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Is EasyPay Finance’s $5,000 Worth It? How It Works

EasyPay Finance offers you purchasing power you can use for payment plan orders at several merchants on lease-to-own terms requiring no hard credit check.

You have many options when it has to do with buy now pay later that requires no hard credit check, with several of those operating as lease-to-own services.

Since they offer you the opportunity to apply for buy now pay later through a soft credit check and modest requirements, there is a high chance you will qualify even with a bad credit score but you need to understand their tricky terms to avoid paying more than expected.

EasyPay Finance

EasyPay Finance

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Tip: EasyPay Finance is a lease-to-own service that lets you get items between $350 and $5,000 with the best time to pay off within the first 90 days (and you’ll pay only a charge of $40) else, you could end up paying a lot.


This platform is a popular choice for many users who utilize it for buy now pay later mattress purchases, electronics, appliances, and other essential items.

It requires only a downpayment of $39 once you are eligible for its financing and after agreeing to its terms, the contract will allow you to spread payments for up to 12 months.


Read more about EasyPay Finance

Being a lease-to-own service provider, it will purchase the product and give it to you on a rental agreement which you are expected to repay every month.

To become the full owner of the item, you can either continue payment until the last month or use its early buyout option which is valid within the first 90 days.

This part of its contract is a very important one you need to be concerned about because if you miss clearing the full payments within this period, you could end up paying more than 100% in interest.

The platform works very similarly to every lease-to-own service provider like PayTomorrow, Acima, Snap Finance, and others, and this tricky term is not strange if you have used any of them or related services.

They are suitable to be considered as financing options if you have the trust to pay the full amount within the early purchase window if not, you should consider other buy now pay later services.

EasyPay Finance utilizes a soft credit check and other secondary factors other than your credit score to determine your eligibility for its purchasing power hence, people with varying financial backgrounds stand equal chances of approvals.

With the platform offering a high credit you can use for high-ticket items purchases, it could be amazing to use provided you can settle the full payments within the first 90 days for 100% ownership and avoid the high fees in rentals.

How EasyPay Finance Works

If you choose to apply for a contract with a retailer that offers it at checkout, EasyPay Finance will purchase the product on your behalf and lease it to you. You are obligated to repay the cost through regular installments.

You have the option to either utilize an early purchase option or continue making payments until the contract concludes, at which point you gain full ownership of the item.


EasyPay Finance Process Flow

Below are some of the things that you need when using the option for product financing:


User Application for Lease

This is your request to initiate a lease agreement for a specific product at a retailer that accepts it for lease-to-own financing.

During the application process, you will need to provide personal information, including your name, address, social security number, and contact details, along with financial details such as your income.

If you are completing the process on the merchant’s website during checkout, the user-friendly form is designed for quick completion within minutes.

To ensure a seamless experience, keep your smartphone active, especially during in-store procedures, as you will require the OTP (One-Time Password) to authorize the lease.

The form will ask you to provide essential details, including your name, employer information, valid photo ID, bank details, Social Security Number, address, and contact information.

Once all the necessary information is provided, simply click the submit button to forward the details to EasyPay Finance for automated processing and proceed with additional validation steps.


Decision for Lease Phase

In this phase, the decision-making process is entirely automated, utilizing the information gathered in the initial stage.

Typically, it only takes a few minutes to ascertain the status of your application. Here is an overview of the automated process:

  • Soft Credit Inquiry: EasyPay Finance conducts a soft credit check, also known as a soft pull or inquiry, for informational purposes only. This has no impact on your credit score.
  • Decision on Lease Credit: The results of the soft inquiry determine your spending limit, assessing whether you can cover the lease costs over the agreed-upon period.
  • Decision on Contract: Considering various factors, a decision is made. You either receive approval to acquire the product, or your application is declined.

It is essential to understand that EasyPay Finance, like other lease service providers, does not rely solely on your credit score for approval.

