Personal loans for large purchases
A personal loan can pay for a large purchase like furniture, appliances or equipment with a fixed rate and payment. Compare it with the retailer's financing at checkout. A 0% promo can be cheaper, but only if you understand how its interest works.
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Loan terms from 2 to 60 months. Rates vary depending on the lender, your credit and your state. Maximum APR is 35.99%.
Loan vs. store financing
- True 0% APR financing charges no interest during the promo. If you qualify, it usually beats a loan.
- Deferred-interest promos are different: miss the payoff deadline and interest can be charged back to the purchase date.
- A personal loan has a fixed APR from the start, with no promo cliff.
Buying from one store? Compare store financing too
- With a CLO personal loan, you're funded directly and use the funds as needed, including comparing prices or splitting the purchase across stores.
- If you've chosen a specific retailer, ask whether it offers promotional financing, and compare its APR and total cost with your CLO offers.
- The LendPro app in ChatGPT can help you shop and buy directly from merchants that offer financing at checkout.
- With store financing, the retailer is funded when you buy, and promotional terms depend on the store and lender.
Questions to ask at checkout
- Is this 0% APR or deferred interest?
- What's the APR after the promo ends?
- Is there a fee or a minimum purchase to qualify?
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Common questions
Is it better to use a personal loan or store financing?
True 0% store financing is usually cheaper if you can pay it off during the promo. A personal loan is safer than a deferred-interest promo you might not pay off in time.
What is deferred interest?
A promo where interest builds in the background. If the full balance isn't paid by the deadline, all of that interest is charged back to the original purchase date.
Can I use a personal loan to buy furniture?
Yes. Personal loans can be used for furniture, appliances, electronics and most other legal purchases.
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