WHAT IS A RETAIL INSTALLMENT CONTRACT?
A retail installment contract allows you to borrow a specific amount and pay it back over a specified length of time with a set number of payments. For example, you might borrow $1,200 and agree to pay it back in 12 monthly payments of $100 plus interest.
Examples of traditional installment loans similar to retail installment contracts are home mortgages, car loans and even personal loans.
With retail installment contracts, you can spread the cost of an item over a longer period of time instead of paying a large amount all at once. The term of the contract can vary from a duration of months to years.
For example, you may get a contract for $1,000 to get a bigger, better TV. You’d pay a set amount of about $42 (plus finance charges) per month for 24 months on a 2-year contract, instead of $1,000 upfront.
Unlike with a store credit card, you cannot keep adding to your debt if you are under your credit limit, and required payments do not typically change from month to month. This is one reason why retailers like Conn’s HomePlus® are typically more willing to give retail installment contracts to people with bad credit.
Find out more about how to build your credit now and for the future.
Retail installment contracts at Conn’s HomePlus®
A retail installment contract is a great way to finance furniture, appliances, TVs, mattress sets and all the latest products your family needs.
Because we offer retail installment contracts as part of our Conn’s HomePlus® financing, we typically say yes whether you’ve got good credit or bad credit—even if you’ve been turned down other places.* Plus, Conn’s HomePlus frequently offers special financing offers on select merchandise.
Retail installment contracts fast facts and benefits:
- A fixed monthly payment amount, APR and payment schedule
- No surprises! Know exactly what you owe
- Get approved for the amount you need*
- Complete the short prequalification form and get qualified instantly*
- Take advantage of special financing offers
- A great solution for people with challenged credit history
- Cannot keep adding to your debt like a credit card
- Making on-time payments on accounts is one factor in obtaining good credit
Retail installment contracts are one of several financing options at Conn’s HomePlus®
Conn’s HomePlus makes available a variety of financing options to help you buy the furniture, appliances, electronics and more that you need for your home. A retail installment contract through YES MONEY® could be the ideal choice for you right now. You can start online and may get qualified instantly*!
But you might qualify for a Conn’s credit card, which would give you added flexibility and potential additional buying power. If credit isn’t approved for you at this time, Conn’s HomePlus offers an affordable rent to own program that can help you get the products you need. *Online application only. Subject to credit approval.