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SmartPay offers up to $2,000 for Phone Leasing But Worth It?

SmartPay lets you finance devices on lease-to-own terms at popular retailers and spread payments for up to 24 months with no hard credit check.

While there are a lot of buy now pay later phone options, having many is better as it increases your chances of being approved by one or more of the several providers.

Since most utilize soft inquiry and consider factors beyond just credit scores, the likelihood of approval is fair for everyone, including those repairing their credit scores.



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Tip: SmartPay is a lease-to-own financing option for cell phones and it offers up to $2,000 which you can utilize to get the device of your choice at well-known retailers and pay monthly until a maximum of 24 months.


SmartPay is one of the options when it comes to mobile phone lease-to-own financing alongside top providers like PayTomorrow, Acima, Progressive, Katapult, and others.

You can enjoy its buy now pay later with no hard credit check required at well-known brands like Straight Talk  Wireless, Boost Mobile, and others for cell phone purchases.


Read more about SmartPay

Through its soft credit check, the platform will determine your spending limit before offering you the opportunity to use it for financing your purchases.

It operates on a lease-to-own model and requires a minimum cart value of $100 which can be up to but not exceeding its maximum spending amount of $2,000.

Depending on the value of the device you are buying, you can use it to spread payments for up to 24 months.

While it enables you to pay later for iPhones and other high-end mobile devices, it can be very expensive to use if you do not understand properly how lease-to-own works.

When you are approved for a SmartPay order and given the product, you are typically renting the item until you have paid the full cost of rental and the cash price.

The cash price simply refers to the original cost of the cell phone if you were paying upfront but because of the lease-to-own model, SmartPay will also charge you for renting the device.

It is very similar to how Acima works and other leasing services, offering you an option to avoid paying so much on rentals through its 90-day early purchase option.

With this early buyout opportunity, you will pay an extra amount between 3.5% to 20% of the cash price (original cost of the mobile phone) when you utilize this option.

Its 90-day early purchase is still expensive to use at this stage when compared to the same-as-cash (no extra amount) offered by Progressive Leasing and others.

One very important aspect of the contract you need to know is that after the first 90 days, the cost will be very high and if you continue until the last month, the total payments will be more than twice the original price of the product.

If your preferred retailer supports it as a checkout option, you should consider it as an alternative to other payment plan options and only use it if you are not approved for those.

There may be better lease-to-own alternatives at other tech retail stations, for instance, Progressive Leasing is accepted by Cricket Wireless for smartphone purchases and it has a better early purchase option which you can consider.

Where to Use SmartPay for Lease-to-Own Phone Purchases


If you want to use this option for financing, below are some of the stores that accept SmartPay for lease-to-own:


Straight Talk

Straight Talk

Straight Talk is a mobile virtual network operator providing prepaid wireless services. Operating on major carriers’ networks, it offers no-contract phones and plans, including talk, text, and data.

Simple Mobile

Simple Mobile

Simple Mobile is another prepaid mobile virtual network operator delivering no-contract wireless services alongside the sale of smartphones, including different models of iPhones and Android devices.

Total by Verizon

Total by Verizon

Total by Verizon is a mobile virtual network operator offering prepaid wireless services. Backed by Verizon’s network, it provides no-contract devices and plans with talk, text, and data options. You can enjoy the reliability of Verizon’s coverage while benefiting from Total’s cost-effective and flexible offerings. Interestingly, you can also enjoy a free eSIM trial through Verizon on your device from Total.

Net10 Wireless

Net10 Wireless

Net10 operates as a subsidiary of TracFone Wireless and is known for providing no-contract wireless services. Its online store has a good collection of mobile devices you can finance through the lease-to-own option provided by SmartPay.

Metro by T-Mobile

Metro by T-Mobile

Metro by T-Mobile is a prepaid wireless service under T-Mobile’s umbrella. Offering no-contract phones and plans, it provides talk, text, and data services. Customers can benefit from T-Mobile’s extensive network coverage while enjoying the flexibility and simplicity of Metro’s prepaid offerings.

Boost Mobile

Boost Mobile

Boost Mobile is another popular prepaid mobile virtual network operator offering no-contract wireless services. Utilizing major carriers’ networks, it provides plans including talk, text, and data. Customers can enjoy the flexibility of prepaid options and spread payments with its acceptance of SmartPay.

