Clicklease enables financing for equipment and other products needed for business operations on lease-to-own terms with no hard credit check.
Not many of the buy now pay later apps grant much spending power suitable for high-ticket purchases, especially when it has to do with business equipment.
With platforms like Clicklease and a few others, you can enjoy payment plans that will enable you to spread the cost of purchases into monthly installments when shopping for products needed for your business.
Clicklease
Max. Amount
$25,000
Type
Lease
Credit Check
Soft
Tip: Clicklease allows you to get products on lease-to-own terms with up to 60-month installments from any of its partner vendors with a spending limit ranging from $500 to a maximum of $25,000.
While it offers an early buyout of the item’s price in addition to previous payments within the first six months, continuing after this period may lead to paying more than double the equipment cost.
The platform is one of the payment plan options available to businesses but unlike how Credit Key works, its pricing is not APR-based but rather, a lease-to-own.
If you have used similar services like Katapult for financing your purchases, you will understand that this option is best worth utilizing if you are confident of completing the required full costs within the early buyout window.
It utilizes a soft inquiry which means that applying to use the option will not leave a real impact on your credit profile since this kind of check does not show on your report when being reviewed by other lenders.
The platform does not have strict requirements which is expected as an online lease service provider which is similar to the early-stage experience you will get when using Rent-A-Center for a lease.
You can apply for its financing even if you are just starting out and your eligible purchasing power will be determined through your personal financial records.
If approved, Clicklease will purchase the equipment and give it to you on a lease-to-own term which can become fully yours after completing the installments or utilizing any of its early purchase options.
Due to the nature of how it works, you will only enjoy the option if you complete the required payments within the first six months as it allows for same-as-cash buyout.
With this buyout, it means that you will pay the price of the equipment in addition to previous installments to end the contract at this stage.
To understand this, if your monthly installment for equipment that costs $1,500 is $112 and in the fifth month you decide to use the early buyout, you will pay $448 (which is the previous four payments) plus $1,500 at least. That is a total of $1,948 to end the contract.
However, note that Clicklease charges a doc fee that ranges from $79 to as much as $399 even though the contract says it is a buy now pay later that requires no down payment.
This first payment is non-refundable and will form a part of the total required to own the item you leased.
Its early buyout might not be the best when compared to Snap Finance or others that grant high value for lease-to-own financing.
Nonetheless, the six-month grace to exercise the option is one of the longest as most of the popular services like Progressive Leasing, Acima, and several others limit theirs to the first 90 or 100 days.
You may want to first consider alternatives like PayTomorrow which has very similar attributes with better early buyout offerings and can be used for business financing if you can complete payments within three months.
However, Clicklease could be a last option if you are unable to get financing for your business equipment purchases and if approved, try to complete the required costs within the first six months to save more than 80%.
If you continue to pay the installments until the last month, the total paid on the last day when you add your previous payments will be able to buy more than twice the equipment.
Where to Use Clicklease for Financing
Below are some of the top vendors that accept Clicklease for lease-to-own business financing:
Event Decor Direct
Event Decor Direct offers premium event and wedding decor solutions. Specializing in drapery, lighting, and floral arrangements, they provide top-tier products for event planners and decorators, ensuring memorable and visually stunning occasions.
Grizzly Industrial
Grizzly Industrial is a company specializing in the distribution of woodworking and metalworking machinery, tools, and accessories. Known for offering a wide range of products, they cater to both hobbyists and professionals in the industrial and woodworking sectors.
Diamond Tool Store
Diamond Tool Store is a supplier of diamond tools and equipment for the stone and construction industries. They offer a diverse range of products, including diamond blades, polishing pads, and core bits, catering to professionals in the field of stone fabrication and construction.
OMTech Laser
OMTech Laser is a company specializing in laser engraving and cutting machines. They provide a range of laser equipment for various applications, including engraving on wood, acrylic, and other materials. It serves hobbyists, businesses, and industrial users with its laser technology solutions.
Bad Boy Mowers
Bad Boy Mowers is a manufacturer of zero-turn lawnmowers. Renowned for their durable and high-performance machines, Bad Boy Mowers caters to residential and commercial users. Their products are known for innovation and reliability in the lawn care industry.
Features of Clicklease Financing
Below are some of the things you need to know about the platform:
Lease-to-Own Model
Clicklease is a lease service provider and just like Koalafi, Okinus, Snap Finance, and others, the product you will be using the option to purchase is not really yours.
Through its lease-to-own contract, you will only be authorizing Clicklease to buy the equipment on your behalf.
