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SmartPay Offers $2,000 for Lease Financing: How Its Payment Works

SmartPay lease payment terms vary with an option you can utilize to spread the costs for up to 24 months through a lease-to-own contract.

This option is popular as one of the methods to enjoy buy now pay later phone purchases at big-name retailers like Boost Mobile, Total by Verizon, and interestingly, Walmart through WARP among others.

While it operates on a lease-to-own service model like Snap Finance, Acima, and others, its contract works differently, and understanding the payment structure could help you save on rental costs.



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Tip: SmartPay is a lease-to-own payment plan option that can be used to finance cell phone purchases having a cart value between $100 and $2,000 with flexible installments of up to 24 months.


While it is essential you know how the SmartPay lease payments work, it is also good to first understand its mode of service as the financing it offers is not like every other buy now pay later option.

SmarPay is a lease-to-own service that based on its flow will purchase a cell phone from its partnering retail providers and then give it to you as a rented item with an agreement allowing it to become fully yours once you complete the payment.


Read more about SmartPay

You are then expected to pay on a monthly basis with the amount or cost of rental dependent on the plan you chose at the time of application.

You can look at a scenario of using SmartPay with Straight Talk to finance a new iPhone; when you receive this device, you only have it on a rental term hence, the lessor (SmartPay) has the power to take it back if you are not making regular payments.

As long as you do not default, the mobile phone can become yours at the end of the contract.

However, it is interesting to know that this can be very expensive if you add all the total payments you have made since the beginning of the lease until the last month.

If you calculate them together, the amount will be more than twice the original price of the cell phone you received from Straight Talk.

But there is a ‘gift’ in its contract that will enable you to avoid paying so much for the product called the 90-day early buyout.

The platform gives you an opportunity to pay the complete cost within the first 90 days and you will avoid the high cost of rentals, only requiring you to pay the exact product price plus a small percentage of it between 3.5% to 20%.

This is the best time when using this option for financing to clear the bills because, after this period, you will have to pay very high to cover the rental.

SmartPay is Accepted by


You can use SmartPay for financing your next smartphone when shopping at:


Straight Talk

Straight Talk

Straight Talk’s online store provides a convenient platform for customers to purchase a variety of mobile phones, wireless plans, and accessories. With user-friendly navigation, it allows customers to explore and acquire Straight Talk’s products and services.

Simple Mobile

Simple Mobile

Simple Mobile’s online store offers a seamless shopping experience for customers looking to purchase mobile phones, wireless plans, and accessories. With easy navigation, the platform allows users to explore, select, and purchase Simple Mobile’s products and services from the comfort of their homes.

Total by Verizon

Total by Verizon

You can use SmartPay to enjoy buy now pay later phone purchases on the online store of Total by Verizon. It provides a user-friendly platform to allow users to conveniently access Total Wireless products and services.

Net10 Wireless

Net10 Wireless

Net10 Wireless offers a streamlined online store where customers can easily explore and purchase mobile phones, wireless plans, and accessories. The platform provides a user-friendly experience, allowing customers to conveniently access and acquire Net10 Wireless products and services.

Metro by T-Mobile

Metro by T-Mobile

Metro by T-Mobile operates as a prepaid wireless service within the T-Mobile network. Providing no-contract phones and plans, it delivers talk, text, and data services. Customers can leverage T-Mobile’s widespread network coverage while enjoying the straightforward and flexible prepaid options offered by Metro.

Boost Mobile

Boost Mobile

Boost, a prominent prepaid mobile service provider offers no-contract wireless solutions. Harnessing established carrier networks, Boost provides comprehensive plans covering talk, text, and data. Customers find value in the flexibility of prepaid choices and the convenience of spreading payments using options like SmartPay.

SmartPay Lease Payment Terms

SmartPay lease payment options vary depending on the phases of the contract.

Below is all you need to understand before proceeding with using it for your device financing:


Initial Payment


Day 1

Estimate Cost

0 – 25% of Cash Price


If you need a buy now pay later with no downpayment option then, SmartPay is not the provider for you as you are required to make an initial deposit during your application.

The amount you will have to pay is a percentage of the mobile phone’s price (also called cash price) based on the term you select and not fixed as applicable to similar options like Progressive Leasing, Katapult, and others.

SmartPay has five-term plans which include 6, 9, 12, 18, and 24 months.

While the 18 and 24-month payment plans do not require a downpayment, you will have to make an initial deposit if you go with any of the first three.

Below is what you will need to pay at minimum as your downpayment (of the price of the smartphone):

  • 6 months: 22%
  • 9 months: 22.4%
  • 12 months: 15%

If the cell phone you want to purchase costs $500, it means that you will remit the below as your first payment:

  • 6 months: $110
  • 9 months: $112
  • 12 months: $75
  • 18 – 24 months: 0


90-day Early Buyout Payment


First 90 Days

Estimate Cost

Cash Price + 3.5% to 20% of the Cash Price


This is the first SmartPay lease payment window you have for an early buyout and interestingly, the only period to enjoy the best savings.  

If you have used a lease-to-own service in the past, you probably will understand this term and for SmartPay, it is variable based on your plan selected at the application stage and not fixed as offered by Acima and others.

