Consumer FAQs

Will applying affect my credit score?

No, applying will not affect your credit score. During pre-qualifying, PayFina performs a “soft pull” of your credit report to make a credit decision and provide approved applicants with the rates and terms of their approval.

Will accepting financing affect my credit score?

If you accept financing, PayFina performs a “hard pull” of your credit report when you sign the closing documentation. A hard pull may impact your credit score.

Does PayFina offer free credit score monitoring?

Yes! PayFina pays your subscription fees so active account holders in good standing can monitor their credit for free. Simply click credit score monitoring to enroll in this valuable service.

How long does it take for my payment history to be updated with the major credit reporting agencies?

Customer account history is reported to credit bureaus monthly. It may take up to 45 days to reflect on your credit report.

What are the minimum requirements to apply?

You must be at least 18 years of age and have:

A Social Security number
A current bank checking account
A debit card
A minimum monthly income of $1,000 from a reliable source such as a job, Social Security, retirement, pension or self-employment.

How long does the approval process take?

Completing the application typically takes less than five minutes. The credit decision will be returned within seconds of submitting your application.

Can I apply with an ITIN if I do not have a Social Security number?

No, a Social Security number is required to apply.

If I do not have a job, can I still apply?

Yes, you may apply if you have an income from a reliable source such as Social Security, retirement, pension, or self-employment.

What if I have filed for bankruptcy in the past?

Customers may be approved if they have poor credit or a past bankruptcy. Any bankruptcy must be discharged or dismissed.

Do you accept co-applicants?

No, applicants must qualify individually.

Does PayFina charge an application fee?

There is no fee to apply and see your offer. If you are approved for a lease, your first lease payment will be due at the time you sign your lease agreement.

How long does my approval last?

Approvals expire after 30 days.

What are my payment options?

PayFina accepts payments by ACH, debit card, and check.

What is MoneySKILL® and how will it help me improve my financial wellness?

MoneySKILL® is an online education program that PayFina provides to active account holders free of charge. Developed by the AFSA Education Foundation, MoneySKILL® is a series of interactive, mobile-friendly modules that help improve financial knowledge in areas such as budgeting, savings, investing, credit, renting vs. owning, financing and more.

Are there any early payment penalties?

Installment agreements do not have any pre-payment penalties, so we encourage you to pay off early and save!

What is the 100-Day Early Payoff Promotion?

Installment contracts with a 100-Day Interest Rebate Promotion enable qualified customers to pay only a nominal fee if they:

Make all scheduled payments in full and on time,
Have no returned payments, and
Pay in full the total principal balance of their purchase within 100 days.

Qualified account holders that pay in full during the promotional period will pay the total principal balance of their purchase plus any origination fee or processing fee.

Note: Interest will accrue until your account is paid in full. If you qualify for the 100-Day Early Payoff Promotion and pay your account in full during the promotional period, the interest is rebated and reduces your principal balance.

What early payment options does PayFina offer for its lease-to-own products?

PayFina’s lease-to-own customers have two types of early payment options:

Early buyout options, and
Early purchase options

Early Buyout Option

If you have a lease-to-own agreement, you can save money on leasing fees when you pay off your full balance within the early buyout period. By paying the cash price plus any applicable early buyout fee within the early buyout period, PayFina will consider your account paid off in full.

Your early buyout expiration date is disclosed on your agreement, but you may also contact PayFina for that information. Any customer will pay less to exercise an early buyout option than he or she would to exercise an early purchase option. However, you must exercise an early buyout option within the early buyout period, while you may exercise an early purchase option at any time.

Early Purchase Option

If you have a lease-to-own agreement but were not able to pay off your account within the early buyout period, you can still save money on leasing fees when you pay off your full balance before the end of your agreement term. After the early buyout period has expired, you can exercise your early purchase option by paying a percentage of the lease remaining on the agreement. Contact PayFina to get information on the balance owed.

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