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We’ve been there before- you’re looking for a new mattress but can’t figure out how you’re going to finance such a major purchase. Maybe you’re moving out on your own and buying your first mattress or maybe you just need one that’s more comfortable. But the time for waiting is over- you need a new mattress. So, what are your options?

Consider Mattress Financing

Mattress financing means obtaining a loan to pay for the cost of the mattress upfront and repaying the lender over a period of time. It doesn’t have to be a difficult process to apply, and you should expect to know whether you’re approved or not within a few minutes. 

Financing a Mattress with Bad Credit

What if you have bad credit, but need a new mattress? Don’t worry about it. Wait, what? Yes- even with bad credit you can finance your mattress and get good sleep in no time with mattress financing. The best part is there are financing options out there for just about everyone.

Many individuals and families are only one disaster or accident away from financial ruin. Just because you don’t have a rainy-day fund or extra cash for big purchases lying around doesn’t mean you don’t have access to the basic things you deserve – like a quality mattress to help you sleep comfortably. 

How Long do Mattresses Last?

Mattress shopping is intimidating. Consumer Reports refuses to report on mattresses because it claims it’s up to each individual to decide what is comfortable for them. The mattress manufacturers make it hard for consumers to compare brands because there’s no standard language for firmness and comfort. Most mattress manufacturers say that a mattress should be replaced every 5 to 7 years, but that’s not a hard and fast rule either. If you get a high-quality mattress, you could be fine waiting up to 10 years before replacing it! Some mattresses come with warranties that are as long as twenty years, and if you’re not sleeping well on them, you can even use that warranty to get a new mattress. You may want to consider getting a new mattress if you’re having any of these experiences:

  • Tossing and turning all night
  • Waking up in pain
  • You sleep better at other people's homes or in a hotel
  • Waking up tired
  • You're just not sleeping as well as you used to

Do these sound familiar? If you’ve determined that you do need a new mattress, remember that you can get help to finance one. 

Is Financing a Mattress a Good Idea?

Mattresses can be expensive – but you don’t need a large savings account to cover a new mattress purchase. Whatever you do, don’t buy a cheap mattress that’s not comfortable and waste the money you do have! Instead, try financing the mattress and get one that’s a better quality so you can sleep better at night, improving your pain and stress levels. 

The ABCs of Financing a New Mattress

Loans for a mattress come in all shapes and sizes. Unsecured loans can range in amounts starting at $500 and going up to $30,000 or more. If you have a good credit rating, you can expect to get the best interest rates too. But as your credit score goes down, your payments will go up because your interest rate will be higher. This is also true for people who have never established a credit rating, or have “no credit”. 

The good news if you have poor credit is that some lenders are willing to consider more than just your credit score.

Where Should I Go for a Mattress Loan?

Credit Unions offer affordable rates on personal loans. They are great if you have average-to-good credit scores and are looking to finance $2,500 or less.

Peer-to-peer lenders offer investor-funded loans to consumers with a good credit score. A group of investors makes the decisions on who can and can't get a loan. According to NerdWallet, consumers getting this type of loan usually have credit scores of 600 or higher, 16 years of credit history, an average income of $74,000 per year, and a low debt-to-income ratio. Borrowers using this system pay interest rates of 5.99% or higher, borrow from $1,000 to $40,000 and take 3 to 5 years to pay it back. This option is typically for high-income individuals with long credit histories and a good credit score. 

For those who have average credit ratings, there are still plenty of options for financing and loans. Online lenders, banks, credit card companies and other lenders still finance consumers with average credit scores. The interest rate may be a little higher (they will definitely go up if you miss a payment) and you may be approved for less money than someone with a higher credit score. It’s important to remember, though, that lenders will take into account your job history or earning potential when considering a loan application. 

If you have poor credit, it's usually difficult to find a loan with a good interest rate. Most lenders are more likely to loan you money if you have someone who can co-sign on the loan or if you have property to use as collateral. If you default on the loan, your co-signer is responsible to pay back the money to the lender – which can create an uncomfortable situation. Interest rates for those with bad credit can be anywhere from 30-80%, but that's still better than some of the other alternatives out there. The good news is that a short credit history or a low score don't have to stop you from being eligible for this kind of a loan.

Rent-to-own centers are another option for people looking to buy a mattress. These centers cater to people with poor credit and no credit by offering weekly rental rates where you rent to own your mattress over a period of several months. Usually with this situation, you end up paying three to four times the cost of the mattress by the time it's paid off. You do have the option to give back the property after a certain number of rental payments if you're not happy with it or find something you like better. It's great if you don't know where you'll be living in a year and don't want to move with a lot of furniture, but for the average consumer this type of financing is an expensive option.

Another option you have is using a Payday loan provider. Payday lending companies usually charge up to 500% interest on loans, and many of these lenders also tack on ridiculous fees. They can do this because there’s nothing that people with poor credit can do about it, since it's difficult to get a loan from anywhere else. These loans are paid back each week on pay day and trap borrowers into a debt cycle that they have a difficult time recovering from. Consider this lending type a last resort.

What do Lenders Require of You to Get a Loan?

Many lenders need a pile of documentation from you before they will finalize your loan. Short of giving blood or the rights to naming your first-born, you're expected to provide many of the following:

  • Photo Identification
  • Verification of your address with a utility bill or copy of your lease
  • Mother's maiden name
  • Proof of income like W-2 forms, bank statements and pay stubs
  • Current debt information (student loans, mortgage, etc.)
  • Social Security number
  • Employment information
  • Previous address
  • And sometimes more information

Find a lender that asks for a reasonable amount of documentation to prove that you can repay your loan. It will save you time and headache during the application process.

