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Rent-to-Own Loans

Rent-to-Own Loans

Unlike cash advance outlets or pawnshops, rent-to-own stores usually do not offer money loans; rather, they enable clients to acquire things on credit. The consumer gets the item—typically durable products such as for example electronic devices, furniture, or appliances—for use that is immediate among the 8,000 rent-to-own stores round the nation (Czerwonko 2012). The price of buying a product from a rent-to-own store on credit is considerably higher than the price of comparable products bought straight. The implied APR varies by good and also by shop, but rates have now been believed become as little as 57 per cent (Czerwonko 2012) so that as high as 230 per cent (Zikmund-Fisher and Parker 1999).