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Buy On Trust Lending: Up to $5,000 Credit Limit , No Credit Checks
REVIEW

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By : Mr Credit Card

  • Up to $5,000 credit limit
  • No hard inquiries on credit report
  • Purchases fullfilled by nearest Best Buy store
  • Reports payments to three major credit bureaus
  • 7-day a week customer support
  • Not available in in MN, NJ, WI & WY


Pros Cons
Reports to 3 major credit bureaus more expensive to lease to own than pay cash
7 day a week customer support  
No hard inquires  
No credit or bad credit applicants can apply  
Up to $5,000 in credit limits  
Purchases fulfilled at Best Buy Stores  


At A Glance

BuyOnTrust.com is aurguably the best lease to own electronics store available to those who want to lease before deciding to own a piece of electronic equipment. Your orders are fullfilled by the nearest Best Buy store, arguably the most well known electronics big box retailer today. Like most lease to own stores, Buy On Trust does not perform any hard inquiries (only a soft inquiry is done for identification purposes with no impact on your credit score). Instead, they rely on your income and bank account to qualify and approve you.

Buy On Trust stands out from their competition in two significant ways. Firstly, their customer support via phone is available 7 days a week in constrast to their peers, who mainly have customer support only available 5 days a week from Monday to Friday. Secondly, American First Finance and Acima (which are lenders of Buy On Trust) reports your payments to the three major credit bureaus while their peers do not.




Requirements

  • Income History - 3 month of income from the same source
  • Monthly Income - Income of at least $1,000 deposited into your checking account
  • Checking Account - for 90 days
  • Checking Activity - No NSF, excessive overdraft or negative balance


How does BuyOnTrust.com work?

To make a purchase from BuyOnTrust.com, you first have to apply, get pre-qualified and approved. As long as you meet the criteria above, you should be approved with a credit line of up to $5,000. You can then make purchases from branded products and once you check out, you have to pay a $50 fee. The payment terms stretches over 12 months. After 12 months of payment, you will own the product if you decided to. Alternatively, you can payoff within 90 days and with a $10 fee, close your account. You could also pay off anytime after 90 days (but less than 12 months) and save 25% or more on future payments. Below is a screeshot of their online store showing their best sellers (which at this moment happen to be Apple Watch and Airpods).

store front


Competition

Store Credit Limits Reports to Credit Bureaus Customer Support
Buy On Trust $5,000 Yes 7 days a week
Electro Finance $5,000 Maybe Weekdays only
RTBShopper $5,000 No Weekdays only
Leaseville $5,000 No Weekdays only
Progressive Lending N.A. No Weekdays only


There are quite a few lease to own or buy now pay later electronics program. Some of them (like BuyOnTrust) have their products fulfilled by Best Buy while others have them fulfilled by other retailers. In this section, we will compare Buy On Trust with them.

Compared with those who use Best Buy stores to fulfill your orders

RTBshopper.com is a lease to own electronics store that fulfills your order through your nearest Best Buy store. They are very similar to BuyOnTrust.com in that you can get a maximum of $5,000 credit limit and you have to pay an initial fee of $50 at checkout. The payment terms differ slightly. Whereaas you have one year to pay for Buyontrust.com, with RTBshoppercom, your payment amount is set for a weekly, bi-monthly or monthly payment plan and payment stops when you have paid up for the item or items that you have purchased (with interest). Like BuyOnTrust.com, RTBshopper.com does not do any hard inquiry and there is no impact on your credit score when you apply. However, the big difference between RTBshopper.com and BuyOnTRust.com is that Buy On Trust reports your payment to all three major credit bureaus whereas RTBshopper.com says that they "MAY" report your payments to the three major credit bureaus. Another major difference is their phone support. BuyOnTrust.com has phone support 7 days a week whereas RTBshopper only has phone support 5 days a week and is unavailable over the weekend.

Another competitor to Buyontrust.com is Electro Finance. They have very similar terms in that you can get up to $5,000 in credit limits, have to pay a $50 administrative fee after you check out and those with no credit or bad credit can apply. The products you buy are also fulfilled by Best Buy and you can pick up your purchases from the nearest Best Buy store. Unlike Buy On Trust, Electro Finance does not guarantee that their lenders will report your payments to the three major credit bureaus. Instead, they claim that SOME of their lenders might report. Their phone customer service support is only available from Monday to Friday. In contrast Buy On Trust phone support is available 7 days a week.

Progressive Lending appears to be the lease to own or rent to own lender when you physical shop at Best Buy and want to stretch your payment over time. If you apply for a buy now pay later program in Best Buy stores, the folks in "blue" will get you to sign up with Progressive Lending. Once again, it is really identical to other lenders like Buyontrust.com or Electro Finance. Progressive Lending does not report your payments to credit bureaus at all. This is in contrast to Buy On Trust, which reports to all three major credit bureaus.

