Purchasing Power offers consumer products and educational services and allows you to buy big with payroll deduction. Available to employees of participating employers or organizations.
Legal name
Purchasing Power, LLC
Short name
Purchasing Power
Legal address
2727 Paces Ferry Rd SE Bldg. 2, Ste 1200, Atlanta, GA 30339
About Lender
Purchasing Power was founded in 2001 and is headquartered in Atlanta, Georgia. They offer an employee purchasing program that allows employees to buy products and services through payroll deduction. The program helps employees make big purchases they can’t afford upfront – like home appliances, furniture, electronics and even vacations – by spreading payments over 12 months (although typically 6 weeks).
They partner with employers to offer this benefit and there are no fees to the employer and no credit checks or deposits required for the employee. That’s why over 11 million employees in the US can access the program through their employer.
Key Features
Payroll deduction. Purchasing Power allows employees to buy through payroll deduction. Payments are automatically deducted from the employee’s paycheck over 12 months so they can afford bigger purchases.
No credit check. Purchasing Power doesn’t require a credit check like traditional financing options. That means more employees can use it – even those with poor credit or no credit history.
No deposit required. Employees don’t need to put down a deposit to use Purchasing Power. They can buy without having to save up first.
Wide range of products and services. Purchasing Power offers a wide range of products and services – home appliances, furniture, electronics and even vacations. It’s a flexible benefit that can be used for many needs.
Easy to use. Purchasing Power is easy to use – a simple online platform to browse products, buy and track payments.
No cost to employer. Employers don’t pay any fees to offer Purchasing Power to their employees. It’s a low risk benefit to add to their overall compensation package.
Pros and Cons
Pros
Easy. Convenient. Employees can buy bigger purchases without having to pay upfront.
No credit check. No credit check required.
No deposit. No deposit required.
Wide range of products and services. Home appliances, furniture, electronics and vacations. etc. etc. etc.
No cost to employer. Employers can offer Purchasing Power to their employees at no cost to them.
Cons
Higher prices. Some users have reported that the prices are higher than if you bought elsewhere.
Limited selection. While Purchasing Power offers a wide range of products and services, the selection may be limited compared to other retailers.
Debt. Because employees can buy without paying upfront, there’s a risk they may take on debt they can’t afford to pay back.
Not available to all. Purchasing Power is only available to employees of companies that offer the program as a benefit.
Reliability
Long standing. Purchasing Power has been around since 2001 so they have a proven track record in the industry.
A+ BBB Rating. They have an A+ rating from the Better Business Bureau which means they are committed to customer satisfaction and ethical business practices.
Award winning innovation. Purchasing Power has won several awards for their innovative approach to employee benefits which further proves their credibility and leadership in the industry.
Privacy and security. They have industry standard encryption and strict access controls to protect user data so you can have trust and confidence in them.
Visit website. Start by visiting the Purchasing Power website to learn about the program and how it works. This program allows you to shop for brand-new products and pay over time directly from your paycheck, without the need for a credit check, hidden fees, or varying payments.
Sign Up for Free. If your employer or organization offers Purchasing Power, you can sign up for free at any time. The sign-up process is simple and straightforward, allowing you to access the program without upfront costs.
Unlock Your Spending Limit. After signing up, you will need to provide some personal information to determine your eligibility and unlock your spending limit. This step ensures you can shop within your budget and manage payments effectively.
Start Shopping. Once your spending limit is determined, you can start shopping immediately. Purchasing Power offers a wide range of brand-name products, allowing you to receive your order upfront and pay for it over time through payroll deduction.
Manage Payments. With fixed, easy payments deducted directly from your paycheck, you can manage your budget without the stress associated with high-interest credit cards or layaway plans. Purchasing Power provides a reliable and straightforward way to pay over time.
Conditions and Requirements
Conditions
Loan term. Borrowers have up to 12 months to repay.
APR. 0% APR. No interest charges.
Loan amount. Amounts go over $1,000.
Requirements
Minimum annual income. $16,000 per year. You must have a stable income to repay the loan.
Bank account or credit card. You must have a bank account or credit card. This will be used in case of non-payment via payroll deduction.
