Personal Loans

Ashley HomeStore Financing: Ways to Pay for Your New Furniture

Whether you’re sprucing up the decor in your current home or are trying to buy furniture to fill a whole new place, the process can be a big money pit. If you’re feeling financially pinched, you may want to look into lending options to help you complete the transaction.

To finance your purchase, you may consider Ashley HomeStore’s branded credit card through Synchrony or apply with Genesis Credit (which has partnered with the furniture store). You might also consider a traditional personal loan. Here’s a breakdown of what you need to know.

Ashley HomeStore: Financing your purchase

Ashley Advantage Synchrony credit card

Ashley 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®, available through Ashley HomeStore’s partnership with Synchrony, a financial services company.

Ashley Advantage Synchrony credit card details
Financing period APR Minimum purchase Other requirements
6 months 0%; 29.99% Variable after the promotional period ends None
  • Available only on qualifying purchase
  • Make at least the minimum payment each month and on time
12 months None
18 months $999 online; check your local store for its minimum
72 months* None
* Available in-store only and cannot be combined with regular discounts on items.

 

If you want to avoid paying interest on your purchase after the financing period ends, you’ll need to repay the entire balance on your card within that timeframe. If you don’t, you’ll be hit with the full interest accrued on your unpaid amount.

You’ll lose the promotional 0% APR if you make less than the minimum required payment or make a late payment. A late payment or returned payment is subject to a fee up to $39.

How to apply

Eligibility for the Ashley Advantage Synchrony credit card and its offers are subject to credit approval, in addition to the requirements outlined above. Ashley also reserves the right to discontinue or revise the terms of its offers at any time.

You’ll need to apply to get a Synchrony Advantage card, which 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 credit check.

Genesis Credit

Ashley HomeStore also partners with Genesis Credit®, run by Genesis Financial Solutions, to manage an Advantage account issued by First Electronic Bank. This option is best suited to those with low credit scores or no credit, as Genesis is open to offering financial solutions to those who are turned down by primary lenders.

The APR is high, at 34.99% 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

Genesis has looser requirements for credit scores and history. Genesis allows any legal adult to apply online in minutes and get a quick answer. You’ll have to provide typical personal and credit information for the approval process, as well as submit to a credit check.

A personal loan

Financing your furniture through in-house deals like those from Ashley HomeStore isn’t the only fix if you’re strapped for cash. An alternative is a personal loan, a widely available financial product and the fastest-growing form of consumer lending.

Personal loans cover a wide range of purchases, including furniture, have fixed interest rates and are unsecured, meaning you don’t use collateral to secure the loan.

Rates vary dramatically. Consider the following average loan APRs by credit score in Q1 2019.

You’ll generally need to borrow a minimum of $1,000 or more, depending on the lender. While personal loans can make sense for people with solid credit history who are able to nab offers with low interest rates, borrowers saddled with debt and poor credit may find that it’s better to steer clear given high interest rates, which can reach the triple digits.

How to apply

If you’re looking into a personal loan, the key is to shop around. Lenders often allow you to submit to a soft credit inquiry (which won’t affect your score) to see if you’d qualify and for what terms. This helps you determine which lender may be best 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 current as of date of publish.

 

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