This item will then be given to you like you are renting it with the monthly installment expected every 30 days.
Once you have completed the required payments, you will have the option to own it.
Long-Term Financing
Depending on the retailer, you can use Clicklease to finance your equipment on a long-term contract.
The platform provides varying payment plans which you can select from any that will allow you to spread the cost of the payments for up to 60 months.
While this may be flexible considering the small monthly payments, it can be very costly because if you continue until the 24th or 60th month depending on your agreed term, you may end up paying more than twice the original price of the equipment.
Non-APR Pricing
Because Clicklease is a lease-to-own financing option, its contract will not specify any APR when it comes to the required applicable payments.
But on average, the equivalent calculated APR can be up to or more than 110% at the end of the lease due to the addition of its rental cost which is part of your monthly installments.
That is why when using it for equipment financing, you will need to close out the contract early to avoid the expensive nature of it due to the lease costs.
Soft Inquiry
Clicklease utilizes a soft inquiry for the determination of eligibility for its lease-to-own financing hence, using it will not impact your credit score.
This a common practice by many of the buy now pay later services like Klarna, PayPal, Affirm, and others. It is only for informational use and will not be visible to other financial institutions.
Flexible Eligibility
The platform does not have strict requirements to be eligible for its financing as unlike others targeting businesses, it allows for both new start-ups to established companies.
Below are the requirements to use Clicklease:
- A verifiable business
- Social security number
- At least the owner must be 18 years of age
- An active mobile number
- A debit card for handling the documentation fee
Equipment Purchase
Its financing is for equipment purchases and you will not be able to use it for services like marketing or business set-up as applicable to some of the merchants accepting Credit Key and others.
This is due to its business model being a lease-to-own as in the event you stop paying the expected installment as stipulated in the contract, the equipment can be retrieved from you.
Doc Fee
Before you will be allowed to complete the order, a doc fee between $79 to $399 is expected at checkout.
This amount is the only required value on the first day of the contract which is needed to activate the lease.
Early Buyout Option
Clicklease early buyout option is a grace period the platform provides within the first six months you can utilize to avoid the expensive nature of the service.
When you use this, you will end up paying a total amount equivalent to the price of the equipment added to the previous month’s payments.
You will save more the earlier you close the contract within this period. For instance:
If you lease a lawn mower that costs $750 and your expected monthly payment is $25. An early buyout in the third month means that you will pay just $750 but your previous month’s payments are not added because those will be kept as the cost of the lease during that period.
It means you would have paid a total of at least $879 if the contract ends at this stage, which is the price of the equipment added to your previous installments and the doc fee of $79 (note that the doc fee can be up to $399).
Early Purchase Option
Clicklease also offers an early payoff option if you miss its first six months of early buyout and while this might not be cost savings as the first, you can still save some funds utilizing it.
It works differently because, with this, you will need to pay the subsequent two installments in addition to the cash price (original cost of the equipment) to make the item fully yours.
To understand this, take a machine that costs $1,200 dollar with an expected monthly installment of $55. If in the 7th month, you decide to buy it out, you will pay at least $1,719.
That is:
Your previous six installments: $330 (note, you already paid this)
The cash price: $1,200
Next two months: $110
Minimum doc fee: $79 (this is already paid on the first day)
Frequently Asked Questions on Using Clicklease
Here are some frequently asked questions regarding the use of Clicklease for equipment financing:
What is Clicklease?
Clicklease provides leasing options for businesses, particularly focusing on equipment leasing.
The company offers a lease-to-own model, allowing businesses to acquire necessary equipment through monthly payments, with the option to own the item at the end of the lease term.
What are the requirements for Clicklease financing?
To qualify for Clicklease financing, you need to meet the following requirements:
1. Verifiable Business: You must have a business that can be verified. This involves providing documentation or information that confirms the existence and legitimacy of your business.
2. Social Security Number: A Social Security Number (SSN) is required. This is a standard form of identification in the United States.
3. Minimum Age: At least the owner of the business must be 18 years of age or older to be eligible for Clicklease financing.
4. Active Mobile Number: You need to have an active mobile phone number. This is used for communication purposes during the application process.
5. Debit Card: A debit card is required for handling the documentation fee. This fee is non-refundable and contributes to the overall cost of the leased item.
It is important to note that meeting these requirements does not guarantee approval, and the final decision may depend on various factors, including your creditworthiness and the specifics of your business.
Does Clicklease check credit?
Yes, Clicklease does perform a credit check as part of its application process. However, the type of credit check used by the platform is a soft inquiry (or soft pull).
