Learning
How ‘Rent-to-Own’ Electronics Respond to the Covid19 Pandemic
The COVID-19 crisis has forced corporations to shift to a working environment online. This could be no big deal for some people, but for those who stick to a budget, this is a challenging adjustment. Thankfully, rent-to-own laptops and electronics have become a rising star, providing a more practical option for people who can’t afford to purchase a product outright and want to have it for an extended amount of time.
How does Rent-to-Own work?
There are two main types of laptops rent to own: the traditional lease and the installment purchase.
A typical laptop rental contract will usually require a $50 to $500 deposit for each month. The agreement is renewed automatically at the end of every 30 days, until the fee has been settled through the whole term of the agreement, or the lessee wishes to discontinue the contract by not renewing.
With an installment purchase plan, customers can buy refurbished laptops or their rented product outright after making six monthly payments, or halfway through the agreed duration. They also have additional options like paying full price in advance or doing three equal installments before owning their device completely.
Often, companies offer a flexible term, allowing the lessee to settle payments whenever it suits his needs best— ideally during payday, or whether it’s in one month, six months, or five years later.
Why rent-to-own?
Customers get a more practical option to buy new and upgrade their electronics without an upfront, one-time payment of full retail cost. That means he gets to use a new appliance as soon as possible for a relatively low weekly or monthly payment and no credit check.
If the lessee cannotproceed with the agreed setup, he can return the rented item without penalty or damage to his credit score. If he fulfills the agreement by affording the rest of the payments, he will own the item when the term ends.
With payment setups that are customized to the customer’s needs and capacity, rent-to-own laptops help out in better management of finances, especially for employees and students during the COVID-19 pandemic.
How to rent-to-own laptops and electronics?
The rent-to-own process is simple: customers have to pay nothing upfront, take the product home right away, and settle payments later according to what has been agreed on.
Electro Finance, a company that offers the best and most accessible lease-to-own options on electronics and appliances, lets customers’ rent-to-own items in just three steps:
- Customers should apply for an account through Electro Finance’s website.
- To apply, the customer should have and submit the following: a valid mobile number for verification, a valid Social Security Number and a Driver’s License, and an active checking account, all credit types are accepted.
- Once the account has been approved, the customer can start renting to own electronics. He can search for appliances and electronics, add to cart, and choose a payment setup through the website. After the agreement has been settled, the customer can pick up the items or have them shipped for free on the same day.
With all of these benefits and convenience, and due to the sudden demand for electronics, with minimal increase in purchasing capacity, rent-to-own laptops prove to be a more practical and affordable option than upfront paying.