Understanding the SmartPay Lease Contract

Before you opt for financing using SmartPay, it is ideal to have a complete view of the contract terms before proceeding.

Below are very essential elements that make up the document which you are expected to understand during your application process:


Cash Price

The cash price, synonymous with the original product cost, represents the full retail amount for a product when purchased outright with a single lump sum payment.

It signifies the total payment made by a buyer who opts not to use SmartPay or any installment plans.

This amount includes the entire cost of the item, excluding any interest, fees, or finance charges that may be linked to alternative payment methods like credit or leasing.

Incorporating the cash price into the contract is a standard practice because other associated costs are derived from it.

It serves as the foundational figure upon which additional charges or payment structures are built.


Payment Term and Spend Limit

When it comes to payment terms using SmartPay for your purchases,  the platform will allow you to defer full payments until the 24th month.

It has one of the longest, better than the 18 months offered by Snap Finance, and the 12 months maximum common to many of the lease-to-own service providers.

However, not all purchases can be spread up to that length as it depends on the value of your cart.

The below shows the maximum length depending on how much the worth of the device you are using the option to finance:

  • Cart worth up to $1,000, maximum of 12 months
  • For purchases worth at least $1,500, it can be extended for up to 18 months
  • While the 24-month length payments require up to $2,000 in cart value


Note that there are variations for small-value purchases as well including:

  • 4 months maximum for devices worth $450 or less
  • And for carts up to the amount of $850, you can defer up to 9 months


Down Payment

Like many of the buy now pay later options, you are required to make a downpayment when using it for lease financing.

However, that offered by SmartPay is not fixed as it works on a percentage model unlike many of those common with other options like when using Klarna, Affirm, PayPal, and others.

The downpayment varies depending on the value of your cart and it can rise up to 25% of the cash price.

The below shows how much minimum of the cash price in percentage (based on the term length) your downpayment will be when using SmartPay:

  • 6 months: 22%
  • 9 months: 22.4%
  • 12 months: 15%
  • 18 – 24 months: 0


90-Day Buyout Option

The 90-day buyout option is probably the best part of most lease-to-own contracts and you can find it across a host of providers including American First Finance, PayPair, Acima, and more.

While some of them allow you to purchase the item outright within this period without paying any extra amount aside from the exact cost of the product, SmartPay requires you to add an extra value ranging from 3.5% to 20% of the cash price (depending on the worth of the leased item).

The below shows the cost of a 90-day early buyout if you choose to utilize this option to close the contract:

  • 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%

While this may seem expensive, it is the best time for you to save on rental costs because, after this, you may end up paying up to or more than double the original cost of the device leased.


Cost of Lease

In the SmartPay agreement, the term “lease-to-own cost” is the total amount you, as the lessee, need to pay for renting the device.

It covers all the expenses linked to renting the product throughout the lease term.

If you decide to buy the item in the last month of the lease, you will need to add this lease-to-own cost to the cash price. This gives you the overall total cost of ownership.

To put it simply, think of the lease-to-own cost as the combined rental fee for the entire duration of your lease agreement.

It includes all the costs associated with renting the product until you choose to make the final purchase or continue until the last payment.


Early Purchase Option

The Early Purchase Option is another grace window offered that you can utilize to close the SmartPay contract before the last month of the lease.

This works differently from the 90-day buyout but both are made available to enable you to save on rental costs.

While you do not enjoy that much savings using this option compared to that offered when using the 90-day buyout, you can still save between 5% to 35% on rental costs at this stage.

Note, that this phase begins on the 91st day, and the total cost for early purchase could be anywhere between cash price + 75% of it up to 95% of the cash price.

The earlier you utilize this option, the more you will save to close the contract.



The total payment represents the complete cost of owning the product, obtained by adding the original price to the lease costs.

It is already integrated into the periodic repayment cycle and does not require a separate payment.

Upon successfully completing the contract without defaults, the device will become 100% yours and the contract will end.

How SmartPay Works

When you apply for a contract with a retailer that supports SmartPay for device financing, it will buy the product and lease it to you. You are required to pay it back through periodic installments until you either use an early purchase option or continue until the contract’s end to fully own the item.


