Financing 101: What You Need to Know About Furniture and Mattress Financing Promotions

When you need new furniture, or when you are sleeping on an uncomfortable mattress, you may get pretty excited when you see that retail stores are offering “special” financing options. Eventually, you find out that there is always fine print. Today, we are going to pull out the magnifying glasses and take a look.

What You May Not Know about Those “Fabulous” Offers

These super-fantastic financing deals are usually not so attractive when you take a close look at that fine print. You will most likely find that “zero percent” offers include some steeply accrued interest if you are late or miss a payment. Missed payments, or a balance due at a promotion’s end, typically result in you having to pay 100 percent of the interest on your entire purchase. If you had your financing set up over several years, that’s a lot of additional expense.

No one plans to be late with a payment. No one plans to owe a balance at the end of a promotional period, but life happens. The unexpected events that happen in your life could result in you paying years worth of interest on your purchase that you were not planning to have to pay.

You May Pay a Higher Purchase Price

Quite often, when a furniture or mattress retailer offers to spread payments over an extended period of time, or have a rent to own option, the selling price of the merchandise is quite a bit higher than a typical sale. Because you are able to finance over several years, you may also end up spending a lot more. There are typically high-pressure sales consultants encouraging you to buy more than you need to take advantage of their “special offer”. These stores, with their commissioned associates, know that they do not need to offer reasonable prices if they let you pay for the purchase over many years.

You Could Damage Your Credit Score

Applying or being approved for a store credit card can really work against you. If you apply for a store credit card to make your purchase, the “hard inquiry” into your credit history can damage your credit score. The limit on your new store card ties up your available credit. That store card can sting you when you want to apply for a home mortgage or replace your car.

The Hidden Fees and Charges Add Up

When you take out your magnifying glass for a closer look at sales promotions or zero interest financing, you will most likely find hidden fees. You may have to pay delivery charges. There may be fees to pay for late payments. You may pay a penalty for prepayment. Even if you use a major credit card those late fees add up quickly if you were to get behind. These hidden costs can significantly add to the total cost of your merchandise

Your Financing at Layla

At Layla, our goal is to help you get the most restful sleep possible, without the terms of financing your Layla mattress keeping you up at night. When you purchase a comfortable, supportive copper infused mattress from Layla; you will not need to worry about any hidden costs, fees or penalties that are hard to read or difficult to understand. That goes against everything we believe in. When financing your mattress purchase is your best option, you can shop comfortably with us because Layla mattress financing is offered through Affirm.

Affirm is a straight-forward financing company with transparent terms and a painless approval process. With Affirm, you can rest assured that you will never pay more than what you agree to pay for your new Layla mattress. There are so many advantages to financing your purchase through Affirm.

Easy to sign up

All you need for an Affirm account is to be 18 years or older (just a few exceptions).  Provide your address and have a mobile phone or VoIP number for messages. You will also need to provide your name, address, email, birth date and the last digits of your Social Security number. You will know within minutes if your Layla purchase is approved by Affirm.

No Hidden Fees

As we said, Affirm is straightforward. There are never any late fees charged. You will also never pay a service fee or pay a penalty if you pay off your purchase ahead of schedule. Affirm does not play games with your credit, they are more fair, and more transparent than any other financing option. Some of the other benefits include:

• The application process is easy
• Your personal information is secure
• No credit card numbers for someone to hijack
• No “hard hit” against your credit score
• No late fees
• No Penalty for prepayment
• Affirm does not offer a revolving line of credit, like a credit card. You can have more than one Affirm loan

A Layla mattress purchased through Affirm puts you in control of your final costs, without any nasty surprises. With Layla, you get a greats night’s sleep, without the nagging financial concerns that could keep you awake at night.