing right away and begin monthly payments with Amazon credit card.
You need to, however, create an Amazon account beforehand to be eligible for computer financing. The site would also request you to share full name, birth date, ITIN or social security number and annual income.
Applying for financing at Amazon.com results in a credit check carried out by Synchrony Financial that reviews your credit report prior to making a decision.
You can buy Desktop computers here, laptops, tablets, as well as gaming PCs. All the items are available with payment schedules ranging from weekly, bi-weekly, and monthly options.
On top of that, buyers can also opt for Early Purchase Option which allows you to pay all the remaining cost at once whenever you can afford.
It is compulsary to go through a credit check when applying for FlexShopper financing. You should also be above 18 years old or 19 years old if you happen to be in Alabama or Nebraska. Applicants from Mississippi can only avail the offer if they are above 21 years.
FlexShopper has also made it mandatory to provide a valid source of income, social security number or ITIN, and verified checking account in good standing to be eligible for its financing program. Only US residents can apply here except for those in Wyoming, New Jersey, Minnesota, and Wisconsin.
4. Snap Finance
Snap Finance is an incredible lease-to-own program that has shown high approval odds for applicants with bad credit over the past few years. You can get up to $3000 financing here which should be enough to let you buy a computer.
Keep in mind that Snap Financing works with retailers only. It is not an online marketplace instead, you can utilize the credit line with different sellers for the purchase of electronics, furniture, bedding, and of course, computers. You can find the list of stores that support Snap through its Store Locator online.
Only users with an active checking account, valid email ID/phone number and a stable source of income who are above 18 years old can apply for this type of financing.
5. PayPal Credit
This isn’t a store itself but many leading ones like Samsung and Hewlett-Packard offer PayPal credit as an additional payment method and supports its monthly-basis payment schedules.
You must go through a credit check and provide your date of birth as well as social security number in order to sign up here.
PayPal Credit is managed by Synchrony bank so it will review your credit report and assess income information before giving approval.
Can You Finance Computers With Rent-To-Own Programs?
Rent-to-own programs are similar to buy now pay later schemes in that they allow you to purchase the item without paying upfront.
Most rent-to-own companies give a set period of time (12 to 24 months) to the buyers to complete their payments.
You can find various rent-to-own stores for computer financing that do not rely on credit check. It is okay if you have a poor credit history or none at all. These stores are a good options if you want to go for short-term financing that can be repaid quickly.
Desktops, laptops and tablets are available at Aaron’s covered under rent-to-own programs. You can purchase the item of your liking and then make payments in weekly, bi-weekly, semi-monthly, or monthly basis.
Applicants need to provide their full name, contact address, contact number, and social security number at the time of application. They must also have government-issued ID card, verified income source, and reference to support the submitted data.
Aaron’s may or may not run a credit check after you apply but it has been confirmed that the store does not require an established credit standing for approval.
Buyers can get laptops and desktops and pay in weekly, bi-weekly, semi-monthly, or monthly basis. Rent-A-Center also runs a credit check but the sources have confirmed that established credit history is not required in order to qualify or get approval here.
At the time of application, you have to provide your full legal name, date of birth, contact information, contact address, verified source of income, contact or mortgage company, etc.
Moreover, it is compulsary to submit the application with at least 2 to 4 references.
Another options worth considering in the list of rent-to-own stores that offer computer financing is LeaseVille. You can purchase laptops, gaming computers, and desktops here.
Well, here’s something new! Leaseville has to be the only store with computer financing option that does not need a credit check. The application is not available online but you can fill it out at the checkout.
In order to qualify, the applicants must show a study income of at least $1200 per month for last 6 months and also, the purchase should be less than $3500 to qualify. That is more than enough for buying a computer.
Similar to other stores, the payments are accepted here on weekly, bi-weekly, monthly with 100 day and monthly with 12-month buyout options.
Rent-2-Own store is available to buyers in Ohio and Kentucky only. It sells desktops, tablets, laptops, and gaming PCs with no credit check.
You can apply online but you have to confirm with the local store at the time of application. Moreover, buyers have to deposit the first installment at the time of the purchase at the checkout.
Payments can be made in a weekly, bi-weekly, or monthly with a 12-day same as cash option.
5. Rent Delite
With flexibility to pay in weekly or monthly basis, Rent Delite offers computers including laptops, desktops, tablets, accessories, gadgets, all in ones, and two in ones with its rent-to-own schemes.
Your application would go through a credit check and you must be above 18 years old to apply here.
Applicants also need to produce a reliable source of income, enter a verified email ID in the application and have a valid credit/debit card to make the payments.
You can finance laptops, desktops, and all-in-ones through YuKeep. According to the renting terms of the store, the payments must be made on weekly or monthly basis depending on the contract that you finalize with the company.
Applicants need to be above 18 years of age to apply here. Moreover, they must show a reliable source of income and link a verified bank account or prepaid card from which the payments will be made.
YuKeep also carries out a credit check before finalizing decision for your rent-to-own application.
