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La-Z-Boy Financing: 5 Ways to Pay for New Furniture

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Furnishing a home can be expensive, especially if you want high-quality furniture that can hold up to daily wear and tear. It’s best to save up in advance when you want to purchase furniture, but there are a number of furniture financing options available if you simply can’t wait.

One option is to finance furniture through a retailer like La-Z-Boy. Financing options range from a store credit card to point-of-sale loans, and you could also consider alternatives, such as a personal loan.

1. The La-Z-Boy Furniture Galleries credit card

La-Z-Boy partners with Synchrony Financial to offer deferred-interest furniture financing through a store credit card. The La-Z-Boy Furniture Galleries Credit Card can be used to finance qualifying furniture purchases with no-interest financing, as long as payments are made on time.

La-Z-Boy Furniture Galleries Credit Card Terms
Interest rate 29.99% APR
Special financing offer Pay no interest when you finance your purchase in equal payments over 12 months.
Fees
  • No annual fee
  • Late payment fee up to $39
  • Returned payment fee up to $28
Benefits
  • You can go home with your furniture on the same day as your purchase.
  • There’s no expiration date.
  • You may receive special offers for cardmembers only.
Drawbacks
  • Standard purchase APR is high.
  • If you don’t adhere to your payment schedule, you may be charged deferred interest at 29.99% APR back to the date of purchase.
  • Application will require a hard credit inquiry.

Special offer for cardholders

The La-Z-Boy-branded credit card is currently offering deferred interest for 12 months, subject to credit approval. With this type of offer, you’ll pay no interest on payments you make for 12 months. If you don’t pay off your balance before the end of this period, though, you’ll be charged interest from the date of purchase. Equal monthly payments are required.

Who’s eligible for a La-Z-Boy Furniture Galleries Credit Card?

Eligibility for the La-Z-Boy Furniture Galleries Credit Card is based on your credit. You may also have to meet a minimum purchase requirement to be eligible for the retail card.

How to apply

You can apply for this branded credit card at your local La-Z-Boy store location or apply online through Synchrony Bank. On the application, you’ll need to provide certain identifying and financial information, like your Social Security number and monthly income.

If approved, you can set up an online account through Synchrony Bank where you can make a payment, see your account balance and schedule future payments.

2. Furniture financing through Affirm

Eligible online customers at La-Z-Boy Outdoor, a partner site of La-Z-Boy Furniture Galleries, may be able to finance purchases through Affirm, a point-of-sale loan service.

To apply for Affirm financing, follow these steps:

  1. Add your La-Z-Boy Outdoor purchases to your shopping cart.
  2. Under payment method, you’ll see an option for Affirm monthly payments. Depending on the amount you’re financing, you may receive one payment schedule option or multiple payment schedules to choose from.
  3. At this point, you may be required to place a down payment upfront.

If you’re approved, you can download the Affirm app to manage and track your loan, view your remaining balance and see when your next payment is due.

Affirm loan details
APR 0.00% to 30.00%
Terms 6 to 12 months
Fees None

Who’s eligible for an Affirm loan?

Affirm financing is subject to credit approval. Affirm performs a soft credit check to determine your eligibility for a loan; this type of credit check doesn’t negatively affect your credit. However, if you’re approved for the loan and accept it, your credit may be affected as the lender will perform a hard credit check.

3. Personal loans

A personal loan can be used for virtually anything — including buying furniture for your space. If your purchase can’t wait until you’ve saved enough cash, a personal loan can offer an alternative. As these are unsecured loans, you won’t need collateral to be eligible, though your credit will be heavily weighed.

If you have strong credit, shopping for a competitive personal loan interest rate may be a good option outside of a La-Z-Boy Affirm loan. Prospective borrowers with good credit and a low debt-to-income ratio will qualify for the lowest possible APRs, while bad-credit borrowers may not be approved for a personal loan at all.

Personal loans at a glance
Interest rate About 6% to 36% APR
Borrowing limit $1,000 to $50,000 or more
Fees Origination fees, which are 1% to 8% of the loan, if required.

You can compare personal loans online, or through your bank or credit union. Most lenders offer prequalification: This lets you check your eligibility and potential terms without hurting your credit, allowing you to shop around for the lowest possible APR for your situation. However, you will need to submit to a hard credit check when you formally apply for the loan.

4. 0% APR credit card

Another alternative if you have strong credit is to apply for a credit card with an introductory 0% APR period. This type of credit card offer lets you avoid interest charges for a period of time after opening up a new credit card, generally up to 18 months.

This La-Z-Boy financing option is ideal for shoppers who can repay their balance in full on time or ahead of schedule. Credit cards have high interest rates that can quickly increase your balance, so it’s also important to be aware of your spending habits. Avoid exceeding your furniture budget or overspending in other areas that you can’t afford to repay.

Not all borrowers will qualify for a credit card with an introductory 0% APR offer. See where you stand and get your credit score for free on the LendingTree app.

5. Paycheck advance

If you work for an employer, your human resources department may offer a paycheck advance. Requesting an advance on your paycheck can help you get access to cash when you need it. There are also paycheck advance apps that work in a similar way.

For example, the Earnin app allows you to request up to a $100 advance from your upcoming paycheck. As you use the app, your advance limit can increase up to $500. It’s free to request a paycheck advance, but you can add a voluntary tip.

Most paycheck advance platforms require you to link your bank account where your paycheck gets deposited. When your next paycheck is deposited into your bank account, the apps pull the funds you’ve borrowed as payment.

Since these apps typically don’t perform a credit check, it could be a good alternative for shoppers who have a low credit score and need to borrow only a small amount. Keep in mind, however, that a paycheck advance isn’t “extra” money. By borrowing some of your paycheck early, your next paycheck will be smaller, which can lead to falling behind on bills or going into debt.

Specials financing offers are current as of date of publishing.

 

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