If you’re purchasing an item that costs $150 or more from Big Lots, you might want to spread out your payments over time. Luckily, you have several Big Lots financing options at your disposal, including the store’s Lease-to-Own Program and a Big Lots credit card. Show Whether you’re shopping for furniture, electronics or another big-ticket item, here are ways to cover your next Big Lots purchase:
1. Big Lots Credit CardWhether you’re interested in Big Lots furniture financing or another large purchase, the store offers a branded credit card as an option to cover costs. As of Dec. 20, 2021, the Big Lots Credit Card had a high APR of 29.99% variable, and the card can only be used for Big Lots purchases. There is no annual fee, and cardholders can choose from two special financing terms:
If you don’t repay the balance in full within the promotional period, you’ll be charged interest from the date of the purchase. Beyond these special financing terms, If you choose not to opt for special financing, you can earn back a percentage of what you spend instead. ELIGIBILITY REQUIREMENTS To be eligible for the credit card you must:
APPLYING FOR THE BIG LOTS CREDIT CARD The Big Lots Credit Card does include a credit check, so factors such as your credit history and credit score may be weighed when determining your eligibility. You can either apply online or in person by visiting a store location. 2. Progressive LeasingIf you’re looking for Big Lots financing for furniture, Progressive Leasing offers a Big Lots Lease-to-Own Program that allows you to pay for big-ticket furniture items ($150 or more) over time. Payments are automatically withdrawn from your bank account each month, and once you’ve paid for the purchase in full over a set period of time, you own it entirely. This financing option is available at Big Lots locations that carry furniture. Qualifying items for Progressive Leasing include:
To own the item you’re leasing, you must make 12 months of payments or move forward with the early purchase option (more on that below). Although the typical lease agreement lasts 12 months, it may be offered with a longer term. You can choose to purchase the product in full at any time. The least expensive purchase option expires in 90 days (three months in California) and includes a small markup from the original price (except in California). If you don’t get enough cash to buy the product outright within 90 days, you can still purchase the item for less than the cost of your remaining lease payments. It’s worth noting that Progressive Leasing will cost you more in the long run than purchasing the item upfront due to included “lease-to-own costs.” While this approach can feel more affordable because it spreads payments out over time, it will cost more in the long run than paying for the item in full. ELIGIBILITY REQUIREMENTS This Big Lots financing option requires no prior credit history to apply, but the company does perform a soft credit check with the three major credit bureaus. Still, it’s a viable option for bad credit furniture financing. To be eligible, you must:
APPLYING FOR PROGRESSIVE LEASING Progressive Leasing is available online or at select stores. (To find a participating store, click here.) You can start by hitting the apply button on Big Lots’ website. It will take you to its partner website to fill out your application. If you are approved online, you can print your confirmation and take it with you to a location. 3. Paying cashWhen it comes to furniture financing, paying cash will be your cheapest option overall. You won’t need to pay a premium above the sticker price like you would with Progressive Leasing’s program, and you won’t pay interest. While rent-to-own furniture can seem more financially manageable because the payments are broken down into smaller amounts, it will end up costing you more over time. You don’t need a furniture payment plan if you take steps to put aside some money toward your future purchase each month. Consider these tips to save money for your furniture purchase:
4. Personal loanIf you have a large upcoming purchase planned but don’t have enough funds to cover the entire amount, a personal loan may be another alternative to consider. Personal loans come with fixed interest rates and are repaid over a set period of time, usually 12 to 60 months or longer. Borrowing limits can be high, starting as low as $1,000 or more depending on the lender. Personal loans can be secured or unsecured. A secured loan is backed by collateral, such as your car, but could offer more favorable terms, including lower fees. An unsecured loan is harder to qualify for but carries less risk to you; if you fall behind on payments, the lender has no collateral to seize. ELIGIBILITY REQUIREMENTS Each lender has its own personal loan qualification requirements, but your credit will be taken into account, especially if you apply for an unsecured personal loan. The stronger your credit score, the more personal loan options and greater access to competitive terms you’ll have. For example, LendingTree data from July 2021 revealed stark differences in interest rates based on creditworthiness. The average best APR offered to borrowers with excellent credit (760 or higher) was just 8.83%; borrowers with credit scores in the 640-679 range saw an average best APR of 22.74%. Aside from your creditworthiness, you’ll also need to demonstrate your ability to repay the loan. Lenders may ask about:
If you have bad credit, a secured personal loan may be your best option. Lenders like OneMain Financial and Upgrade offer secured personal loans. Since this type of loan is less risky for the lender, it’s usually easier to obtain for bad credit furniture financing. APPLYING FOR A PERSONAL LOAN
5. Personal line of creditA personal line of credit is a revolving credit line that allows you to borrow money when you need it and pay it back with interest. Interest rates are variable, but you’ll only pay interest on the money you use. This could be a good option if you’ve just moved and will need to finance multiple large purchases for your new home, for example. However, keep in mind that a personal line of credit is unsecured and typically requires good credit. You might have an easier time obtaining a home equity line of credit (HELOC), assuming you have equity in your home. Since these lines of credit are secured, they tend to have lower interest rates. ELIGIBILITY REQUIREMENTS Different lenders assess different eligibility requirements, but you’ll typically need good or excellent credit to use a personal line of credit for Big Lots financing. Lenders may also look at your debt-to-income ratio to ensure you have enough income to cover your debts, as well as your ongoing financial obligations. You’ll likely need to provide your employment and income information along with your Social Security number. APPLYING FOR A PERSONAL LINE OF CREDIT
When making a major purchase, it’s important to compare your financing options. Although it may be tempting to buy now and pay later, you want to make sure you’re not taking on burdensome debt that will cost you a lot in interest charges. Before agreeing to a loan, use a personal loan calculator to crunch the numbers and make sure it’s right for you. How do you pay on a Big Lots credit card?There are several options to pay your bill: online at comenity.net/biglots, by phone at 888-566-4353 (TDD/TTY: 888-819-1918), or through the mail.
How do I make a payment to Comenity bank?Online: Log in to your online account or use the EasyPay … read full answer. Phone: Call (800) 695-9478 Monday-Saturday, 8:00 am to 9:00 pm EST to make a payment. Keep in mind that there is a $9 fee to pay by phone. In store: You can also pay your credit card bill at any Victoria's Secret location.
Can I pay my credit card online?Online payments
If your credit card issuer offers mobile banking, you can also make payments through your credit card app. Online payments are easy to make and even easier if you sign up for autopayments, which is why they've become so popular.
How do I check the balance on my Big Lots card?To easily check the balance of your gift card, simply call the number provided on the back of your card to listen to your available balance. If you are not able to call to retrieve your balance, bring your gift card in to any one of our stores. Our cashiers can scan the card to retrieve the balance.
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