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How can I get furniture Financing with low Credit score?
Furnishing your home is an important but often expensive task, and it can be even more challenging if you have a low credit score. However, having a low credit score doesn’t mean you’re out of options. There are several ways to obtain furniture financing in the UK, even if your credit history isn't perfect. Here’s a guide on how you can secure furniture financing with a low credit score.
Consider Rent-to-Own Stores
Rent-to-own stores are a popular choice for people with low credit scores. These stores allow you to rent furniture with the option to own it after making a series of payments, all without requiring a traditional credit check.
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How It Works: You choose the furniture you want, agree to a payment plan, and make regular weekly or monthly payments. Once you’ve completed all the payments, the furniture is yours to keep.
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Advantages: No or minimal credit checks, flexible payment options, and immediate access to the furniture.
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Examples: Brighthouse and RentaCenter are leading rent-to-own stores in the UK, offering a wide range of furniture items with payment plans designed for people with low credit scores.
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Considerations: While this option is accessible, the total cost over time can be higher due to interest rates and fees. Be sure to calculate the overall cost before committing.
Explore Buy Now, Pay Later (BNPL) Services
Buy Now, Pay Later (BNPL) services have become increasingly popular and offer a viable option for those with a low credit score. Many BNPL providers do not require a full credit check or only perform a soft inquiry, which doesn't impact your credit score.
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How It Works: BNPL services allow you to purchase furniture immediately and spread the cost over several weeks or months, often without interest during the initial period.
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Advantages: Flexible repayment terms, often interest-free, and quick approval with minimal credit checks.
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Examples: Klarna, Clearpay, and Laybuy are popular BNPL providers available at major UK retailers like Argos and Currys that offer a variety of furniture items.
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Considerations: Ensure that you can keep up with the payment schedule to avoid late fees, which could affect your credit score.
If you’re open to using collateral, a secured loan might be an option. These loans require you to put up an asset, such as your car or savings, as security for the loan. Because the lender has something to fall back on, they may be more willing to offer financing to someone with a low credit score.
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How It Works: You apply for a loan using your asset as collateral. If approved, you receive the funds to purchase furniture, and you repay the loan in installments.
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Advantages: Higher chances of approval for those with low credit scores, potentially lower interest rates compared to unsecured loans.
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Examples: Many UK banks and credit unions offer secured loans, which can be used for furniture purchases.
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Considerations: If you fail to make payments, the lender can seize the asset you used as collateral, so it’s important to ensure you can meet the repayment terms.
Apply for a Secured Loan
Local, independent furniture stores might be more flexible in their financing options compared to large chains. Some smaller stores offer in-house financing or layaway plans that cater to customers with low credit scores.
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How It Works: You may be able to negotiate a payment plan directly with the store, where you pay for the furniture over time.
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Advantages: Potentially more personalized service, flexible payment terms, and no formal credit check.
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Finding a Store: Visit local furniture stores in your area or ask for recommendations from friends and family.
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Considerations: Since these are smaller businesses, the range of furniture might be more limited compared to larger retailers.
Check with Local Furniture Stores
Securing furniture financing with a low credit score in the UK is possible through several accessible options. Whether you prefer the flexibility of rent-to-own stores, the convenience of BNPL services, or the alternative approach of P2P lending, there are ways to furnish your home without letting your credit score stand in the way. Just be sure to carefully review the terms and conditions of any financing option to ensure it fits your budget and financial goals.
No credit checks streamline the approval process, enabling faster access to funds and inclusivity for those with poor credit histories, all while avoiding stress and potential impacts on your credit score
Moving House? Wanting that fresh start?! Check out our guides on the latest options in no credit checks for the home
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Opt for a Guarantor Loan
If you’re struggling to get approved for financing due to your credit score, a guarantor loan might be an option. This type of loan requires a friend or family member with good credit to co-sign and agree to take on the responsibility if you fail to make payments.
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How It Works: You apply for a loan with a guarantor, who promises to cover the repayments if you default. You then use the funds to buy the furniture you need.
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Advantages: Easier approval process, access to larger loan amounts, and the opportunity to improve your credit score with timely payments.
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Examples: Companies like Amigo Loans and Buddy Loans offer guarantor loans in the UK.
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Considerations: Be sure your guarantor understands the responsibility they’re taking on, as it can affect their financial situation if you fail to make payments.
No credit checks for
Business & Luxury
No credit checks are an option for you
No credit checks streamline the approval process, enabling faster access to funds and inclusivity for those with poor credit histories, all while avoiding stress and potential impacts on your credit score
Moving house?
Moving House? Wanting that fresh start?! Check out our guides on the latest options in no credit checks for the home
Celebrate your special day in exactly the way you want. Explore the options for
Special event coming up?
