How Does Rent-to-own work?
A rent-to-own or a lease purchase agreement is a way for you to purchase items, such as furniture or electronics, that you can’t pay for in full or don’t have the credit to purchase. This type of purchase has both good points and bad points. However, the decision ultimately depends upon the specific situation you are in at that time. Some rent-to-own contracts are weekly, while others are bi-weekly or monthly. This is usually dependent upon your pay schedule. Application Process When you contact a business for a rent-to-own transaction, you will usually have to fill out a rental application. This usually includes basic information such as name, address, social security number and phone number. Most applications also include references because most rent-to-own companies don’t do credit checks. Employment information is also required. In addition to filling out the application, you will have to provide proof of residence and income, such as a utility bill and check stub. The company may
