Fingerhut Reviews : Is It As Good As Advertised?
With the growing credit card debts, people struggle to get new ones. One of the main reason for this is a low credit score. Thus, PayPal and similar payment processors started offering a credit service enabling customers to finance purchases with online retailers. After the success of this concept, many independent businesses are walking on this track and giving their own lines of credit for online shopping portals. Fingerhut is one such website. Check out the Fingerhut reviews to know what actually does this company offer.
Fingerhut is more of a catalogue focusing on providing you finance on your purchases. It enables you to make a purchase and receive the items while you make monthly payments for each item in full over time.
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How does it work?
The online shopping portal, Fingerhut, sells “everything from furniture and bedding to jewellery to the latest electronics.”
Each and every purchase is made on a line of credit extended by the company and a customer must repay their balance through monthly payments.
You will receive an immediate reply at the time of applying. If lucky you can start shopping immediately. There are two programs on the offer to receive credit:
- Fingerhut Advantage Revolving Credit Account
- Fingerhut FreshStart Credit Account
The Revolving Credit Account “may or may not require a one-time down payment when you place your first order.” It states that this is not a fee but a charge applied to your order.
Fingerhut FreshStart Credit Account has WebBank’s backing. It serves as an installment credit program. A person needs to make a down payment of $30 on the item they wish to order. If all the payments are made on time and in full, Fingerhut will change a person’s account to Revolving Credit Account.
Fingerhut’s target audience?
Fingerhut’s main targets are people with no or poor credits, who stand the most chance to be declined for lines of credit with other retailers.
However, even if you have very bad credit score, you can still take a personal loan. Check out OneMain Financial Reviews to know more.
The primary reason behind people shopping with Fingerhut is that it offers popular brand products and enables them to finance items instead of buying it outright. It’s indeed a brilliant idea! The site has its reasonable proposal- charge an item to your credit account, make the down payment and they will ship the item and then keep paying the monthly balance.
Beware before buying
All the prices shown on the site are substantially higher than other retailers, and the perks are lower than expected on buying items on the line of credit given. In fact, people with bad credit scores will not notice any improvements by shopping here. And there is no point to try and boost credit scores by buying goods from an online retailer.
Even if a person needs purchase on credit, it’s better to charge something to a credit card or save enough. Fingerhut’s prices are extremely higher than others and their interest rates are even higher. If you are looking for better rewards, then you can check out Plenti Review.
Alternatives to Fingerhut
No doubt Fingerhut has an outstanding variety of items that you can choose from. But you will be losing more money by buying items than you would have thought. Search for other retailers or look for coupons and deals to save money. Understanding how you are spending and how you are overspending will also help. LendUp can act as a great alternate. Check out the LendUp Reviews to know more.