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Snap Finance 2023 Review: Lease-to-Purchase Financing for No or Bad Credit

Snap Finance offers lease-to-purchase financing, making it accessible to individuals with no credit history or bad credit. While their process is convenient and flexible, it’s essential to consider the potential costs involved. This review will explain how Snap Finance works and help you determine if it suits your needs.

Snap Finance Overview

Snap Finance is a lease-to-own provider headquartered in Salt Lake City, UT. They offer financing for a wide range of goods, including furniture, mattresses, tires, jewelry, electronics, and appliances.

Qualifications for Financing

To qualify for Snap Finance, you need to meet the following requirements:

  • Be at least 18 years old.
  • Have an active checking account.
  • Have a steady source of income.
  • Provide a cell phone or valid email address

Snap Finance does a hard credit review during the application process, but this inquiry may not appear on your TransUnion, Equifax, or Experian credit reports. Instead, they use credit data from smaller credit reporting agencies like Clarity and DataX.

Pros and Cons of Snap Finance


  • Quick online application process.
  • No collateral is required.
  • Approval for bad credit borrowers.
  • Same-day decision and approval.
  • Choose from local retailers.
  • Option for a 100-day payment plan to pay off the balance faster.
  • Payments auto-debit from your checking account, reducing the risk of late fees.


  • Lack of transparent fee structure.
  • Potentially high cost of leasing.
  • Payments are not stated to credit offices.
  • No grace period for payments.
  • Involves a hard credit inquiry.

How Snap Finance Works

The process for applying for and receiving financing through Snap Finance is simple and involves three steps:

1: Apply Online

Complete the online application form, providing personal information, social security number, and driver’s license number. Snap Finance can approve your application within minutes.

2: Choose a Retailer

Once approved, you can select a store and browse items up to your approved credit limit (up to $5,000). Snap Finance partners with retailers nationwide, allowing you to shop locally and use your approval to lease the items you want.

3: Check Out

After approval, you will receive an email with the approved lease amount. Present this information to the cashier at the retailer to proceed with the transaction. Your payments will be mechanically taken from your checking account.

Cost of Snap Finance

Snap Finance does not disclose specific costs for their lease-to-own agreements on their website. However, they mention that there may be a processing fee or initial payment due on the transaction day, which can vary depending on your lease agreement.

Unlike traditional financing, Snap Finance does not charge interest on lease-purchase agreements. However, it’s important to note that additional costs beyond the purchase price will be added to your monthly payments, as is typical with lease-to-own arrangements.

Costs and Fees to Consider

When leasing with Snap Finance, it’s crucial to understand that although the payments are not labeled as “interest,” you will still end up paying more for the lease-purchase agreement.

For instance, if you lease a laptop valued at $600 and make $40 payments every two weeks for 12 months, you could end up paying close to $1,000 in total.

Other costs and fees that you should be aware of include:

  • Application fee and processing charges.
  • Late fees for missed payments.
  • Non-payment fees for failing to make payments.

Snap Finance does not explicitly disclose the cost of financing, but numerous users have reported experiencing significantly high expenses.

Snap Finance Reviews

Snap Finance grips an A rating with the Better Business Bureau (BBB) and obtains a regular rating of 4.37 out of 5 stars based on over 1000 customer reviews. It’s important to note that the BBB rating is influenced by the company’s responsiveness to customer complaints rather than the overall customer reviews.

The company does seem to be responsive to online complaints, making efforts to address and resolve issues raised by customers. Some complaints involve complex situations, particularly in auto repair cases where customers are dissatisfied with the services and seek payment rescission.

Additionally, some complaints may arise from customers who did not fully comprehend the terms of their agreement.

Advice from Snap Finance

Snap Finance recommends that borrowers carefully review all disclosures before agreeing to the terms of the lease. It’s essential to understand payment amounts, due dates, total costs over time, fees, and any unique terms of the agreement.

Final Thoughts on Snap Finance

Snap Finance offers an alternative to traditional credit-based financing, considering individuals with no or bad credit for short-term financing. While their process is convenient, it’s vital to consider the potential costs involved.

Moreover, since Snap Finance does not report payments to major credit bureaus, it won’t help build your credit history or improve your eligibility for better loan options in the future.

Given the possibility of incurring significantly higher costs than the actual item value, it’s advisable to carefully evaluate whether the purchase is essential and worth the financial risk. Exploring other financing options may be more prudent for obtaining goods without incurring excessive expenses.


Snap Finance offers a convenient way for individuals with no or bad credit to obtain financing for various goods. While it provides accessibility, potential customers should carefully consider the costs involved before making a decision. Exploring alternative financing options may be beneficial to ensure the best financial fit for your needs.

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