A new Snap Finance study has found 44 percent of credit-challenged consumers rely on financing to make major purchases.
Snap Finance provides flexible financing solutions for consumers and businesses.
Their study found that of those with credit scores below 670, nearly 4 in 10 said they could not have paid for a recent purchase more than $300 without it.
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“The results show that major purchases are often not discretionary — consumers may be replacing items that broke, addressing car repairs, or paying for necessary services. And for those with lower credit scores, access to credit is often an issue,” said Ted Saunders, CEO at Snap Finance. “For retailers and service providers, introducing simple and accessible financing options early in the shopping journey can help customers move forward while creating meaningful opportunities for growth.”
The survey of nearly 3,000 Americans also found almost half said financing options influence where they shop.
Researchers say financing is becoming a bigger factor as consumers continue to feel economic pressure.
