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Snap Finance Loans Review
2 Oct 2018

Snap Finance Loans

Is there something specific you’ve had your eye on for a while now, but can’t quite afford to buy just yet? With Snap Finance loans, you might not have to wait any longer.

Get the money you need to buy something special in just a few minutes.

You are interested if

You want to make a larger purchase and are more comfortable making monthly payments on that purchase than just buying the item outright.


Key Points

Brief Description Snap Finance loans are rent-to-own agreements that let you purchase all kinds of expensive items from this lender’s partnered retailers, then pay for those things as you go.
Limits and Deadlines You can make a purchase of up to $3,000 with these loans, depending on what you’re approved for. Repayment usually happens over a 12-month lease agreement.
Urgency You can get Snap Finance loans extremely quickly in the right circumstances – your approval will be near-instantaneous and you’ll have immediate access to your financing directly after that.
APR Range Varies depending on the specifics of your case.
Closing/Origination Fees Processing fees may apply.
Early Payment Fees None.
How to Contract the Product Fill out the application available on their website and you’ll find out almost immediately if you’ll be able to take out any Snap Finance loans. If you can, you’ll have to use the loan amount in a brick-and-mortar store from this lender’s list of approved merchants.
Main requirements You must be 18 years old or older, have an active checking account with a bank, and have a steady source of income. Higher incomes will qualify for higher purchase amounts.

About Snap Finance Loans

Main Features

Many Canadians presently struggle to cover the expenses of daily living, never mind coming up with any discretionary cash for savings. Snap Finance loans are here to help Canadians like these make the larger purchases they need that are just a little beyond their present reach. You can use these loans to buy things like a new couch or TV that you would otherwise have to put off until you could save up enough. The items must be purchased from one of Snap Finance’s trusted merchants; this stipulation is not negotiable. Some of this lender’s primary merchandise categories include furniture, mattresses, tires, electronics and jewelry, but any larger purchase might make you eligible for this financing if it’s from the right store.

Snap Finance loans do not place heavy emphasis on your credit score, and will work with you regardless of whether you have bad credit or even no credit. At the same time, that doesn’t mean that it won’t be a factor in their consideration of your application. This lender is somewhat choosy in who they accept for their financing program. Their website states that 80% of applications are ultimately accepted, but that conversely means that about 20% are not. If your income is very low or your credit exceptionally terrible, you should know that you are at risk of not being approved for these loans.

How Does It Work?

Snap Finance loans are very easy to apply for; a few quick questions through their website is all it takes. Applications are processed in mere seconds, so you won’t have long to wait before you find out whether or not you’ve been approved. You’ll then receive access to your funds as a virtual card that you can use to purchase any of the items available at Snap Finance’s designated merchants. When you go to make your purchase at the store, you simply pass your phone to the cashier and have them scan that virtual card when they ring you up. Each card can only be used for one transaction but multiple things can be purchased in that one transaction. After that, you’re free to go and enjoy whatever it is you’ve just bought, as long as you keep up with your responsibility of making payments to Snap Finance.


Due to their unconventional nature, Snap Finance loans can be a bit restrictive. These loans can only be used to purchase something immediately. You can’t save them up or put them toward a bill – it has to be a physical item that you’ve already picked out. Moreover, you must be willing to purchase that item from one of the retailers that Snap Finance usually works with. Even if you could get that same thing at a better price elsewhere, this special financing will only be an option at the higher-priced store.

With those caveats, however, this is a novel product that makes it much easier for people with lower monthly incomes to make the big purchases they need. When you desperately need a new mattress and you can’t get any traditional credit company to accept you, your quality of life is undeniably suffering. There’s no reason for you to go through that hardship when you could just as easily carve out some space in your budget for smaller monthly payments. Snap Finance loans give you the freedom to take that option if you prefer it, even if it means you’ll be paying a little more for the privilege.

Snap Finance: Building Alternative Loan Structures

Though they haven’t been around long, Snap Finance has diligently pioneered a great new way to buy expensive items with credit. They weren’t satisfied with the usual lending solutions out there for people with poor credit, so they made their own. At the moment, their focus is on extending their network of retailers to bring even easier access to their customers.

What We Think

Snap Finance loans are clearly not for everyone, but for those who really have their heart set on a particular item, they can be a tremendous help. This kind of rent-to-own financing can be hard to get, and even traditional monthly payment solutions like layaways have become far less common in the modern Canadian retail landscape. While it can be a bit expensive to buy this way over time, sometimes the most important thing is getting the object into your hands right away. This product fills a niche that can really improve some people’s lives, and for that, it gets a thumbs up from us.