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Snap Finance $5,000 Credit: How to Use It for Financing

Snap Finance enables you to purchase products and spread the payments through a lease-to-own with no hard credit check required.

Being able to get items without upfront costs through buy now pay later with no credit check showing on your report brings some safety in enjoying flexible payments.

With their model of operations, you can utilize the services even if you do not have a perfect bureau profile or currently repairing your credit score.

Snap Finance

Snap Finance

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Tip: Snap Finance is a lease-to-own service provider that utilizes a soft credit inquiry to determine your purchasing strength before offering you up to $5,000 in credits for shopping.


The platform is one of the top split payment providers and with a lot of online stores that accept Snap Finance, it is no doubt a good consideration for anyone who understands how lease-to-own works, the early purchase option in particular.

It is a popular payment plan method, especially for consumers who use it to enjoy buy now pay later tire purchases, electronics, appliances, and others.


Read more about Snap Finance

The platform will use a soft credit check to determine a purchasing power to be assigned to you which you can utilize to buy items on lease-to-own terms at any of the retailers that accept it.

When you apply for a payment plan order using Snap Finance, there is a minimum required limit of $150 in cart value which can not exceed its highest spending amount of $5,000.

It operates on a lease-to-own model that does not have interest rates like you could get from using some of the top buy now pay later credit card options but rather, a rental cost.

 Because of this, it can be very expensive if you do not fully understand how to utilize it for financing your purchases to pay nothing extra or a little above the original product price.

To enjoy savings when using Snap Finance for split payment orders, it offers an interesting 100-day early purchase option.

If you are able to complete the cost payments within the first 100 days, you will pay exactly the original price of the item leased.

While its early purchase option is better than the 90 days offered by Acima and Progressive Leasing, you will still face the same experience if you are unable to clear the full payments within this period.

Though it offers up to 18 months for you to spread the payments which also is better than the maximum 12 months permissible when using others like Progressive Leasing and Katapult, you should commit to clearing the full payments within 100 days to avoid the huge cost of lease.

If you continue payment until the end of the contract, you will be able to buy at least twice the leased product if you add every amount you have paid to Snap Finance since the beginning.

The best time to consider using this option is when you are sure of being able to complete the full payments within the first 100 days which will enable you to save on the huge lease cost.

However, you should consider other buy now pay later apps if you need a payment plan option but feel you may default going above the early purchase window offered by Snap Finance.

Where to Use Snap Finance for Lease-to-Own Purchases


Below are some of the top online stores that accept Snap Finance for payments:


Layla Sleep

Layla Sleep

Layla Sleep is a mattress and bedding company known for its innovative designs, including flippable mattresses with dual firmness options. The brand emphasizes copper-infused memory foam for cooling and offers a risk-free trial, affirming its commitment to quality sleep.



Allurez is a reputable online jewelry retailer, specializing in fine jewelry and engagement rings. Renowned for its vast selection of high-quality and customizable pieces, Allurez offers a combination of timeless elegance and modern designs, catering to diverse tastes and occasions.



TireBros24 is an online tire retailer offering a wide selection of tires for various vehicles. Known for its competitive prices and convenient online platform, TireBros24 aims to provide customers with quality tires while delivering a streamlined and user-friendly shopping experience.



WheelXL is an online platform specializing in a diverse range of automotive wheels and rims. With a focus on providing high-quality products, it aims to meet the style and performance preferences of customers, offering a seamless online shopping experience for automotive enthusiasts.



Rent-A-Wheel is a rental service specializing in customizable wheel and tire packages. With a focus on providing flexible and affordable options, RAW allows customers to enhance their vehicles’ aesthetics without committing to a long-term purchase, offering convenience and style.

Parts of the Snap Finance Contract

When you apply for a payment plan purchase through Snap Finance at checkout, you are expected to agree to its terms given in a lease contract.

This document contains very important items you need to understand including the below:


Cash Price

The cash price also referred to as the original product cost signifies the complete retail amount for a product when acquired outright through a single lump sum payment.

It represents the sum a buyer pays without opting for Snap Finance or any installment plans.

