Noah Patel
Big Lots offers lease-to-own furniture financing through its partnership with Progressive Leasing. This option allows customers to lease up to $3,000 in furniture without a credit check, and then make weekly, biweekly, or monthly payments to own the furniture over a 12-month period. Big Lots also offers a store card through Comenity Capital Bank, which provides customers with the option to earn cash back or take advantage of deferred interest financing on qualifying purchases.
| Characteristics | Values |
|---|---|
| Lease-to-own program | Yes |
| Credit needed | No |
| Leasing partner | Progressive Leasing |
| Lease amount | Up to $3,000 |
| Payment options | Weekly, biweekly, monthly |
| Lease terms | Up to 12 months |
| Early purchase | Available, may cost more |
| Availability | Not available in Minnesota, New Jersey, Vermont, Wisconsin, or Wyoming |
| Store card | Available |
| Card issuer | Comenity Capital Bank |
| Card benefits | Cashback or deferred interest financing |
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What You'll Learn
Big Lots lease-to-own program
Big Lots, in partnership with Progressive Leasing, offers a lease-to-own program for its furniture. This program allows customers to lease furniture worth up to $3,000 without any credit requirements. The program offers flexible payment options, allowing customers to make weekly, biweekly, or monthly payments over a period of up to 12 months. It is important to note that the 90-day and early purchase options may cost more than the retailer's cash price. Additionally, this lease-to-own financing program is not available in Minnesota, New Jersey, Vermont, Wisconsin, or Wyoming.
The Big Lots lease-to-own program provides an alternative financing option for customers who may not be able to afford the upfront cost of furniture. By leasing the furniture, customers can take their purchases home immediately and pay over time. This can be especially beneficial for those who want to avoid debt or are working on improving their credit score.
To apply for the Big Lots lease-to-own program, customers can visit the Progressive Leasing website or a Big Lots store. The underwriting process considers various factors beyond a three-digit credit score, including income and banking history. This makes the program accessible to individuals with less-than-perfect credit or a limited credit history.
It is worth mentioning that Big Lots also offers other financing options, such as the Big Lots Credit Card, which provides additional benefits like earning cash back or taking advantage of deferred interest financing on qualifying purchases. Customers can choose the financing option that best suits their needs and financial situation.
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Big Lots Credit Card
Big Lots, a retailer with thousands of locations across the nation, offers two options to help customers with the upfront cost of furniture: the Big Lots lease-to-own program and the Big Lots Credit Card.
The Big Lots Credit Card is issued by Comenity Capital Bank and offers cardholders a choice between earning cash back or taking advantage of deferred interest financing on qualifying purchases. Interest will be charged to the cardholder's account from the purchase date if the balance is not paid in full during the promotional period. Additional charges, such as a minimum interest charge, may apply. Store cards are generally easier to qualify for than other forms of credit, but cardholders may end up paying more in interest if they are unable to pay off their balance in full during the initial promotional period.
The Big Lots lease-to-own program is offered in partnership with Progressive Leasing. This flexible financing option allows customers to lease up to $3,000 in furniture with no credit needed. Customers then pay off their purchase through weekly, biweekly, or monthly payments over the course of up to 12 months. However, 90-day and early purchase options may cost more than the retailer's cash price. It is important to note that this leasing program is not available in Minnesota, New Jersey, Vermont, Wisconsin, or Wyoming.
If you are unsure about these financing arrangements, there are alternative financing options available, such as taking out a personal loan. Personal loans allow you to access funds in one lump sum and pay them back over time, plus interest. While personal loan interest rates are typically lower than credit cards, a good credit score and decent debt-to-income ratio are needed to access the lowest interest rates.
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Progressive Leasing partnership
Big Lots offers a lease-to-own program in partnership with Progressive Leasing. This program allows customers to lease up to $3,000 worth of furniture with no credit needed. The lease-to-own program offers flexible financing options, where customers can choose to make weekly, biweekly, or monthly payments over a period of up to 12 months. Progressive Leasing's approval process does not rely solely on a three-digit credit score. Instead, they consider various factors, including income and banking history, making it accessible to individuals with less-than-perfect credit or limited credit history.