What Personal Loans Work For Computer Financing?
Personal loans are provided by different banks and credit unions. The tricky part is that their loan terms and amount varies depending on the lender, your credit score, history, annual income and multiple other factors.
There are some cheap options that you can avail with low credit score but, be ready to face high APRs and more strict repayment schedules.
To figure out the best option, I would recommend that you compare all choices on the table. I have listed some of the best personal loans below which you can use to purchase a computer.
1. Money Mutual
Money Mutual is an online marketplace which lets you fill out an online application and then share with potential lenders to find you a suitable match. Once a lending company approves, it will provide you financial assistance in terms of cash advances.
You don’t have to wait more than a couple of minutes for the decision. Moreover, after approval, the money would be deposited in your account within 24 hours.
You can avail up to $5,000 personal loans with Money Mutual. The best part is that more than 2 million customers in the US are already on this service making it quite trustworthy and safe to use.
Personal loans for bad credit do not get better than what CreditLoan.com has to offer. You can avail small term loans here ranging from $250 to $5000 which are easier to pay back and on-time payment can also you boost your credit score quickly.
Once you are approved by the CreditLoan, the funds will be deposited in your bank account almost immediately. This service is catering to more than 750,000 customer right now so it is pretty reliable.’
Majority of the customers try to score larger loan amount and then, after computer purchase, use that money for other types of spending as well. This diversified credit mix and lowers the credit utilization of their credit cards. Win? Rapid increase in credit score!
BadCreditLoans is a lender marketplace that will connect you with most suitable choice as highlighted by your loan application. You can get easy approvals here for a loan amount ranging from $500 to $10,000. The interest rate is set between 5.99% to 35.99%.
What’s catchy about the website is that it explains the entire borrowing process in easy words so even the new-comers don’t have to go through any confusion.
The application form is short and simple. After the approval, funds will be sent to your account on the next business day. The loan terms is typically set between 3 to 60 months depending on your borrowed amount.
CashUSA.com is another service that you can make use of for getting personal loans. In fact, it is one of the loan providers that offer loan amount as high as $10,000. Since a computer purchase does not cost that much, you can apply for lesser amount or use the remaining to buy other necessary things.
The interest rates with CashUSA.com may vary from 5.99% to 35.99%. The repayment term is also variable but typically ranges between 90 days to 72 months.
Your application here would be assessed within minutes so you don’t need to wait long for the approval. Once the application is through, the funds will be transferred directly to your bank account.
So the last option I want you to know about is PersonalLoans.com which is a commendable platform to borrow funds with a poor credit score. You can get up to $35,000 loan here!
The interest rate varies between 5.99% to 35.99% and depends majorly on your credit standing. The loan term is also variable but is mostly set between 3 to 72 months.
The loan amount that you can get here is enough to buy computers for everyone in your family. Just Kidding! You can always apply for a smaller fund instead but the minimum amount here is $500.
Buy Now Pay Later Computer Financing With Bad Credit
Buy now pay later programs work a bit different than getting direct financing from store. You can purchase items using BNPL scheme and them pay for it over a pre-decided period of time.
Paying over a short period of time may save you from interest charges but if you can not do so, the rates may be quite high once the period is over. This is why items bought with buy now pay later program cost more than their actual retail price.
If you are unable to pay within the interest-free period, the following interesting charges may accrue from the date of purchase and not the date on which the promotional period ended.
Some of the stores where you can finance a computer with bad credit using BNPL and pay either on monthly or weekly basis are listed as:
Financing at Fingerhut covers purchases of computers, laptops, tablets, accessories, etc. You can apply with a credit check and make payments on monthly basis either with a debit card, checking account, money orders, or MoneyGram.
Please keep in mind that you can not pay at Fingerhut using credit card or savings account.
Applications can be easily completed online but you must provide your Customer Number if you have one. Other than that, a down payment is also compulsary.
2. Seventh Avenue
One of the outstanding BNPL schemes that you can avail for computer financing with bad credit is at Seventh Avenue. It sells laptops, tablets, and accessories with monthly payment schedules.
You can apply for the financing online but some lucky customers may even receive pre-approval offers which considerably reduces the hassle of filling and submitting the application.
Regardless of how you apply, a credit inquiry is a must and you will also need to make a down payment at the time of the purchase.
3. Montgomery Ward
Montgomery Ward offers Ward Credit which you can apply for and use to purchase computer. When the purchase is fine, the product would be sent to you right away but you have to continue making the payments timely.
The first payment will be mailed to you within 5 days of order shipment. The number of payments are not fixed. Moreover, you can applying for credit increase as well and it may be even be decreased depending on how responsibly you use it.
Dividing the cost of the purchase over weekly or monthly payments in case of rent-to-own schemes of buy now pay later programs make it look like that the purchase is extremely affordable. But, remember that the overall cost you pay at the end of the period would be significantly more than the item’s actual price.
What Computer Brands Offer Financing?
Computer brands also offer direct financing but the options are somewhat limited. Below are two reliable stores that you can use to finance a computer directly through the company.