This amount includes the total price of the item, excluding any interest, fees, or finance charges associated with alternative payment methods such as credit or leasing.

Including the cash price in the Snap Finance contract is a common practice because other associated costs are based upon it. This ensures clarity and transparency in the overall financial arrangement.


Full Term

The full term indicates how long it will take for the contract to complete before the leased item will become fully yours if you miss no payment.

Its contract has a default lease payment term that runs from the first day of the contract until the end of the 18th month. 

Throughout this duration, you make regular payments, with the frequency, be it weekly, bi-weekly, or monthly, determined based on the lessee’s preference, as stipulated in the lease agreement.

Upon the conclusion of the lease repayment period, the lessee generally enjoys multiple choices.

These options may include returning the leased item, extending the lease, upgrading to a more recent model, or exercising the option to purchase the item outright via the early buyout option.


100-Day Same As Cash

This option enables you to make full payments within the first 100 days and you will not pay any amount for lease costs. This means that you will pay the exact price of the product.

Snap Finance has the longest same-as-cash early buyout term when compared to others from lease services like Credova, Acima, and co considering that you have the option to enjoy deferred full payments until the 100th day.

Business-wise, it seems a smart move without having to deal with too much complication of offering separate conditions to its users living in California as the practice requires an equivalent of three months in that state which is something common in contracts of Progressive, PayTomorrow, Acima, and other big names in leasing.

When using this payment method for financing your purchases, you should target completing the payments within this period as it is the only opportunity you have to enjoy the service without paying extra.


Early Purchase Option

The Early Purchase Option in a Snap Finance contract provides users with a valuable alternative to save on rental costs.

While the 100-day option mirrors a cash purchase where users can enjoy the same benefits as a cash upfront buyout, the Early Purchase Option offers a different approach.

Under the Early Purchase Option, users will not pay the same amount as the cash price, but they still stand to achieve significant savings.

This option allows users to minimize the lease cost during this stage compared to the total cost over the full term of the lease.

It is only applicable once you miss the 100-day option hence, it will be activated from day 101 of the contract.


Cost of Lease

In the Snap Finance agreement, the term “lease-to-own cost” represents the total amount you, as the lessee, are responsible for.

This includes all expenses associated with renting the product throughout the lease term.

If you choose to buy the item in the 18th month, you will need to add this lease-to-own cost to the cash price at the end of the lease. This results in the overall total cost of ownership.

In simple terms, think of the lease-to-own cost as the cumulative rental fee for the entire duration of your lease agreement. It includes all the expenses tied to renting the product until you decide to make the final purchase.


Processing Fee

The processing fee is the contract initiation costs or more so, the downpayment required to approve your lease-to-own application.

It is usually a small value ($39 at most of the merchants that accept it) which is required as part of the trust check for your connected repayment method.


Total Payments

The total payment is the full cost of ownership and it is simply the addition of the original price of the product to the lease costs.

This is already factored in the periodic repayment cycle and not a separate payment that needs to be made and once you reach the last day of the contract without any default, the item will become yours.

How Snap Finance Works

When you apply for a contract at a retailer that accepts it, Snap Finance will purchase the product and lease it to you which you are expected to pay back through a periodic installment until you utilize any of the early purchase options or continue until the end of the contract for the item to become 100% yours. 

Snap Finance Process Flow

Below are some of the things that happen when using Snap Finance for payment plan purchases:


User Application for Lease

This serves as your official request to enter into a lease agreement for a specific product.

When submitting your application, you will need to provide personal information like your name, address, and contact details, along with financial details such as income.

If you are completing this process on the merchant’s website during checkout, the form is user-friendly and you will be to complete it within minutes.

To ensure a smoother process, make sure your smartphone is active, especially for in-store procedures because you will need the Snap Finance mobile app to generate a buy now pay later virtual card for payments at supported retailers.

The form will prompt you to provide details such as your name, employer information, valid photo ID, bank details, Social Security Number, address, and contact details.

Once all information is provided, simply click the submit button to send the details to Snap Finance for processing (this is automated) and complete other subsequent validation steps.


