Snap Financing FAQ’s (Frequently Asked Questions)
Jewelry Diamond Expo presenting Snap Financing option for our customers to make their purchase more trouble free and worthy. It is very easy and affordable option for your most needy and valuable purchases. We are answering some common questions on snap financing everyone used to have:
Why Snap Financing?
Snap is set up based on the principle that financing should be handy to everyone. Snap is a lease-to-own financing provider that empowers credit-challenged buyers with the buying power to get what they need now.
What is lease-to-own?
Lease-to-Own (LTO) is a reasonable financing option where Snap purchases the products and allows you to use it while you make affordable payments over time. Once you have completed the terms of your lease, you take ownership of the merchandise. The terms of a lease are typically 12 months. Because it’s a lease, your total cost will vary between 1 and 3 times the total of your cart.
Is Snap trustworthy?
Snap believes in transparency, so you will know up front the cost of your lease. Snap offers a 100-day option, which offers a considerable reduction in the overall cost of your lease.
What are the eligibility criteria to apply for Snap?
Applicant should meet the following criteria:
1. Age – 18+
2. Income – At least above $1,000 a month
3. Account - Have an active checking account
4. Contact Info - Have a valid email address and phone/cell number
If I’m approved, does Snap Finance send me money?
You will not receive cash; you will receive a one-time-use virtual card or need to speak to a retail merchant to initiate your lease.
What are the terms of a Snap Finance lease agreement?
Terms of a lease are typically 12 months, through the customer has the option to pay off their account and take ownership of their products earlier.
Can I pay off early?
There are two types of early ownership options:
1. 100-Day option – It is a program that waives the Cost of Lease when you pay in full the cash per chase price (plus sales tax and processing fee) within in 100 days.
2. Early Buyout option – It discounts the remaining lease payments when you pay the entire cash per chase price between 101 days and the full term of the lease (usually 12 months).
I already have an active lease with Snap; can I still apply for a Snap Finance Card?
Unfortunately, you are only able to have one lease-to-own agreement with Snap Finance at time. One you have completed your lease, you are eligible to apply again. We love our repeat customers.
How much amount is approved for Snap Financing?
Snap offers approval amounts between $250 and $3,000.
Is there any processing fee? If so, how much it is?
However, Snap does charge a small processing fee. Rates may vary by state, but are usually $39 - $79. For online transactions, the processing fee is added to the price of the merchandise and paid as part of the lease.
Can I have multiple leases at one time?
Currently, you can only have one lease at a time.
How long is my Snap approval valid for?
A snap approval is valid for 90 days, after which you would need to reapply.