Wayfair financing: What you need to know

A couple laugh as they lift a new gray sofa in their living room.Image: A couple laugh as they lift a new gray sofa in their living room.

In a Nutshell

If you’re in the market for Wayfair furniture, you might be considering using Wayfair financing to spread out the cost over time. To do so, you’ll have to get approved for an offer with one of Wayfair’s partners.
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Want to purchase furniture from Wayfair but not sure how to cover the cost? Wayfair offers financing for your purchase through Wayfair financing.

Since a sofa, coffee table or bedroom set could set you back at least a few hundred dollars — or even thousands — you might be thinking about spreading out your payments over time. Let’s dive deeper into how Wayfair financing works, what you’ll need to apply and what alternatives you can consider if you don’t want to go with that option.

How Wayfair financing works

Wayfair offers several financing options through its partners. You can pay for your furniture with Affirm, Citizens Pay, Fortiva Retail Credit, Acima, Progressive Leasing or Katapult. Keep in mind that you don’t have the ability to pick which providers Wayfair may match you with and not all options are available in all states.

Here are some more details about what you can expect from each one.

  • Affirm: Affirm lets you pay either through a monthly installment plan or by making four interest-free payments every two weeks. If you choose monthly installments, you’ll pay interest but won’t have to worry about any late fees, yearly fees or prepayment fees.
  • Citizens Pay: Offered by Citizens Financial, Citizens Pay is a line of credit that lets people spread payments out over time. It’s available in all U.S. states.
  • Fortiva Retail Credit: With Fortiva Retail Credit, you may pay for your purchase with a line of credit. You can sign up for payment alerts and receive fraud protection.
  • Acima: With Acima’s lease-to-own financing, you’ll own the furniture after 12 or 18 months. You can also use an early-purchase option. Payments are due on your paydays, and you may be able to return your purchase to Acima since it’s leased.
  • Progressive Leasing: Progressive Leasing is another lease-to-own option that Wayfair may suggest. The company lets you schedule payments around your payday.
  • Katapult: Like Acima, Katapult offers lease-to-own options. You can pay off your lease in the first 90 days to receive a discount or continue to lease your furniture and pay it off at any time before the full loan term at a discount.

How to finance your Wayfair purchase

To use Wayfair financing, you’ll need to create a Wayfair account and check your eligibility. The eligibility form will ask you for personal details like your name, phone number and address. You’ll also have to provide your Social Security number and annual income.

If you’re approved, you may receive offers from Wayfair’s partners at checkout. But keep in mind that you’re not applying to Wayfair directly. Instead, you’re applying to Wayfair’s financial partners.

Does Wayfair financing check your credit?

With Wayfair financing, you can see which offers you’re eligible for ahead of time without affecting your credit. Accepting an offer through Wayfair financing may result in a hard credit inquiry, which can negatively affect your credit.

Other ways to finance your Wayfair purchase

If you’re worried you won’t qualify for Wayfair financing or the available options don’t fit your financial situation, here are a few other ways you might be able to finance your Wayfair purchase.

  • Sign up for a Wayfair Credit Card: With the Wayfair Credit Card, you can get 5% back in Wayfair rewards or no-interest financing on qualifying orders if you pay your balance in full within 24 months.  Plus, you can prequalify without hurting your credit.
  • Pay cash upfront: If you’re looking to avoid making payments or getting charged interest, consider saving up enough cash until you can afford your purchase out of pocket.
  • Zip (previously QuadPay): Zip is a buy-now, pay-later lender that partners with Wayfair. It offers to split the cost of your purchase into four interest-free installments over a six-week period. Zip charges a $1 convenience fee per installment.
  • PayPal Credit: Wayfair also accepts PayPal Credit, a line of credit that you can apply for through PayPal. If you pay off your purchase of $99 or more in full over six months, you won’t be charged interest.

About the author: Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt Un… Read more.