Financing: Frequently Asked Questions
What type of financing is offered?
Credova is partnered with a network of financing options that offer retail installment sales contracts (RISCs) and/or closed-end consumer lease agreements.
What is the different between a RISC and a Closed-End Consumer Lease Agreement?
With a RISC, you are purchasing the item and agreeing to make installment payments over a specific term plus any associated interest rate. A closed-end consumer lease agreement doesn’t have an interest rate, but rather charges monthly leasing fees. With a closed-end consumer lease, you are leasing the item/s from a lessor and have the option to purchase the item during the course of the lease.
What are the leasing fees?
If you choose to accept a closed-end consumer lease offer, with each monthly payment, you will pay leasing fees. These fees represent the premium charged by the lessor for allowing you to lease an item and will vary depending on customer approval information. Please review your offer/s carefully prior to completing your agreement.
What is the interest rate?
The interest rate is the amount charged, as a percentage of principal, by a retailer to a customer for the ability to pay for an item over time. This is often expressed over an annual basis commonly referred to as the annual percentage rate (APR). The system considers more than just your credit and your interest rate will vary based on the information you provide. Please review your offer/s carefully prior to completing your agreement.
Am I locked into financing for the full term?
Not at all. Whether you are using a RISC or a closed-end consumer lease, you can payoff your balance at anytime and there are never any prepayment penalties.
How easy is it to apply?
Very easy! Online applications only require basic information and you can receive an approval in seconds.
How much will I be approved for?
Depending on your application details, you can be approved for offers up to $5,000.
If I have bad credit, will I be declined?
Credova considers all credit types in the approval process. Keep in mind, there is no hard credit inquiry, so applying won’t affect your credit score.
How often are payments made?
Payments are required at minimum once a month on your scheduled due date.
When will my purchase be shipped to me?
For shipping timing, tracking, and terms, please review the retailer’s policies.
How much do I have to pay today?
Depending on the type of financing selected, you may be required to complete your first payment at the time of signature whereas other financing products will not require a payment for at least 30 days. If required, you will be able to complete your first payment at checkout.
What if I need to return my purchase?
If you need to make a return, reach out to the merchant you purchased from to determine their return policy.
How do I apply?
To apply, select the Credova banner, or select an Apply Now or Learn More button on the merchant website. You can also visit www.credova.com and begin the application from the Prequalify button.
If I am approved, how long is my approval good for?
Prequalification approvals are good for 30 days while full approvals are good for 60 days.
Who can assist me if I am having trouble with my application?
Can I still payoff my contract early?
You are able to buyout of your contract at anytime.
Have more questions? Ask us!
* Terms and conditions dependent upon the applicants credit profile.
Financing: How the Process Works in 5 Simple Steps:
RETAIL FINANCING PROGRAM – Application Instructions
Step 1. To see if you are eligible to apply for financing you will be asked to provide your full name, current address and last four digits of your social security number. This is a credit ‘soft-pull’ and will not impact your credit ratings or score. If you are eligible you will the complete the credit application. You will be asked to provide your basic demographic information and prompted to set-up an account to access the customer portal. Your email address will be your User ID; you choose your password.
**PLEASE NOTE: ‘Straw Purchase’ financing applications are illegal and will result in immediate cancellation. A straw purchase is any purchase wherein an agent agrees to acquire a good or service for someone who is unable or unwilling to purchase the good or service themselves, and the agent transfers the goods or services to that person after purchasing them. A straw purchase of a firearm is illegal by federal law.
Within 60 seconds you will receive your initial credit decision; either an approval or a denial. If you are approved move on to Step 3 of the process. If you have been denied, you will receive a letter in the mail with the specific reason(s) for the denial.
Step3. Upload an image of your current state issued photo ID to the customer portal. U.S. Credit will not accept information via fax or email.
Step 4. Contact the participating dealer or manufacturer that you are purchasing from to place your order. Please call us and we will be happy to provide you with the contact information. Remember the minimum financing amount is $500.00.
Step 5. When your product invoice is complete you will receive an email from DocuSign with a link to your documents. You will be prompted to electronically sign your documents. Once the e-signature process has been completed U.S. Credit, Inc. will disburse payment directly to the dealer. You will be notified by the dealer when your order is complete and your purchase is ready to be picked up or shipped.