Even if you have a less-than-perfect credit standing, you may still qualify based on other factors considered in the decision-making process.


Product Lease Stage

After your application is approved, the product will be allocated to you, but you will not physically receive it until the initial payment is successfully processed.

During this stage, EasyPay Finance secures the item from the merchant on your behalf and opts to lease it to you.

It is crucial to understand that, akin to the dynamics of borrowing a bike from a friend, EasyPay Finance, acting as the lessor, retains the right to reclaim the product from you at any point during the contract period.

Just like a friend who owns the borrowed bike might ask for its return, the lessor in this situation can retrieve the product throughout the lease contract, particularly if you fail to adhere to certain terms outlined in the agreement.


The Repayment Stage

Upon activating the contract, the responsibility for ongoing lease cost repayment falls on you.

It is important to note that the payments for the product are directed to EasyPay Finance, not the merchant.

This is because EasyPay Finance has already settled the entire product cost with the merchant before you obtained the item.

Lease payments occur on a monthly basis, and the platform will notify you, possibly some days before the due date, as a reminder.


90-Day Buyout Option

Just as common to many providers like Progressive Leasing, EasyPay Finance offers an opportunity you can utilize for cost savings.

This allows you to pay the original price of the product (on your contract as cash price) in addition to an early buyout fee of $40.

If you are new to the lease-to-own financing option, this is the best window you have to avoid paying the high cost that comes with continuous payments until the end of the contract.


Early Purchase Option

If the 90-day option is not utilized, the next best opportune moment to conclude your EasyPay Finance contract is immediately after then starting from the 91st day.

While the potential savings may not equal those of the initial 90-day period, there are still noteworthy benefits linked to settling the full cost of ownership at this stage.

The savings achieved by selecting this alternative, albeit variable based on the timing of the decision, can still be substantial, ranging between 5% to 30% on rental costs.

Even after the 90-day period has lapsed, lessees can experience significant cost reductions by making the full payment for the leased item during this subsequent window.

This option offers a second opportunity for lessees to transition to complete ownership and save on rental costs rather than continuing until the end of the contract, potentially incurring higher payments.

To have an idea of how much you will save at this stage of the lease, EasyPay Finance applies the formula “original product costs + 70% of remaining payments + processing fee of $39”.

For example, if you bought an electronic that costs $300 on lease-to-own terms, requiring you to pay $55.8 every month. If you chose to pay off in the 6th month (provided you have not missed any previous payments):

  • The remaining number of payments is; 12 – 6 = 6
  • The cost of the lease is; 70% * ($55.8*6) = 70% * $334.8 = $234.36
  • Early purchase cost is; $300+$234.36+$39 = $573.36

At this stage, the amount required for ownership will be very high due to the inclusion of the lease costs hence, the reason you should aim for a 90-day early buyout.


Ownership and End of Contract

The final phase of the contract unfolds typically in the last month when using EasyPay Finance for payment plan purchases if you do not utilize any of its early purchase options.

When you add up all payments made since the lease commenced at this juncture, you will find that the total amount exceeds double the initial price of the product.

This highlights the importance of opting for full-cost payments within the first 90 days.

Despite individual monthly payments seeming reasonable, their cumulative impact becomes evident when considering all payments collectively.

If you have consistently made timely payments, you now have the choice to retain the product, as the contract automatically concludes at this stage with the item becoming fully yours.

Frequently Asked Questions on EasyPay Finance


Here are some frequently asked questions regarding the use of EasyPay Finance for lease-to-own purchases:


What is EasyPay Finance?

EasyPay Finance offers financing options for customers with various credit histories, including those with less-than-perfect credit.

They facilitate lease-to-own or installment payment plans, allowing customers to acquire products and pay for them over time.

Does EasyPay Finance check credit?

EasyPay Finance conducts a credit check as part of the application process. This involves a soft credit inquiry, also known as a soft pull or check, which does not impact your credit score.