To get an idea of how much your early purchase will be, you will have to get a percentage between 3.5% to 20% of the price of the cell phone and then add it to the price.

Before you see an example of that, the below shows the applicable cost of an early buyout in the SmartPay lease payment structure:

  • 6 months plan: cash price + 20%
  • 9 months plan: cash price + 20%
  • 12 months: cash price + 20%
  • 18 months: cash price + 10%
  • 24 months: cash price + 3.5%


To understand this better, a smartphone of $500 will have a 90-day early buyout cost of:

  • 6 months plan: $600
  • 9 months plan: $600
  • 12 months: $600
  • 18 months: $550
  • 24 months: $517.5


While you may be thinking it will be a smart idea to choose the 18-month or 24-month plan to enjoy better savings through an early buyout, note that how long you can defer depends on the worth of your cart.

Below is the minimum order value required per plan:

  • 6 months plan: $100
  • 9 months plan: $451
  • 12 months: $851
  • 18 months: $1,001
  • 24 months: $1,501


Mid-term Buyout


4th – 23rd Month

Estimate Cost

Cash Price + 75% to 95% of the Cash Price


This is another early purchase SmartPay lease payment window but more of a second chance after you miss the 90-day buyout.

The savings here are not as much as you will enjoy when using the 90-day but better than continuing the lease until the last day.

If you delay full payment until the last day of the contract, the total payment will be more than twice the original price of the smartphone hence, you have to be smart to pay it off before the contract closes.

At this stage, the value you will save could range between 5% to 35% of the cash price depending on when you exercise the opportunity.


Full-term Ownership


6 – 24 Months

Estimate Cost

Cash Price + Cost of Lease


The full-term SmartPay lease payment varies depending on the payment plan your contract is on and could be the last day of the 6th, 9th, 12th, 18th, or 24th month.

If you continue the monthly payments up to this stage, the cell phone will become yours and the lease contract will come to an end.

However, it is worth knowing that the total monthly payments when added together will be able to buy at least two of the mobile phones (if the price stays the same) at this stage hence, the reason you should focus on closing the contract very early through the 90-day buyout.

If you calculate the interest rate at this stage, it will be close to 150% hence, the total will be able to afford at least two of the devices when you finish paying the lease costs.

SmartPay Lease Payment Options


When it comes to SmartPay lease payment options, the platform supports three which include:


Custom Payment

This SmartPay lease payment option lets you choose the amount you want to pay, providing flexibility.

It is useful when you have extra funds to allocate to your account or need to make a one-time payment different from your regular installment.

You can use this option to supplement your regular payments or, if desired, entirely replace your next scheduled payment.

This can be advantageous in situations where you have additional income or want to temporarily adjust your payment schedule.


Standard Payment

This represents the consistent sum that customers agree to pay regularly within a scheduled payment plan.

The platform has a default monthly installment in terms of repayment schedule and you are expected to make payments every 30 days.

It serves as the reliable and predictable portion of their financial obligation. This enables customers to proactively handle their payments and promptly make adjustments to their financial plans.


Early Purchase Option

This Smartpay lease payment option empowers customers to settle their entire account balance at once, concluding the lease contract.

It offers a convenient and efficient means for individuals to fulfill their financial obligations ahead of schedule.

Clearing the account in full through this early purchase option marks the conclusion of the contract or the full ownership of the product or service.

This option may appeal to customers aiming to own the item outright or fulfill their financial commitment promptly, avoiding the high fees associated with ongoing rental.

SmartPay Lease Payment Methods


Below are all the SmartPay lease payment methods to use in clearing your rental bills:


Debit or Credit Card

SmartPay simplifies the lease payment process by offering customers the option to use their debit or credit cards.

This method provides a high level of convenience, allowing customers to set up automatic payments.

By securely linking their card details to their SmartPay account, users can ensure that their lease payments are deducted seamlessly each month.

This eliminates the need for manual transactions, offering a stress-free and efficient solution for those who prefer electronic payment methods.

With real-time processing, customers can have peace of mind knowing that their payments are prompt and reliable.


Direct Debit

For customers seeking a hands-off approach to handling their SmartPay lease payments, the platform supports direct debit.

This method involves customers authorizing SmartPay to withdraw lease payments directly from their bank account

By providing bank details and granting permission, customers enable an automatic and secure transfer of funds.

This streamlines the payment process, ensuring that payments are made on time without the need for manual intervention.

Direct debit is particularly beneficial for individuals who appreciate the convenience of automated transactions and prefer a set-it-and-forget-it approach to managing their financial commitments.


Cash through PayNearMe

Recognizing the diverse preferences and financial situations of its customers, the platform supports the option to make SmartPay lease payments in cash through PayNearMe.

This method caters to individuals who prefer or need to use cash transactions.

PayNearMe allows customers to visit participating retail locations, such as convenience stores or payment centers, to make their lease payments in cash.

This flexibility is especially valuable for those who may not have access to electronic payment methods or who simply prefer the tangibility of cash transactions.


While there is flexibility when it comes to handling SmartPay lease payments, it is essential to note that your best chance to enjoy saving when using its financing is within the first 90 days.

You may want to consider alternatives with better offerings if you cannot pay it early because continuing with the contract with the idea to pay in installments until the last day could be very costly. 

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