A Financing Alternative for Holiday Shopping
Dec 18, 2020
The holiday season always seems to sneak up on us, doesn’t it? And let’s face it: This year we deserve to give ourselves and our loved ones as much holiday cheer as we possibly can whether it’s through finding the perfect gifts for everyone on your list, finding creative ways to celebrate and connect, or really decking out your home with new furnishings and holiday décor to make things extra-festive.1
But with all of the beauty, festivities and general enchantment that this time of year typically brings, it’s also typically stressful especially on the family budget. This year in particular (thanks to ongoing financial side effects of the pandemic), holiday shopping and expenses might feel even more daunting than normal.
The key is to get creative with the way you shop. Using Preferred Lease at your favorite stores is one way to do that. Our “no credit needed” alternative to financing can help you get everything on your list without taking on any holiday debt.* Here are some ways.
Enjoy Epic Sales Without Epic Spending
If you always feel like the holiday shopping season starts earlier every year well, this year, you’d actually be right. Many retailers are touting weeks (not just days) of Black Friday and Cyber Monday deals so customers can take advantage of some epic savings while avoiding epic shopping crowds.2
What’s more, trends show that shoppers expect to spend more than $1,300 on average during the holiday season on gifts and other holiday expenses.3 (Even though that’s less than what was spent last year, let’s be honest that’s still a lot!) And those sales we just mentioned may make that amount go up even more.
When you shop at a store that offers Preferred Lease (and there are thousands nationwide), you suddenly have the shopping power you need to take advantage of those don’t-miss deals while paying for those items in a more responsible way. You shop now and pay later (either bi-weekly or monthly) with payments that fit right into your everyday budget. So you can make up that shopping list and hit those sales knowing your wallet won’t take a hit.
Holiday Debt Is a Thing. But It Doesn’t Have to Be Your Thing.
With the way this year has been, we also may be tempted to treat ourselves and our families more than usual this season. Unfortunately, retailers and credit card companies make it really easy to give into the temptation of overspending in this area. Millions of shoppers are expected to use credit cards to make those big holiday buys (like 71% of U.S. consumers did in 2019), even though they’re still carrying holiday credit card debt from the previous year3 (a vicious cycle that just makes it harder for consumers to achieve a state of financial well-being).
Also, with travel down this year due to the pandemic, some may be enticed to use what would have been their travel money on more “non-gift” items to enjoy at home, like new furnishings and accessories to keep things festive, or TVs and gaming systems to keep the family together and entertained.4
Here's where Preferred Lease and our lease-to-own, “no credit needed” alternative* to financing can help you shop for name-brand furniture, kitchen appliances, TVs, gifts and other items without paying cash or using credit.** Once you complete an easy application process, you can be instantly approved to get those items easily. And you’re never out of pocket in terms of cash or in the hole in terms of credit card debt.
Our lease-to-own programs can also help you BUILD (or rebuild) your credit history over time, as each on-time payment is reported to the credit bureaus.†
It just takes a little planning, a little discipline, and finding smarter (or more creative) ways to shop for what you want, have the holiday celebration you want AND avoid the holiday debt hangover you don’t want. Bonus: You might even find yourself starting 2021 on a better financial foot. If you’d like to learn more about how Preferred Lease can help you reach those goals, it’s as easy as finding them at one of your favorite stores.
*“No credit needed” does not mean or imply that no inquiry will be made of credit history or creditworthiness. We may receive data from consumer reporting agencies and/or data furnishers, but no established FICO score or credit history is required.
**The advertised transaction is a rental purchase agreement (rent-to-own agreement, consumer rental-purchase agreement or a lease/lease-purchase agreement depending on your state) provided by Preferred Lease. It is not a loan, credit or financing. You will not own the merchandise until the total amount necessary to acquire ownership is paid in full or you exercise your early purchase option. Ownership is optional. Approval subject to review and verification of your application. Not all applicants are approved. See your lease for payment amounts and rental terms.
†Not available in California or Arizona.
“Consumers Prioritize Spending on Family, Friends Ahead of Holiday Season” NRF.com, October 2020
“Black Friday Is Over: Here’s Why Retailers Are Touting Weeks of Deals This Year" CNBC.com, October 2020
“2019 Holiday Shopping Report“ - Nerdwallet.com, November 2020
“2020 Deloitte Holiday Retail Survey: Reimagining Traditions" Deloitte.com