SmartPay Process Flow

Below are some of the things that happen when using SmartPay to purchase cell phones:


User Application for Lease

This serves as your formal request to initiate a lease agreement for a specific product.

When applying, you will be required to provide personal details like your name, address, social security number, and contact information, along with financial information, including your income.

If you are completing the process on the merchant’s website during checkout, the form is designed to be user-friendly, allowing you to finish it within minutes.

For a smoother experience, ensure your smartphone is active, especially during in-store procedures, as you will need the OTP (One-Time Password) to authorize the lease.

The form will guide you through providing information such as your name, employer details, valid photo ID, bank information, Social Security Number, address, and contact information.

After providing all the required details, simply click the submit button to send the information to SmartPay for automated processing and proceed with additional validation steps.


Decision for Lease Phase

During this stage, the decision-making process is entirely automated, using the information provided in the initial phase.

Usually, it takes just a few minutes to determine the status of your application. Here is a view of the automated process:

  • Soft Credit Inquiry: SmartPay performs a soft credit check, also called a soft pull or inquiry, for informational purposes only. It has no impact on your credit score.
  • Decision on Lease Credit: The results of the soft inquiry are used to assess your spending limit, helping determine if you can cover the lease costs over the agreed-upon period.
  • Decision on Contract: Considering various factors, a decision is made. You either get approval to acquire the product, or your application is declined.

It is crucial to note that SmartPay, like other lease service providers, does not rely solely on your credit score for approval.

Even with a less-than-ideal credit standing, you may still qualify based on other factors considered by SmartPay.


Product Lease Stage

Following the approval of your application, the product will be given to you, but you will not receive it until the initial payment is successfully processed.

In this phase, SmartPay secures the item from the merchant on your behalf and chooses to lease it to you.

It is essential to grasp that, much like the dynamics of renting an item from a friend, SmartPay, acting as the lessor, has the authority to reclaim the product from you at any point during the contract period.

Similar to your friend who owns the rented item requesting the return of it, the lessor in this scenario can retrieve the product throughout the lease contract, especially if you are not fulfilling parts of the terms in the contract.


The Repayment Stage

Upon activating the contract, the responsibility for ongoing lease cost repayment rests with you.

It is worth understanding that the payments for the product are directed to SmartPay, not the merchant.

This is because SmartPay has already settled the entire product cost with the merchant before you collected the item.

Its lease payments are on a monthly basis and the platform will inform you possibly three days before it is due as a reminder.


90-Day Buyout Option

SmartPay offers you an early buyout option within the first 90 days of the lease contract which you can utilize to avoid paying so much on rental costs.

Just as seen in the section for parts of its contract, the amount you will pay includes the original price of the device added to a percentage of it which could be between 3.5% to as much as 20% depending on the plan you selected during your application.

When you pay up this time, the contract will terminate and the product will become fully yours.


Early Purchase Option

If the 90-day option is missed, the next favorable opportunity to conclude your SmartPay contract becomes available immediately afterward.

While the potential savings may not match those of the initial 90-day option, there are still noteworthy benefits associated with settling the full cost of ownership at this stage.

The savings accrued by opting for this alternative, though varying based on the timing of the decision, can still be substantial, ranging between 5% to 35% on rental costs.

This implies that, even after the 90-day period has passed, lessees can achieve significant cost reductions by finalizing the full payment for the leased item during this subsequent window.

This option provides a valuable second chance for lessees to transition to complete ownership and save on rental costs rather than continuing until the end of the contract, which could result in high payments.


Ownership and End of Contract

The final phase of the contract typically takes place in the last month of your selected plan.

Upon totaling all the payments made since the lease commencement at this point, you will observe that the overall amount surpasses double the initial price of the product.

This is why it is very important to consider using this option for cell phone financing only if you can close the contract within the first 90 days.

While the individual monthly payments may seem modest and flexible, their cumulative impact becomes evident when considering all payments collectively.

If you have maintained a consistent record of timely payments, you now have the option to retain the product, as the contract automatically concludes at this stage.

Frequently Asked Questions on SmartPay


Here are some frequently asked questions regarding the use of SmartPay for lease-to-own payment plans:


What is SmartPay?

SmartPay is a lease-to-own service that allows customers to acquire products, particularly cell phone devices and accessories, through a financing arrangement.

It enables individuals to make periodic lease payments over a specified period rather than making a one-time upfront purchase.