This type of credit check is purely informational, assessing your financial background to determine eligibility for lease financing.

Unlike traditional credit checks, EasyPay Finance’s approach considers various factors beyond just the credit score.

This inclusive method enhances accessibility for individuals with diverse credit histories. By taking a comprehensive approach, the platform aims to make its lease options available to a broader range of customers.

Is EasyPay Finance legit?

EasyPay Finance is a trusted financial services provider, providing consumers with practical lease-to-own financing alternatives.

The platform serves as an accessible option for individuals facing challenges with traditional credit approval processes.

Distinguished for its prompt approval decisions, EasyPay Finance frequently utilizes a soft credit inquiry, mitigating the impact on credit scores.

Specializing in financing solutions through lease-to-own contracts, the company extends its services to users through several merchants, both online and offline.

Does EasyPay Finance affect your credit?

EasyPay Finance typically initiates a soft credit inquiry, commonly known as a soft pull or soft check, as a standard step in its application process.

This type of credit check is conducted solely for informational purposes and has minimal impact on your credit score. Unlike hard inquiries resulting from credit applications, soft inquiries do not influence your credit score.

When EasyPay Finance assesses your credit, the soft inquiry is generally not visible to other creditors and leaves no lasting imprint on your credit report.

This approach allows the company to evaluate your financial history and determine your eligibility for lease financing without negatively impacting your credit score.

However, the platform may report late payments to credit reporting agencies which could impact your bureau profile.

What are EasyPay Finance requirements?

To qualify for EasyPay Finance, individuals need to meet the following criteria:

1. Cell Phone: Applicants should have a functioning cell phone.
2. Email Address: A valid email address is required for communication purposes.
3. Bank Account: Individuals must possess an active checking account.
4. Valid Identification: Applicants need to provide valid identification.

Moreover, applicants are required to meet the following financial criteria:
1. Monthly Income: Individuals must have a minimum monthly income of $750.
2. Bank Account Standing: Applicants should have a checking account in good standing, which has been active (open) for at least 90 days.

What is the maximum credit amount offered by EasyPay Finance?

When opting for EasyPay Finance as your payment option, the maximum credit amount stands at $5,000.

It is important to note that the approved value or purchasing capability is contingent upon various factors evaluated by the company.

These considerations include the value of the product, your income, additional details derived from a soft inquiry, and the information supplied during the application process.

Can I pay off EasyPay Finance early?

Certainly, you have the flexibility to settle your EasyPay Finance contract ahead of schedule, and there are no penalties attached to this early payment.

This option presents an opportunity for noteworthy savings by promptly clearing outstanding balances.

Importantly, EasyPay Finance offers both a 90-day buyout and an alternative early purchase option, providing you with the means to decrease overall lease expenses and avoid unnecessary costs associated with extended rentals.

Does EasyPay Finance report to the credit bureaus?

While the soft credit inquiry the platform performs as part of its eligibility process has no impact on your profile, it may report late payments to the credit bureaus which can impact your profile.

If you are using the option for financing your purchases, commit to timely repayments to avoid it having any effect on your credit history.

What is the downpayment to use EasyPay Finance?

The required downpayment when using EasyPay Finance is $39 and this will be charged from your connected payment method at the point of application before you will receive the product.

Is there a minimum spend amount to use EasyPay Finance?

Yes, the required minimum order value to use EasyPay Finance for lease-to-own product financing is $350.

Is EasyPay Finance a lease?

EasyPay Finance operates based on a lease-to-own model. This entails offering consumers a financing option, allowing them to lease products and make periodic payments over a designated period.

Where can I get more details about EasyPay Finance?

For more information and other details about the how it works, you may check out its frequently asked questions page.


With a good amount possible to access for high-ticket product purchases across an array of merchants, it could be a nice option to use for purchase financing.

However, work towards using the 90-day early buyout option it provides to avoid paying the costly value that comes with long-term rentals.

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