The Lease Decision Stage

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

Typically, it only takes a few minutes for a decision to be made regarding your application.

Here is a breakdown of what happens during this automated process:

Soft Credit Inquiry: Snap Finance conducts a soft credit check, also known as a soft pull or inquiry. This check is solely for informational purposes and does not have any impact on your credit score.

Decision on Lease Credit: The results of the soft inquiry are used to evaluate your spending limit. This helps determine whether you can realistically repay the lease costs over the agreed-upon period.

Decision on Contract: Taking various determining factors into account, a decision is reached. You either receive approval to acquire the product, or your application is declined.

It is important to note that Snap Finance, similar to other lease service providers, does not rely solely on your credit score for approval.

Even if you have a less-than-ideal credit standing, you may still qualify based on other factors considered by Snap Finance.

This approach increases the likelihood of approval for individuals with diverse financial backgrounds.


Product Lease Stage

After your application approval, the product will be delivered to you, but you will not receive it until the initial payment, known as the processing fee, is successfully processed.

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

It is crucial to understand that, similar to the dynamics of renting a bike, Snap Finance, acting as the lessor, has the authority to reclaim the product from you at any point during the contract period.

Just as a bike owner can request the return of a rented bike, the lessor in this scenario can take back the product throughout the lease contract.

This highlights the importance of adhering to the terms and conditions of the lease agreement to ensure a smooth and uninterrupted possession of the leased item.


The Repayment Stage

Once you activate the contract, the responsibility for ongoing lease cost repayment lies with you.

It is crucial to note that the payments for the product go directly to Snap Finance, not the merchant.

This is because Snap Finance has already covered the entire product cost with the merchant before you acquired the item.

Your responsibility entails making regular payments based on the frequency you selected during the application stage. These payments usually occur weekly, bi-weekly, or monthly.

Understanding this payment structure ensures clarity in meeting your financial commitments throughout the duration of the lease agreement.


100-Day Same As Cash Buyout

Snap Finance offers a “100 days same as cash” option, providing lessees with a unique opportunity.

If the lessee manages to make the full payment within these 100 days, the total amount paid will be equivalent to the exact price of the leased item.

At this point, the product transitions entirely into the possession of the lessee, marking the completion of the financial agreement.

During the 100 days, the lessee has the advantage of paying the same amount as if they were making a cash purchase, allowing for flexibility and a convenient payment window.

Upon the successful completion of the full payment within this period, the lessee gains full ownership rights to the product, and Snap Finance’s involvement as the lessor concludes.

This offering is designed to provide lessees with the option to save on rental costs and eventually own the leased item outright by making timely and complete payments within the specified timeframe.


Early Purchase Option Stage

In the event that the 100-day option is missed, the subsequent favorable opportunity to conclude your Snap Finance contract becomes available immediately thereafter.

While the potential savings may not match those of the initial 100-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 11% to 38% on rental costs.

This implies that, even after the 100-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.


Full-Term Ownership

The last phase of the contract usually occurs in the eighteenth month.

When you add up all the payments made since the lease started at this juncture, you will notice that the total surpasses double the initial price of the product, highlighting the importance of exploring the early purchase option.

While the monthly payments may seem modest individually, their cumulative impact becomes apparent when you consider all payments collectively.

If you have maintained a consistent record of making payments on time, you now have the choice to keep the product, as the contract automatically concludes at this stage.

This marks a significant milestone, providing lessees with the opportunity to secure ownership of the leased item after a period of responsible and timely payments.

Frequently Asked Questions on Snap Finance


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


What is Snap Finance?

Snap Finance is a financial services company that provides lease-to-own financing options for consumers.

It offers a flexible and accessible way for individuals to acquire products, such as electronics, furniture, appliances, and more, by spreading the cost over a specified period through lease payments.

Does Snap Finance check credit?

Yes, Snap Finance does conduct a credit check as part of its application process.

However, it is important to note that the company utilizes a soft credit inquiry, also known as a soft pull or soft check. This type of credit check does not impact your credit score.

The soft credit inquiry is used for informational purposes to assess your financial background and determine your eligibility for lease financing.