Dell is a well- known name and, luckily, you can avail computer financing here. In addition to that, laptops, gaming computers, gaming laptops and other relevant gadgets are also available here with monthly payments.
Only US residents can avail computer financing at Dell. Moreover, you will have to wait till WebBank/Dell Financial Services verify the employment information and credit referencing that you have provided.
It is compulsary to go through a credit inquiry when you apply for financing with Dell.
Apple financing covers purchases of iPad, MacBook, iMac, Mac Pro, Mac mini and other relevant gadgets and accessories. You can apply for this financing online and pay on monthly basis until all installments are complete.
Credit check is a must when applying for financing with Apple. You also need to produce Apple ID, verified email ID and iCloud account which is, preferably, in a good credit standing.
At the time of application, you have to use two-factor authentication with Apple ID.
How Do Computer Financing Works?
Well, the answer to this question depends on what route you are taking to finance your computer purchase. Let’s say, for example, you get a personal loan. In this case, you will have to find a lender whose willing to give you sufficient funds on affordable terms.
You must choose a personal loan which you can pay back on time. Since these report to credit bureaus, the repayments can make or break your credit score.
Next option in line is to finance a computer directly from a store. This can be expensive than getting a personal loan because the store would definitely charge you higher, in total, than what the actual cost of the computer is when you pay installments.
Store financing is a reliable option when you are not able to find any lender who would give you funds for purchasing a computer, such is the case with very poor credit standing. You can make weekly or monthly payments to the store until the entire cost is paid off.
There are also some programs that let you buy the computer outright for its original price after leasing it for a month or more. This can save you from paying double the amount as charged by stores for direct financing.
You can also use buy now pay later programs to purchase computer. These are third-parties that will make the payments on your behalf and you have to pay back the amount to them over a period of time.
Do Credit Unions Finance Computer?
Unlike banks, credit unions are non-profit organizations. Its members receive the profit in terms of lower rates on loans and credit products.
Not only do credit unions finance computer but they do so on very good terms as well. If you have a membership, you can avail personal loans from credit union and utilize them to buy a computer.
Keep in mind that the exact loan terms and amount that a credit union offers depends on a number of factors including your credit history and income.
There are a few credit unions that offer specific loans for purchase of technological stuff like computers, laptops, or tablets. There catch here is that loan is provided on lower rates as compared to other personal loans for bad credit. However, the downside is that you can not use the funds to purchase anything else.
Can You Get Apple Computer With Financing?
You can definitely finance an Apple computer but let me tell you the truth: The options are very limited!
Best Buy and FlexShopper are the only two reliable candidates which offer Apple computer financing.
Another method is to go for Apple in-house financing through Apple Card but, that too is not an option for everyone as it entertains only the applicants with good or excellent credit standing.
Obviously, if you choose to get a personal loan, the funds can be used for any type of purchases so financing an Apple computer through this means is also possible. Regardless of what you buy, the direct payments must be made to the lender who approved the loan and in accordance with the decided repayment terms i.e. monthly, weekly, bi-weekly, or bi-monthly.
Can You Get a Laptop With No Credit Check Financing?
Similar to computer financing programs, there are various methods to avail laptop financing with no credit check as well.
The different is whether you are applying with a bad credit situation or no credit at all.
Generally speaking, no credit history faces less scrutiny. You may be able to qualify for better terms without credit check since it means you are just setting out on your journey to build credit score and companies are more willing to help you in this case.
Poor credit standing means you have repeatedly failed to make on-time payments, carry debt, or you have not been responsible in your spending pattern. This can be troublesome as overcoming bad credit isn’t easy and loan company tend to offer more strict terms to such clients.
Will Computer Financing Help Me Build Credit Score?
Simply financing a computer through any scheme does not guarantee an improve in your credit score but, yes, making the right choice will have a difference.
For example, there are personal loans that report to credit bureaus. If you use them to finance a computer purchase (or any for that matter) it will have a positive impact on your credit score. The on-time payments can, in fact, help you build credit quickly.
This is also true when using specific networks or credit unions to finance as well as certain store options such as Ward and Snap Finance.
There are also some financing options that may not help you improve credit standing but can definitely pull it down. For example FlexShopper does not report payments to credit bureaus unless you fail to deposit an installment on time.
So the bottom line is, financing computer can help you build credit score but you have to be careful with the financing option that you go for.
Before You Go!
It looks like you aren’t short of options when it comes to computer financing with bad credit. With so many stores, rental programs, and personal loans to choose from, I am sure you would be able to find a right match in no time.
The list does not end with computers! There are various stores that finance furniture for bad credit, online catalogs bad credit, and now you can even avail bad credit iPhone financing. Don’t forget to read my just 3-minute long extremely useful guides!
Roha Sajid has an M.Phil. degree in Plant Biotechnology from one of the top-notch institutes, National University of Sciences and Technology. With a proven track record in the field of content writing. She has honed her skills across niches, among which banking, finance, credit cards, and retail shopping come under the areas of her specialized knowledge.