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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

LutherSales

Finanso.Multilogin™

About lender

LutherSales is an online store that operates on a buy-now-pay-later basis. This company allows you to split the cost of any item into more manageable installments. The firm received enough favorable press releases and word-of-mouth thanks to its fast application process and the broad range of products and services available to customers. This company offers just about everything, starting from microwave ovens and gym equipment to bed linens and jewelry. LutherSales hasn't appeared on the market just recently - it's been around for quite some time and managed to grow its sales significantly. They also enjoy a partnership with many recognized international brands, including Sony, Kenmore, and Apple.

The company was founded in 1967. Even though its initial budget was relatively small, the business remained afloat for several decades before growing into a nationwide success. According to the official information, the tides changed when the current president Eric Glickstein decided to join the family business in 1992. Since then, the firm has grown exponentially, offering outstanding, customer-driven services.

Pros and Cons

Akin to any other business, this one is not perfect. Before becoming its customer, you need to examine both advantages and disadvantages of LutherSales carefully. The pros are as follows:

  • Fast approval process. When you finish the application, a company representative will get in touch with you to discuss the specifics of their offer. There are many complexities to figure out regarding your budget and purchase needs.

  • Lack of down payment requirements. When acquiring a product, you don't need to pay an upfront sum. Instead, you can opt to choose the more suitable payment plan and afford the purchase under favorable conditions.

  • There are no hidden charges. LutherSales is a family business, so there are no shady sales practices or hidden charges that might cost you more money than you've budgeted initially.

However, there are several cons to mention, including:

  • Your past work history may be the deciding factor. Because this company doesn't conduct a credit check on its applicants, one's past work history becomes the most significant factor in the approval process. In case you fail to hold a steady job or don't meet other important qualifications, your application might be rejected. Therefore, you will have to supply proof of employment.

  • Automatic payments. This one is polarizing since some people say that automated payments are a huge advantage for them. If you don't like that LutherSales mandates you to set up automatic payments, this buy-now-pay-later company might not be your best choice for lending.

  • High late payment charges. Supposing that you failed to make a payment on time or defaulted, the company can charge you a fee for late payment of up to 25% of your loan balance.

Terms and conditions

The only type of loan offered by this company is a buy-now-pay-later loan. The amount that you owe only includes the price of the item. For example, if you were to purchase a $200 piece of jewelry and select the five-month repayment plan, you would be required to pay $40 monthly. You are not required to pay any interest, but LutherSales issues a late fee that can affect your budget negatively.

Funding a loan

This business is not a typical lender because they don't transfer the funds borrowed to your bank account. Instead, they pay for the item you purchased directly. Because transactions are completed electronically, the loan amount is made available instantly. You just need to choose LutherSales as your payment method when you buy an item, and this will be the money you use to make the purchase. What's also important to note is that there's no down payment.

The operations are available Monday through Friday from 9 am to 5:30 pm EST.

FAQ

What is LutherSales?

LutherSales is a US-based company that offers buy-now-pay-later loans with no interest for a broad range of items available in their online marketplace. The company can fund your purchase of both essential and luxury items, including TVs, smartphones, furniture, and more.

How does LutherSales work?

It works through salary deduction. In other words, you pay off the loan in fixed installments over a specified period of time. The payments are automatically deducted from your paycheck, so you won't have to worry about scheduling a payment.

Is LutherSales legitimate?

The company has been around since 1967. It earned its reputation for being a very client-oriented lending institution, unlike the more traditional lenders. It helps people rebuild credit and make the best use of the funds that they have. There are no hidden fees or charges. The company is 100% legitimate.

Get the luxury you deserve at low, budget-friendly payments you can afford.

© Luther Sales

What to focus on before applying for a loan with LutherSales

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between LutherSales and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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