The platform considers various factors beyond just the credit score, making it more inclusive and accessible for individuals with diverse credit histories.

Is Snap Finance legit?

Yes, Snap Finance is a legitimate financial services company that provides lease-to-own financing options for consumers.

The platform offers a legitimate and accessible alternative for individuals who may face challenges with traditional credit approval processes.

It is known for its quick approval decisions, often utilizing a soft credit inquiry that does not significantly impact credit scores.

The company provides financing solutions for a variety of products, allowing consumers to make affordable lease payments over time.

Does Snap Finance affect your credit?

Snap Finance typically conducts a soft credit inquiry, also known as a soft pull or soft check, during its application process.

This type of credit check is for informational purposes and does not have a significant impact on your credit score.

Soft inquiries are different from hard inquiries, which occur when you apply for credit, and they do not affect your credit score.

While Snap Finance checks your credit, the soft inquiry they perform is generally not visible to other creditors and does not leave a lasting mark on your credit report.

It allows the company to assess your financial background and determine your eligibility for lease financing without negatively impacting your credit score.

What is Snap Finance’s interest rate?

Though there is no defined interest rate for Snap Finance as it operates on a lease-to-own model, calculated interest at the end of the contract could be twice the original price of the leased product.

This is because you will pay a very high cost to handle the lease payments. However, you can avoid paying any extra through its 100-day early buyout option.

What is the maximum credit amount offered by Snap Finance?

The maximum credit amount you can access when using Snap Finance for payment is $5,000.

However, note that the value or purchasing power that will be assigned to you will depend on several factors determined by the company through its soft inquiry and other information you provided during the application process.

Does Snap Finance have a virtual card?

Yes, the platform has a virtual card feature that facilitates financing by generating a single-use card accessible within the app.

Despite its convenience, it is essential to note that the functionality is somewhat restricted, and you may not be able to use it outside its merchant network due to associated limitations.

If you want to pay in-store using a digital wallet at your favorite store that does not support Snap Finance, you can consider one of the popular buy now pay later virtual cards.

Can I pay off Snap Finance early?

Yes, you have the flexibility to make advance payments on your Snap Finance, and there are no penalties for doing so.

This provides an opportunity for significant savings by ensuring timely settlement of outstanding balances.

Notably, Snap Finance offers both a 100-day same-as-cash option and an alternative early purchase option, allowing you to minimize overall lease costs and avoid unnecessary expenses.

Is Snap Finance Good and Worth It?

It depends; this financing option is attractive as it provides a substantial amount for purchasing products, allowing you to spread payments without incurring extra interest during a specific period.

It becomes a favorable choice, particularly if you can repay the entire amount before or by the last day of the zero-interest window.

However, it is crucial to be aware that this lease-to-own option might become expensive over time.

By the 18th month, the total payments made would be sufficient to purchase at least two of the leased products.

This emphasizes the importance of considering the costs and evaluating whether this financing approach aligns with your overall budget and financial goals.

If you can complete payments within the 100-day same-as-cash window then, it is worth considering else, it may be better to consider other buy now pay later options.

What is the downpayment to use Snap Finance?

The downpayment is $39 which is the processing fee required to activate your Snap Finance contract.

Is there a minimum spend amount to use Snap Finance?

Yes, the required minimum cart value to use Snap Finance for lease-to-own purchases is $150.

Is Snap Finance a lease?

Yes, Snap Finance operates on a lease-to-own model. When you use it to acquire a product, you enter into a lease contract.

This agreement allows you to make periodic payments over a specified period, typically weekly, bi-weekly, or monthly, until you either complete the lease term or exercise an early purchase option for full ownership.

Where can I get more details about Snap Finance?

For further clarifications and detailed information about the platform’s offerings, you may check out its self-service center.


Before opting for Snap Finance, it is recommended to thoroughly review the terms and conditions, compare it with other financing options, and ensure that it aligns with your financial goals and capabilities.

Like other ‘buy now pay later’ and lease-to-own services, it can be a convenient option for individuals who may not qualify for traditional credit or prefer a flexible payment arrangement.

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