FAQs

HOW PREFERRED LEASE WORKS

What is Preferred Lease?

Preferred Lease is a “no credit needed”, alternative way to shop for the name-brand items that you want at the stores you want, without paying cash or using credit. After completing an easy application process, you’ll be approved instantly to begin a lease-purchase agreement that will allow you to get your merchandise right away for a low initial payment, then make affordable payments as you go.

What type of products can be leased with Preferred Lease?

Preferred Lease is currently offered at more than 3,500 retailers nationwide that sell the latest name-brand furniture, appliances, electronics, computers and more.  

Who owns the merchandise I’m leasing?

Preferred Lease owns the merchandise until you’re ready to own it. 

When can I own my product?

If you prefer predictable payments and the flexibility of the lease, you can own it when the lease term is over. If you’re ready sooner, you can exercise the Early Purchase Option described in the agreement and save over the total cost of the lease.

If you wish to stop making payments before the lease term is completed, you can return your merchandise at any time.

Do I need a good credit score to use Preferred Lease?

Because Preferred Lease is a “no credit needed” option, no credit history is required and we do not require a minimum FICO credit score. All you need is to get started is:

  • Personal information: Name, date of birth and contact info
  • A verifiable source of income (e.g., pay stub)
  • Proof of residence and contact information for your landlord/mortgage company
  • At least 2 personal references
Does Preferred Lease report to the credit bureau or build your credit?

Yes. We report your payments to the credit bureaus. Each on-time payment can help build your credit history and help with future transactions. (Credit reporting is not available in AZ or CA.)

GETTING STARTED

How do I apply with Preferred Lease?

Simply find a participating retail location in your area using our Store Locator , and a Preferred Lease customer representative will help you complete a quick application in store.

What information will I need to apply for Preferred Lease? What are the requirements?

You must be at least 18 years old, and all you need is some basic information to fill out your quick and easy application. So when you visit a store, please be sure to bring the following:

  • Personal information: Name, date of birth and contact info
  • A verifiable source of income (e.g., pay stub)
  • Proof of residence and contact information for your landlord/mortgage company
  • At least 2 personal references
How much can I get approved for with Preferred Lease?

You can get approved for up to $4,000 to shop for the name-brand merchandise you want at more than 3,500 stores nationwide. 

Can I use my approval at any store? 

No. Each approval is specific to the store location through which you apply. If you would like to shop at a different location, you may re-apply at that location.

How much do I need to start an agreement at Preferred Lease?

All Preferred Lease locations require a low initial payment. This amount may vary by location. At most locations, the initial payment is $49 (if you set up AutoPay at the time of the agreement) or $99 without AutoPay. 

What is AutoPay?

You’ll save time, and you’ll never have to worry about missing a payment. Remember, you can build your credit history with every on-time payment! 

LEASE AGREEMENTS, PAYMENTS AND OWNERSHIP

How long is a lease-purchase agreement?

The length of an agreement term varies based on the item(s) you choose, but our longest term is 24 months. The Preferred Lease representative in store will go over the details and help you choose the payment option that works for you. Once you complete your payments, you own your merchandise outright.

You also have the option to obtain ownership early.  When you’re ready, you can end the lease with your Early Purchase Option described in your agreement. With this option, you can save significantly compared to the total term of the lease. When you choose to own is up to you!

How often do I need to make my payments?

At Preferred Lease, you can choose to make payments monthly or every other week. The Preferred Lease representative in store will help you determine which option works best for your budget and your life.

Can I set up automatic payments?

Yes. You can choose AutoPay to make regularly scheduled, automatic payments. You’ll save time, and you’ll never have to worry about missing a payment. (Remember, you can build your credit with every on-time payment!)

Is there a fee or penalty for purchasing my item early?

No. In fact, Preferred Lease offers an early purchase discount. If you choose to own your item early, you’ll save on the remaining total. 

Can I cancel my lease agreement?

Yes. You may return the items you leased with Preferred Lease, and you will owe nothing further except any unpaid lease charges or fees.

Have additional questions?

Contact us