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Rooms to Go Financing: Compare 5 Options Before You Buy

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The best way to buy furniture is usually to save up and pay with cash so that you don’t run the risk of getting stuck in debt. But if you’re shopping with retailer Rooms to Go and don’t have money on hand, you might benefit from Rooms to Go financing.

Rooms to Go financing features a special offer credit card that temporarily waives interest charges. And you can look outside the store too.

Here are some Rooms to Go financing options, such as personal loans and non-branded credit cards, that could cost you less in the long run.

  1. Rooms to Go financing offers
  2. Personal loans
  3. Low-interest credit cards
  4. Payday alternative loans
  5. Secured loans

1. Rooms to Go financing offers

Rooms to Go offers a financing option through Synchrony Bank. With this option, you apply for a credit card and receive special financing offers when you make purchases with it at the store. In October 2021, Rooms to Go was offering zero interest on purchases when you agree to make equal monthly payments on your card for 36 months. You must also make a down payment that covers the sales tax and delivery fee, if applicable.

Promotional deals might only be available for a limited time, and they might differ depending on where you live.

Rooms to Go financing: Pros and cons of company credit cards
Pros Cons
  • No interest on purchases for a set period of time
  • Relatively easy to qualify for financing
  • Regular purchase APR is high: 29.99% after the three-year promotional period
  • Can only be used at Rooms to Go
For more details, see our full Rooms to Go credit card review

Beyond its store credit card, Rooms to Go financing options also include Affirm. This third-party service allows you to cover the cost of your purchase over time, typically over three, six or 12 months. You might qualify for four interest-free payments, but potentially high APRs beyond that point should lead you to considering other options.

2. Personal loans

If you have time to shop around for a loan, rather than rely on instant financing, you might consider applying for a personal loan. A traditional personal loan is unsecured, meaning you don’t have to use collateral to secure the loan.

Depending on your credit, this type of loan may have lower rates than you’d find on a credit card. Borrowers with credit scores over 720 saw an average APR of 10.73%, according to our personal loans statistics for September 2021.

The flipside of this, however, is that subprime borrowers (with credit scores below 560) saw an average APR of 156.11%. That means this financing option may be expensive for some borrowers.

If a personal loan may be a good option for you, you’ll want to shop lenders by reviewing their terms. Compare such factors as:

  • APR range
  • Available terms
  • Borrowing limits
  • Eligibility requirements
  • Fees

There are a number of personal loan offers online, ranging from $1,000 to $50,000 or more. In some cases, you might be approved for a higher credit line if you get a personal loan than if you apply for a credit card.

Rooms to Go financing alternatives: Pros and cons of personal loans
Pros Cons
  • Pick your loan terms by shopping lenders
  • Better terms with good credit
  • Poor credit borrowers may not qualify or may only qualify for high rates
  • May not have access to a no-interest deal

3. Low-interest credit cards

Rather than getting a Rooms to Go credit card that can only be used in one place, it can make sense to apply for a low-interest credit card. You can potentially take advantage of a signing bonus (if you get a rewards card) or you might qualify for a 0% APR deal, where you pay no interest on purchases during a promotional period. (Granted, some zero-interest cards charge back interest if you don’t pay off the card before the period ends.)

You’ll need to provide identifying information as well as your income and other details in your credit card application. In some cases, though, you might not be able to make your furniture purchase until the card arrives in the mail and you activate it. Check with your card issuer to see if you can get around this by getting the credit card information ahead of time.

To qualify for the best credit card offers, you do need stellar credit. However, if you can get a low-interest credit card, it might be worth it for the versatility.

Rooms to Go financing alternatives: Pros and cons of credit cards
Pros Cons
  • Potential for a signing bonus with rewards cards
  • Can be used at multiple stores, not just Rooms to Go
  • May not qualify for the best credit card deals
  • Potential to pay interest on the purchase from the beginning

4. Payday alternative loans

You may be familiar with payday loans. They are short-term loans with high APRs. In fact, it’s not uncommon to see an APR of 400% with payday loans. A payday alternative loan (PAL), however, is a cheaper option for bad credit borrowers.

Offered by federal credit unions, PALs allow you to borrow between $200 and $1,000 for up to six months. Rates are also lower than those you’d find on a payday loan, and application fees top out at $20.

However, there is one major sticking point to PALs: You must be a member of the credit union offering PALs for one month before applying. That means you’ll need to plan ahead of time before taking out a PAL.

Rooms to Go financing alternatives: Pros and cons of payday alternative loans
Pros Cons
  • A safer alternative to payday loans
  • Low or no application fee
  • Must be a member of a credit union offering PALs
  • Small loan amounts and short repayment terms

5. Secured loans

If you want Rooms to Go financing and you have bad credit, you might also consider a secured loan.

With a secured loan, you provide some type of collateral that the lender can repossess if you miss payments. You might be able to get a car title loan based on the value of your car, giving the lender the right to take your car if you miss payments. It’s also possible to use items of high value as collateral, like collectibles or precious metals.

You can also get a secured credit card or use money in a bank account as collateral for your loan. With a secured loan, you might be able to get the financing you want without having good credit. Plus, you often pay a lower interest rate than you would with a payday loan. However, many secured loans have shorter repayment periods than what you would see with unsecured loans.

Rooms to Go financing alternatives: Pros and cons of secured loans
Pros Cons
  • Qualify even with bad credit
  • Receive money fairly quickly
  • You could lose your collateral
  • Less time to repay the loan

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