The partnership between Big Lots and Progressive Leasing provides an alternative financing option for customers who may not qualify for traditional credit or loan options. It enables customers to bring home their desired furniture without incurring substantial upfront costs. Progressive Leasing's early purchase options, such as the 90-day option, allow customers to own the products earlier than the standard 12-month agreement, although this may come at an additional cost.
The lease-to-own program through Progressive Leasing is not available in all states, with restrictions currently in Minnesota, New Jersey, Vermont, Wisconsin, and Wyoming. It is important to note that Progressive Leasing considers multiple data points beyond an individual's credit score, helping to accommodate those with less-than-perfect credit.
In addition to the lease-to-own program, Big Lots also provides the option of opening a store card through Comenity Capital Bank. This card offers borrowers the choice between earning cash back or taking advantage of deferred interest financing on qualifying purchases. However, interest charges and additional fees may apply if the balance is not paid in full during the promotional period.
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Fixed monthly payments
Big Lots offers a lease-to-own program for its furniture through Progressive Leasing. This program allows customers to lease up to $3,000 in furniture without any credit requirements. The payment schedule can be set up on a weekly, biweekly, or monthly basis. However, it's important to note that the lease-to-own program is not available in certain states, including Minnesota, New Jersey, Vermont, Wisconsin, and Wyoming.
While the lease-to-own option provides flexibility, it may not be the most suitable choice for those seeking fixed monthly payments. In such cases, taking out a personal loan could be a more attractive alternative. Personal loans allow borrowers to access funds in a lump sum and pay them back over time with interest.
Personal loan interest rates are generally lower than credit cards, making them a more cost-effective option for financing furniture purchases. However, to qualify for the lowest interest rates, individuals typically need a good credit score and a healthy debt-to-income ratio. For those with less-than-perfect credit, bad credit loans are also available, although they may come with slightly higher interest charges.
By opting for a personal loan, individuals can make fixed monthly payments over a set period, gradually paying off their furniture purchase. This approach aligns with Big Lots' goal of helping customers shoulder the upfront cost of furniture expenses and provides a structured repayment plan.
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Store card benefits
Big Lots offers shoppers the opportunity to open a store card with the chain. Here are some benefits of the Big Lots store card:
- Choice between earning cash back or taking advantage of deferred interest financing on qualifying purchases: Cardholders can choose to earn cash back on their purchases or take advantage of deferred interest financing on qualifying purchases. This flexibility allows cardholders to choose the option that best suits their financial needs and preferences.
- No need for perfect credit history: The Big Lots store card is issued by Comenity Capital Bank, which considers many data points, including income and banking history, when approving applications. This means that even those with less-than-perfect credit or a limited credit history may be approved for the card.
- Easy to qualify: Store cards generally have less stringent eligibility criteria than other forms of credit, making it easier for individuals to qualify.
- Part of the Big Rewards program: Cardholders can take advantage of the store's Big Rewards program, which offers discounts, bonuses, and special perks. Stacking these rewards with a general-purpose cashback credit card can further maximize savings.
However, it is important to note that the Big Lots credit card has limited rewards and special financing terms that may pose a risk. The card charges a high ongoing interest rate of 29.99% APR, which is well above the average for store credit cards. Additionally, if the balance is not paid in full during the promotional period, interest will be charged from the purchase date, and additional charges may apply.
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Frequently asked questions
Yes, Big Lots offers a lease-to-own program for its furniture.
Big Lots has partnered with Progressive Leasing to offer its lease-to-own furniture financing program. This program allows you to lease up to $3,000 in furniture with no credit needed. You then pay off your purchase through weekly, biweekly, or monthly payments over a period of up to 12 months.
Yes, the 90-day and early purchase options may cost more than the retailer's cash price.
Big Lots also offers a store card, which allows you to earn cash back or take advantage of deferred interest financing on qualifying purchases. Another alternative is to take out a personal loan, which can provide fixed monthly payments, although interest rates may vary.
No, the lease-to-own program is not available in Minnesota, New Jersey, Vermont, Wisconsin, or Wyoming.
