Personal Loans

Don’t Sleep On These Mattress Financing Options

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If your mattress is worn out and getting in the way of a good night’s sleep, it’s probably time to replace it.

While you can buy a mattress for as little as $250, better quality mattress can cost thousands of dollars. Mattress financing options, including in-store financing programs, personal loans and zero-interest credit cards, can help consumers afford the mattress that best fits their sleep needs.

How much a new mattress costs

While the general rule is to replace a mattress about eight years, there are other indicators that your mattress is nearing the end of its lifespan.

“If you notice lumps or sags in your mattress, or if you’re tossing and turning throughout the night and waking up with aches and pains, it’s likely time to replace it,” said Karina Mellado, director of divisional marketing for Mattress Firm. “Your mattress can accumulate sweat and dust mites over the years, which can lead to allergens.”

Mattresses prices vary significantly based on the type and quality you buy, with a low-end foam mattress costing an estimated $600 and a high-end air or latex mattress ranging up to $2,500.

5 can’t-miss mattress financing options

The best option for paying for a mattress is to buy it outright, according to Joe Auer, founder of the mattress review website Mattress Clarity. If that’s not possible, however, buyers typically have several options for mattress financing.

“At the end of the day, If you are a creditworthy customer, you can potentially get the equivalent of an interest-free loan if you make big enough payments in a short period of time,” Auer said. “However, many customers will not be able to do this and will end up paying a good amount of interest.”

1. In-store financing

Some mattress sellers, both online and brick-and-mortar stores, offer in-store mattress financing to buyers. While these programs do allow customers to pay for their mattress over time, in most cases, if the purchase isn’t paid off quickly, interest fees will begin adding up.

The online and in-store mattress retailer Leesa, for example, works with the financing company Affirm and offers 6-month, 12-month and 18-month financing options. Leesa advertises no hidden fees and interest rates as low as 0%. If you buy a mattress through Leesa that costs $1,095 and finance it at 0% APR for 18 months, for example, you’d pay an estimated $60.83 a month. However, according to Leesa, some of its mattress loans may come with interest rates as high as 30%, and repayment periods range from one month to 48 months, depending on the size of the loan.

The franchise Mattress Firm offers in-store financing through Progressive Leasing, which provides mattress rental or lease-to-purchase options. Progressive Leasing is one form of no-credit-check mattress financing, as it does not require a buyers’ credit score (but it may review their credit information) and offers flexible payments and a 90-day payment option. For buyers with bad credit, this could be a viable form of mattress financing.

With financing approval, Mattress Firm customers can start selecting a mattress. “You can finish finding your perfect bed online or you can print your approval confirmation and bring it to your nearest Mattress Firm to make the bed buying process even easier,” Mellado said.

2. Zero-interest credit card

Another good option for mattress buyers who have excellent credit and can repay their debt quickly is a zero interest credit card, which some mattress sellers offer. Mattress Firm’s in-house credit card, a limited time offer, provides 0% APR and equal payments, and the more expensive your mattress, the longer you have to pay it off without interest charges.

For example, a minimum mattress purchase of $999 at Mattress Firm on a 0% APR credit card allows 24 months of interest-free payments, while a minimum purchase of $2,799 gives you 60 months interest-free to repay the debt.

You can also apply for any credit card with a zero-interest introductory offer and pay off the balance before the introductory period ends and interest kicks in. You’ll just want to be sure that you’ll be able to pay off your balance in full before the promotional period ends, otherwise you could end up paying a lot in interest.

3. Personal loan

Since they’re typically unsecured loans, personal loans can be harder to qualify for, because lenders will more heavily weigh your credit score and financial history. Additionally, if you don’t have great credit, rates can be high. The average APR for a borrower with a credit score over 720 is 7.27%, compared to an APR of 85.92% for a subprime borrower.

However, personal loans are an increasingly popular way to pay for big-ticket items, and they may be a viable option for borrowers with good credit who are confident that they can make regular payments.

4. Secured loan

While secured loans typically are for big ticket items such as a home mortgage, they are an option for mattress financing if you’re looking for low rates. Be aware that secured loans require collateral, so if you cannot pay the loan back, the lender will take whatever property you’ve put up to guarantee your loan. However, because there is collateral backing the loan, people with lower credit scores may have an easier time qualifying.

An installment loan, a type of secured loan that often is used to finance a vehicle purchase, allows you to pay back the loan over time with set monthly payments. Even at a low rate, though, you’ll still be paying more than the cost of the mattress when interest payments and loan fees are factored in.

5. Payday advances

If you don’t have quite enough saved up to cover the cost of your new mattress, another option is a payday advance. A payday advance allows you to get a portion of your paycheck early instead of waiting for the next payday to come around to get the funds. This option is distinct from payday loans, which are small, short-term loans with notoriously high interest rates, and can actually be free.

You could ask your employer or HR department for a payday advance. Another option for this is a payday advance app like Earnin, which features “pay on demand” and gives workers access to the pay they’ve earned at any time rather than waiting until payday. Instead of interest or fees, users are asked to pay what they think is fair for the service.

The bottom line

The most important advice before buying a mattress? Do your research on mattress types and prices and ways to pay for it. Thanks to the range of mattress financing options available, you’ll likely be able to afford the mattress you want.


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