Leaseville is another lease to own store that fulfills your orders from either Home Depot or Best Buy. They offer very similar terms and like most least to own operators, they allow those with no credit or bad credit to apply and get approved. Like the rest, they look at income and your bank account rather than your credit report. Like others mentioned here, Leaseville is inferior to Buy On Trust in the following aspects. Firstly, their phone support is only available from Monday to Friday versus 7 days a week for BuyOnTrust.com. Secondly, Leaseville does not report your payments to the three major credit bureaus.


Pros: What we like

  • Fantastic Customer Service - Buyontrust.com customer service can be reached 24/7 and whenever I called, they picked up the line very promptly

  • Reports to all three credit bureaus - This is really huge because most lease to own lenders to not report to credit bureaus at all. Progressive Lending, which is the lender of Best Buy when you shop at their store does not report payments to credit bureaus at all

  • Soft Inquiry when applying - When you apply for Buy On Trust, they will perform a soft inquiry which has no impact on your credit score.

  • Allows those with no credit to get credit lines - BuyOnTrust allows those with no credit credit to be able to purchase electronics from Best Buy on a lease to buy basis.

  • Products are picked up from Best Buy - The products you buy are essentially from Best Buy, arguably the most well-known electronics store.

  • Up to $5,000 in credit limits - $5,000 is a pretty generous line that can get you some serious electronic gears

  • 7-day customer support via phone - BuyOnTrust.com phone support is available 7 days a week from 9 a.m. to midnight mountain time. This is far better than it's peers who tend to have phone support only 5 days a week.


Cons: What We do not like

  • You pay more with lease-to-buy arrangements - As a general rule, you will pay more in a lease to buy payment scheme than if you paid in cash. This applies to all lease-to-buy programs and not just with Buy On Trust Lending.

  • Not available in MN, NJ, WI & WY - Buyontrust.com is unfortunately not available in these states.


BuyOnTrust.com: Best Least to Own Electronics Store

After researching and evaluating Buy On Trust (including calling their customer service over the weekends), I have come to the conclusion that BuyOnTrust is arguably the best lease to own electronics store for a few reasons and have decided to give it a 4.5 out of 5 star rating. Firstly, your purchases are fullfilled by Best Buy stores (which is the big box electronics store today). Secondly, they do not perform any hard inquiry on your credit report. Hence, those with no credit history or bad credit can apply. Instead, what Buy On Trust looks at are your monthly income and bank statements to qualify and approve you. The potential to get a $5,000 credit limit is also very generous. However, the two most important features that Buy On Trust stand out are that they report your payments to the three major credit bureaus and they have 7 day customer support availability over the phone. Most lease to own stores do not report your payments to credut bureaus. Because most people who go to lease to own stores have no credit or bad credit, using BuyOnTrust.com gives you the additional benefit of rebuilding your credit. Whilst other stores only provide customre support from on weekdays, Buy on Trust provides customer support 7 days a week.

Most of you will know that going through a lease to own payment plan will cost you more than if you paid cash upfront. But if you do not have the cash to pay upfront and do not mind a lease to own payment plan, the BuyOnTrust.com is a lease to own store we can recommend if you want to purchase electronics. You will get customer support everyday of the week and you will also get the benefit of having your payments report to the major credit bureaus.


How to apply?

It is very easy to apply for BuyOnTrust.com. On the first page, you need to fill in your name, address, email address and phone number. You will also need a checking account to apply and have the to check off the YES box on the question of whether you have a checking account. Once you submit the information on the first page, you will asked to confirm you mobile number and enter your social security number and you will get a text message with a confirmation link. Further on in the application process, you may be asked to provide proof of three months worth of income of at least $1,000 a month. Below are screen shots of the application page.

application page 1 application page 2 application page 3 application page 4 application page 4


FREQUENTLY ASKED QUESTIONS

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What is the payment period?

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What is the payment period?

You can pay over time for 12 months or you can choose to pay over 90 days.

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Are there any fees to pay?

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Are there any fees to pay?

You have to pay a $50 fee when you get approved. If you choose to pay over 90 days, you will have to pay $10 at the end of the 90 days to close the account from that transaction payment.

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Where do I pick up my purchases?

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Where do I pick up my purchases?

You will pick you your purchases at the nearest Best Buy store that you choose.

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Do I qualify for $5,000 credit limit?

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Do I qualify for $5,000 credit limit?

While you can qualify for up to $5,000 in credit limits, not everyone will get that limit. Some will get a lower credit limit.

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Which lenders do BuyOnTrust.com use?

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Which lenders do BuyOnTrust.com use?

They use Acima Credit and American First Finance.

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Does Buy On Trust do a hard pull?

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Does Buy On Trust do a hard pull?

No, Buy On Trust does not do any hard pull. They look at your income and if you do have a checking account instead to qualify you.


Contact Information

Mail: 1434 Spruce St, Suite 100, Boulder, CO 80302

Phone: (888)-274-7732

Email: https://wwww.buyontrust.com/contact-us/