SmartPay collaborates with various retailers, especially well-known communication services and product providers to offer this financing, making it accessible for customers looking to acquire items without a large upfront payment.

Does SmartPay check credit?

SmartPay does perform a credit check during the application process.

It employs a soft credit inquiry, commonly referred to as a soft pull or soft check. Notably, this type of credit check does not influence your credit score.

The soft credit inquiry serves informational purposes, evaluating your financial background to ascertain your eligibility for lease financing.

SmartPay’s platform takes into account an array of factors beyond just the credit score, enhancing inclusivity and accessibility for individuals with varied credit histories.

This comprehensive approach ensures that a broader range of customers can benefit from SmartPay’s lease options.

Is SmartPay legit?

SmartPay is a reputable financial services company, offering consumers viable lease-to-own financing options.

Recognized for its legitimacy, the platform serves as an accessible alternative for individuals encountering difficulties with conventional credit approval processes.

Known for swift approval decisions, it often employs a soft credit inquiry, minimizing the impact on credit scores.

Specializing in financing solutions for mobile phones, SmartPay extends its services to users through popular merchants both online and offline, enabling consumers to manage affordable lease payments over time.

Does SmartPay affect your credit?

SmartPay usually conducts a soft credit inquiry, commonly referred to as a soft pull or soft check, as part of its application process.

This form of credit check is conducted for informational purposes and does not significantly impact your credit score.

Distinguishing itself from hard inquiries, which result from credit applications, soft inquiries have no bearing on your credit score.

When SmartPay reviews your credit, the soft inquiry is typically not visible to other creditors and does not leave a lasting imprint on your credit report.

This approach enables the company to evaluate your financial history and ascertain your eligibility for lease financing without adversely affecting your credit score.

What is SmartPay’s interest rate?

While SmartPay operates on a lease-to-own model without a defined interest rate, it is important to note that the calculated interest at the end of the contract could amount to twice the original price of the leased product.

This is due to the high cost associated with managing the lease payments. However, you can mitigate much of this expense by taking advantage of its 90-day early buyout option.

What is the maximum credit amount offered by SmartPay?

When utilizing SmartPay for payment, the maximum credit amount available is $2,000.

It is essential to recognize that the assigned value or purchasing power depends on various factors assessed by the company.

These factors include your chosen plan, the value of the cell phone, and others, determined through a soft inquiry and the information provided during the application process.

Can I pay off SmartPay early?

Yes, you have the option to pay off your SmartPay contract early, and there are no penalties associated with doing so.

This affords you the chance for substantial savings by ensuring the prompt settlement of outstanding balances.

Significantly, SmartPay provides both a 90-day buyout and an alternative early purchase option, empowering you to reduce overall lease costs and steer clear of unnecessary costs on rental.

What is the requirement for a SmartPay lease?

To be eligible for a SmartPay lease contract, you must satisfy the following requirements:

1. You must be at least 18 years old
2. Have a valid social security number
3. You must have a monthly income of at least $1,000 monthly before taxes
4. A successful payment of its initial deposit through a valid debit or credit card

What is the downpayment to use SmartPay?

The downpayment when using SmartPay for lease financing varies and largely depends on the plan you have selected. Below are the applicable initial deposits for its available plans:

1. 6 months: 22% of cash price
2. 9 months: 22.4% of cash price
3. 12 months: 15% of cash price
4. 18 – 24 months: 0

If you are approved for up to 24 months in length, you can enjoy its buy now pay later with no downpayment required.

Is there a minimum spend amount to use SmartPay?

Yes, the required minimum order value to use SmartPay for lease-to-own cell phone financing is $100.

Is SmartPay a lease?

Yes, SmartPay operates on a lease-to-own model. It provides consumers with a financing option where they can lease products, typically mobile phone devices and accessories, and make periodic payments over a specified period.

Where can I get more details about SmartPay?

For more clarifications and other details about the platform’s services, you may check out its frequently asked questions page.


While there may be considerations regarding potential interest costs at the end of the contract, the 90-day buyout option and SmartPay’s commitment to inclusivity make it a compelling choice for those seeking a viable alternative to traditional credit-based financing.

However, you should use alternatives that offer better costs if you are not sure of being able to close out the contract within the early stages to save on rental costs.

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