Average Cost of a New Mattress

Once you’ve secured your financing, it’s time to start shopping. A good part of your life is spent sleeping in your bed, so you want a high-quality mattress that will help you get the best sleep possible. There are many kinds of mattresses and it depends on your personal preferences what kind you’ll buy. There are some key things to keep in mind when considering a mattress that lead to the overall cost. Support and lifestyle will have a lot to do with your selection methods.

There are inner spring, memory foam, latex, and air-filled mattresses to suit all body types and preferences. If you like your bed to have a little bounce, then an inner spring mattress is the way to go. If you like a firm base that doesn’t sink or bounce very much, a memory foam mattress might be just the right option for you. If you like the idea of a foam mattress but want a little more give, a latex mattress offers more buoyancy but is still firmer than inner spring mattresses. Beds with air-filled mattresses are adjustable so you and your partner can set up your side of the bed to be whatever firmness or softness setting you prefer. 

Mattress Type Price Range (All Sizes) Average Price
Inner Spring $100 - $4,000 $1,520
Foam $100 - $8,600 $1,620
Air-Filled $450 - $5,000 $2,105
Latex $300 - $1,800 $1,625

Inner spring and foam mattresses start out in the cheapest categories and air-filled mattresses have the most expensive average price. But it’s easy to see from this chart, that it’s affordable no matter what type of mattress you prefer. The important thing when choosing a mattress is to try it out in the store. Also, ask about money-back guarantees and satisfaction guarantees if you don’t sleep well on the mattress. Some brands offer these and others don’t, so be sure you ask the store before you buy your new mattress.

Better Sleep Means Better Health

A mattress is one of those major life purchases that can improve your life by helping you sleep better. Some benefits of good sleep are:

  • Increased energy
  • Less pain
  • More balanced
  • Happier
  • Less stress

You wouldn’t run a marathon without the correct gear or go fishing without a fishing pole, right? Then you shouldn’t go to sleep without the right mattress either. You may be blaming your income level for sleeping on a cheap, uncomfortable mattress, but you don’t have to do that anymore. There are many financing options to get you the money you need to start getting a great night’s sleep.

Old mattresses are linked to increased pain and higher stress levels. Sleeping on a new mattress can actually reduce your stress. We all would love a little less stress in our lives!  

How to Improve Your Sleep

There are many ways to improve your sleep once you have your new mattress delivered. We’d like to help set you up for successful sleep on your mattress. Take note of these tips:

No electronics zone – Keep laptops, home offices, and other electronics out of your bedroom. According to Doctor Matthew Mingrone, lead physician for EOS Sleep Centers, artificial light when you’re getting ready for sleep or falling asleep is detrimental to your sleep because it stops your body from releasing melatonin.

Don’t sleep in on the weekend – Sleeping in on Saturday or Sunday can mess up your internal clock, much like traveling to another time zone. It’s best to keep the same sleep schedule 7 days per week for the best sleep.

No caffeine late in the day – Drinking coffee too late in the day can mess with your sleep patterns. The half-life of caffeine is surprisingly long and can cause problems with your sleep if you’re using it for your afternoon pick-me-up. You’re better off to eat a snack to boost your energy rather than turn to caffeine.

Can Half Price Mattress Help Me Get a New Mattress?

We’re glad you asked. Half Price Mattress will definitely help you get financing through Snap. Snap is a different kind of finance company and we serve you- regardless of your credit history. We understand that people with bad or no credit need mattresses too. Simply fill out our short online application and find out if you’ve been approved to buy your mattress in no time. Once approved, you’ll be able to use the money to purchase a mattress from one of our quality partners near you. We’ll make the payment directly to our partner; all you need to do is show up and pick your new mattress. Payment on the lease can be paid back over 12-to-18 months, depending on your budget and what works best for you. The money is to be used specifically on your new mattress and can also cover warranty and delivery fees.

We use a list of trusted partners because they offer the best mattresses and will offer you great options. Our customers deserve the best, and we have confidence in our partners that you will get just that.

Snap! works hard to provide honest options for people in difficult financial situations and want to help you. If you’ve had difficulty getting a loan or have been told that your credit score is too low for a loan, we can help you! You don’t have to miss out on the basic luxuries of life just because of bad credit. There are plenty of options for you.

How to Qualify for Mattress Financing

The qualification process is simple. All you need are the following three things:

  • You must be 18 years of age or older
  • You need an active checking account
  • You need to bring home at least $1,000 per month

That’s all you need to start the qualifying process.

Improve your Credit with Mattress Financing

With bad or no credit you already know that it’s next to impossible to get a loan for a major purchase like a mattress, but you’re not out of options. We strive to give you options that you didn’t think you even had when it comes to your finances. The best part is, once you secure your financing and begin making consistent payments toward the purchase, it can actually help improve your credit and make it easier in the future for you to get a loan (if the company you're working with reports to the main three bureaus).

According to Bankrate, the best way to improve your credit rating and keep it high is by paying your bills on time. Consistency over time wins out when determining good credit. Snap! Finance knows that and we’re here to help you pay your bills on time. We’ll set up automatic payments each month so you don’t have to remember what day your bill is due. Worried you won’t able to make a payment on time? No problem, just call to let us know and we’ll work something out together. We want to see our customers succeed in improving their credit by providing access to money without feeling like second-class citizens. Everyone has financial struggles at one time or another in their life- and it’s our mission to help you through the tough times.

Your Mattress Financing Options

We have fast approvals here at Snap! so you aren’t waiting around get the money you need. We’ll approve you for up to $3,000 depending on your income and job history information. So don’t let bad credit or no credit hold you back. You deserve a quality mattress finance option, and we understand and want to help. You shouldn’t be kept from purchasing the things you need most, so let Snap! Finance help you get on track to better sleep and better credit.

To learn more about financing your mattress through Snap! Finance, click here.