A soft inquiry does not have a significant impact on your credit score and is not visible to other lenders when they review your credit report.
It is important to note that even though Clicklease conducts a credit check, the soft inquiry will not leave a lasting impact on your credit profile.
This approach is designed to provide potential customers with the opportunity to explore its lease-to-own financing options without the concern of a major impact on their credit score.
Can Clicklease sue you?
If you fail to meet the contractual obligations, such as making required payments, it is possible that Clicklease could take legal action to recover the owed amount.
Hence, do not default on the payments as stipulated in your agreed contract.
Can Clicklease be paid off early?
Yes, Clicklease can be paid off early through its early buyout option. The early buyout option is a grace period provided by Clicklease within the first six months of the lease agreement.
During this period, you have the opportunity to pay off the total amount equivalent to the price of the equipment plus any previous month’s payments. This provides a cost-saving opportunity, as the longer you wait within the six-month period, the more you may end up paying.
Additionally, Clicklease offers an early purchase option if you miss the first six months of the early buyout period. With the early purchase option, you can still save some funds by paying the subsequent two installments in addition to the cash price (original cost of the equipment) to fully own the item.
It is important to note that the specific details, costs, and conditions associated with early buyout or early payoff options can vary based on the terms outlined in your individual lease agreement with Clicklease.
When considering paying off your Clicklease agreement early, it is recommended to review your specific agreement.
What is the maximum amount offered by Clicklease?
The maximum amount offered by Clicklease is $25,000 which represents the highest funding limit that it may provide to eligible businesses for equipment leasing.
This means that, under certain circumstances and subject to approval, businesses could potentially secure up to $25,000 in financing from the platform to acquire the necessary equipment.
It is important to note that this maximum amount can vary based on several factors, including the type of equipment being financed, the creditworthiness of the business, and other financial considerations.
The platform may assess each application individually, taking into account the specific needs and financial situation of the business.
Is Clicklease legit?
It is a legitimate financial services provider specializing in lease-to-own financing for equipment.
They offer businesses the option to lease equipment and make monthly payments with the opportunity to own the equipment through an early buyout option or after completing the payments.
How does Clicklease work?
The platform works similarly to most leasing companies except that its services are for verifiable businesses.
You select the equipment from the retailer and then apply for the lease option through Clicklease
Once the request is approved, you will then be required to sign a lease agreement which contains the terms of the financing including the doc fee, and repayment schedule.
Once you sign this document, Clicklease will work with the retailer to deliver the item to you on a lease term until you buy it out or continue the installments for it to become yours.
What is the cost of using Clicklease?
In calculating your Clicklease payment, you need to understand the below items:
1. Invoice amount: the cost of the equipment you want to lease
2. Lease terms: how long do you want to lease the item
3. Monthly payment: the value you will be paying every month
4. Doc fee: it is a fee charged when signing the document
Let us take for example a trailer that has a purchase amount of $10,000 leased for 60 months with a monthly payment of $475.
Assumed a documentation fee of $299. This can vary between $79 to $399 which depends mostly on the size of the lease. It will be specified in your contract before you sign
Your first payment will include the doc fee of $299. Hence:
1st month = $475 + $299, which is $774
Subsequently, you will be paying $475 (possibly plus taxes) every month until the 60th month.
Total repayment = $475 * 60 + $299
Meaning that you will pay back at least $28,799 at the end of the lease.
What is Clicklease interest rate?
Clicklease has a surcharge model which is determined at the beginning of your lease and you will then be required to pay that on a monthly basis.
The best thing you can do is to multiply the monthly repayment by the required total repayments to understand the difference.
Typically with lease financing options, you might be paying more than double the original item’s price at the end of the contract.
Is there any down payment using Clicklease?
This platform does not usually require a down payment before you can finance with it but note that you might have to pay some initiation fee like that needed for documentation before you can be approved for financing.
The doc fee can vary between any amount from $79 to as much as $399 which is dependent on the value of the equipment you want to lease.
Can you own Clicklease equipment after completing payment?
There is an option to actually own the item once you have completed your payment but that requires more.
For you to own the equipment, you will need to either use its six-month early buyout or make extra two-month payments if you have passed the early buyout period and the item will become yours outright.
Where can I get more information about Clicklease?
To get more details regarding how its services work, you may visit its portal.
Financing equipment is a good way to have that item you need especially if it is very essential for your business growth.
There is no doubt that Clicklease provides a good means to enable you to get the needed items on lease terms. But if you are not fine with the terms, you can consider the other financing providers especially if the alternatives provide credit that is enough for the equipment you need.
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