How to Finance Your Dream Bed, even with Bad Credit

Rosa Natural Kingsize Bed - Available from Honeypotfurniture.co.uk

Are you dreaming of upgrading your bedroom with a luxurious bed but worried about the upfront costs? You’re not alone.

Fortunately, we offer flexible financing options available through a Snap Loan. This virtual payment card enables you to shop at any of our bedroom retailers by spreading the cost (and with no deposit required) and helping you bring home the perfect mattress and bed frame today.

There are various ways to finance your dream bed, even for those with bad credit, including monthly payment plans up to 48 months with pay in 4 available. These terms include both interest-free and interest-bearing credit. Before you start shopping, it’s important to understand the different financing options available to you. This will help you make an informed decision that suits your financial situation.

Monthly Payment Plans

Monthly payment plans are one of the most common ways to finance a bed, whether that's over a short-term loan (pay in 4 feature available) or a longer term up to 48-months. These plans allow you to spread the cost over several months or years, making it easier to manage your budget. Many bedroom and living room retailers offer flexible payment terms so you can choose a plan that fits your financial situation, but not all retailers support those with poor credit.

Is buying a bed on finance with bad credit possible with Snap Finance?

If you have a less-than-perfect credit history, don’t worry. Snap Finance provides options specifically for individuals with bad credit. Using a solution such as Snap Loan couldn’t be easier – apply in the comfort of your own home or sat in your local coffee shop drinking that mocha choca latte. Once approved, your funds will be added to your virtual card (accessed via the Snap App – Google Store and Apple Store) and you’ll be able to visit any of our 500 retailers.

For ease, you can even add your virtual card to your Google or Apple wallet to ensure you always have it handy for when that dream bed catches your eye!

Is there a 'No Credit Check Financing' available?

It’s important to all of us that a hard credit check isn’t carried out until we know whether we’ve been approved. If you’re concerned about your credit score, rest-assured Snap makes it simple. Our application process gives you a decision before any commitment, meaning a hard credit check only happens once you’re ready to move forward with your loan. This gives you peace of mind whilst choosing the term that works best for you, meaning you can finally get that dream bed or bedroom furniture you’ve always wanted.

Buying a bed with Interest-Free or Interest-Bearing Credit

Interest-bearing finance is another way to spread the cost of your bed and/or bedroom furniture over a longer period. These terms include an APR which is calculated over the period of the loan.

*If you choose the Pay in 4 feature, be sure to pay off the total amount within the interest-free period to avoid accruing interest charges.  Pay in 4 is a feature that allows you to split your loan into 4 monthly repayments with no interest. If you don't repay the full amount within 4 months, your loan will revert to the chosen term and agreed interest rate. The loan accrues interest calculated from the date the loan is taken out.

Finding the Right Financing Plan

When selecting a finance plan - whether short-term options like Buy Now, Pay Later (BNPL) or longer-term arrangements - keep the following in mind:

Your Budget

Be sure to assess your monthly budget and determine how much you can comfortably afford to pay each month. This will help you select a term with manageable payments. It’s worth noting here, when checks are made, we perform an affordability check amongst other things.

The Total Cost

When deciding whether you can afford your dream bed or bedroom furniture, be sure to calculate the total cost of the financing term - including all interest and fees*. This gives you a clear picture of what you will be paying in total for your purchase over time.

* Be sure to check the fine print, Snap Finance does not charge fees, but other providers may do.

Payment Flexibility

Find a payment plan that works for you—whether it’s a short-term option of 11 months, a pay in 4 feature or extended terms of 18–48 months.

Applying for Bed Financing

Once you've chosen a financing plan that works for you, it’s time to apply  Here’s a step-by-step guide to help you through the process of applying for a Snap Loan:

1. Gather Your Information

Before applying, gather all necessary information, including your identification*, income, expenditure and bank account details. This will help speed up the application process, don’t worry it only takes a few minutes to apply.
* Note, identification is only needed if further checks are required during the application process.

2. Complete the Snap Loan Application

Fill out the application form via the Snap website. This will be broken down into steps - personal information, where you live and about your income. Be honest and accurate to avoid any issues down the line.

3. Await Approval

After you submit your application, we’ll provide you with an instant decision. If additional checks are needed, our team may take a few hours or, in some cases, a few days to complete the review and provide you with a decision.

4. Review the Terms

Once you’ve been approved, carefully review the financing terms offered. Ensure you understand the interest rate and payment schedule associated with the Snap Loan.

5. Download the App

After reviewing and agreeing to the terms, your funds will be added to your Snap Virtual Card. This can be accessed via the Snap App which can be download from the Google Store or Apple Store.

6. Paying with Ease

Once your funds are loaded, you can shop at any of our 500+ retailers that accept the Snap Card. You can view the full list of participating retailers here.

Tips for Successful Bed Financing

Make Timely Payments

During the application process, and within the Snap app, we’ll let you know the date of your first payment and your recurring payment schedule. To help you stay on track, we recommend setting up a reminder so you never miss a payment date.

Pay More When Possible

If your budget allows, consider making extra payments to pay off your balance sooner. This can save you money on interest and reduce the overall term of your Snap Loan.

Keep an Eye on Your Credit

Keep an eye on your credit score to track how your financing plan influences it. Using credit responsibly not only helps you manage debt but can also steadily improve your score over time.

Communicate with Snap Finance

If you encounter financial difficulties, communicate with the Snap customer service team as soon as possible. They may offer solutions such as payment deferrals or modified terms to help you manage your payments.

Conclusion

Financing your dream bed is an accessible option for many, thanks to a Snap Loan. From monthly payment terms to options for those with bad credit, we offer a financing solution to suit most needs. By understanding the terms and managing your payments responsibly, you can enjoy the comfort of a new bed without the financial strain.