Personal Loans

Ashley HomeStore Financing: Ways to Pay for Your New Furniture

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Whether you’re sprucing up the décor in your current home or you’re buying furniture to fill a whole new place, the costs can add up. If you don’t have the money saved up to pay for your next furniture purchase in cash, you may want to look into furniture financing options to make ends meet.

If you’re in the market for new furniture and you want to take advantage of a special financing offer, you could consider Ashley HomeStore financing through the Ashley Advantage™ Credit Card. The furniture retailer also offers the Genesis Credit® Ashley Advantage™ Gold Account, which is tailored to borrowers with subprime credit. It’s worthwhile to consider your alternatives, too, such as a personal loan.

Deferred-interest financing: Ashley Advantage™ Credit Card

Ashley HomeStore shoppers may qualify for in-store and online furniture financing if they choose not to pay upfront with cash. One option is the Ashley Advantage™ Credit Card:

  • Standard purchase APR: 29.99%
  • Late payment fee: Up to $39
  • Returned payment fee: $28

Below is information on the card’s special financing:

Ashley Advantage™ Credit Card: special financing
Deferred financing APR 0% if paid in full by term length
Term length Minimum purchase Availability
6 or 12 months None Online and in-store
18 months $999 Online only
60 months $1,499 Online only
72 months Not specified In store only
How deferred interest financing works: Deferred interest financing is sometimes referred to as “No Interest If Paid in Full” financing. You’ll need to repay the entire balance on your card by the time the financing period ends, or you’ll be hit with the full interest accrued on your unpaid amount back to the date of purchase. You’ll lose the promotional financing offer if you make less than the minimum required payment or make a late payment.

How to apply

Applying for a Ashley Advantage™ Credit Card can be done in-store or online. To apply, you’ll have to provide personal and income information, including your name, address and Social Security or tax ID number. You’ll also submit to a hard credit check.

Eligibility for the Ashley Advantage™ Credit Card and its offers are subject to credit approval, in addition to the requirements outlined above.

Bad-credit financing: Genesis Credit® Ashley Advantage™ Gold Account

Ashley HomeStore also offers the Genesis Credit® Ashley Advantage™ Gold Account to issue financing through First Electronic Bank. This option is best suited for those with low credit scores or no credit, as this credit card issuer is open to offering financial solutions to those who are turned down by other financing companies.

The cost of this financing option is high, at 34.90% APR, which is charged immediately upon your purchase. There are no annual fees, but late and returned payment penalty fees are up to $38.

How to apply

The Genesis Credit® Ashley Advantage™ Gold Account has looser requirements for credit scores and history. Still, it’s a credit account, so you’ll have to provide typical personal and credit information for the approval process, as well as submit to a credit check.

Consider an alternative: Personal loans

Financing your furniture through in-house financing offers like the ones offered by Ashley HomeStore isn’t the only fix if you’re strapped for cash. An alternative is a personal loan, which is a fixed-rate loan that’s repaid in equal installments over a set period of months.

Pros Fixed APR and monthly payments.

 Prime borrowers may qualify for competitive offered APRs.

 Fast funding, typically within a few days.

 Can be used to pay for almost anything.

Cons Not all applicants will qualify.

 Subprime borrowers will get high offered APRs.

 Borrowing minimums are typically $1,000.

 May be charged an origination fee.

Personal loan APRs vary dramatically depending on your credit score. While personal loans can make sense for people with solid credit history who are able to secure offers with competitive APRs, they’re not a good option for subprime borrowers. People who are saddled with debt or have a bad credit score may only qualify for personal loans with high APRs, if they qualify at all.

How to apply

If you’re looking into a personal loan, the key is to shop around. Lenders often let you check your estimated loan terms with just a soft credit inquiry, which won’t affect your credit score. This helps you determine which lender may offer the lowest APR for your credit profile before you formally apply.

As with the financing options mentioned above, you’ll provide personal and financial information — such as your income and employment status — during the application process. Funds may be disbursed as fast as one business day but may take longer depending on the lender.

Special financing offers are current as of date of publishing.

 

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