Paycheck stub. You must upload a copy of your paycheck stub. This is to verify your employment and income.
Minimum age. 18 years old. You must be at least 18 years old to apply.
Ways to Receive the Money
Purchasing Power partners with third-party financing companies to make it easy and convenient for employees to get the money they need for their purchases. When an employee buys something through Purchasing Power, the financing company pays the upfront cost so the employee can get what they want without having to pay upfront. Then through payroll deduction, the employee repays the financing company over time in installments. With their large customer base, Purchasing Power negotiates better terms and rates with their financing partners so employees get better deals than they could on their own.
Products
Home appliances. Refrigerators, stoves, dishwashers, washing machines.
Reasons for denial can vary. Direct reasons for denial with Purchasing Power may not be the same as typical loan denial reasons such as low credit score, high debt-to-income ratio, insufficient or unstable income, too much loan amount, unmet basic application requirements, incorrect or incomplete application, loan purpose not matching lender criteria. For specific information on denials or eligibility criteria in the Purchasing Power program, contact their customer support.
Repaying a purchase through Purchasing Power is easy and hassle free, that’s what the program is all about. When you buy something through Purchasing Power, the repayment process is usually automatic payroll deductions over a set period of time, like 12 months. So the agreed upon amount is deducted from your paycheck in equal installments until the full amount of the purchase is paid. No credit checks, no interest rates, no missed payments. The repayment plan is tied to your payroll system.
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Purchasing Power is a game changer in the employee benefits space. Founded in 2001 and based in Atlanta, GA, Purchasing Power’s program allows employees to make big purchases through payroll deduction and levels the playing field for those who are budget constrained. By partnering with employers and offering the program at no cost to them, Purchasing Power is extending a lifeline to millions of employees across the US, so they can buy what they need and want without the upfront cost or credit checks. Some may worry about higher prices and limited selection, but the accessibility, convenience and flexibility of Purchasing Power outweigh those drawbacks.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Purchasing Power is not a loan program but an employee purchasing program that allows workers to purchase products and services through payroll deduction. However, there are some eligibility requirements that employees must meet in order to use the program. Here are some of the key requirements:
Employment. Employees must be employed by a company offering Purchasing Power as a benefit.
Eligible products and services. Purchasing Power is only available for certain products and services. Employees must ensure that the item they wish to purchase is eligible for the program.
Minimum order amount. Employees must meet a minimum order amount to use the program, which can vary depending on the employer and the product or service purchased.
Payment history. Employees must have a good payment history with Purchasing Power in order to continue using the program. This means that they must have made all previous payments on time and in full.
No bankruptcies or wage garnishments. Employees must not have any recent bankruptcies or wage garnishments on their record.
Income. While Purchasing Power does not require a credit check, employees must have sufficient income to cover the cost of the purchase and the payments.
Overall, the eligibility requirements for Purchasing Power are relatively straightforward, and most employees who meet these requirements should be able to use the program. However, it's important for employees to carefully consider the costs and risks involved before making purchases through the program, as they will be responsible for making payments over time through payroll deduction.
Does Purchasing Power approve everyone?
Purchasing Power does not approve everyone who applies for the program, but the eligibility requirements are relatively flexible compared to traditional financing options. While the program does not require a credit check or a deposit, there are some eligibility requirements that employees must meet in order to use the program. These include:
Employment. Employees must be employed by a company offering Purchasing Power as a benefit.
Eligible products and services. Purchasing Power is only available for certain products and services. Employees must ensure that the item they wish to purchase is eligible for the program.
Minimum order amount. Employees must meet a minimum order amount to use the program, which can vary depending on the employer and the product or service purchased.
Payment history. Employees must have a good payment history with Purchasing Power in order to continue using the program. This means that they must have made all previous payments on time and in full.
No bankruptcies or wage garnishments. Employees must not have any recent bankruptcies or wage garnishments on their record.
Income. While Purchasing Power does not require a credit check, employees must have sufficient income to cover the cost of the purchase and the payments.
Overall, Purchasing Power is designed to be a flexible and accessible benefit that can be used by a wide range of employees, including those with poor credit or no credit history. However, the program is not available to everyone, and employees must meet certain eligibility requirements in order to use the program.
Is Purchasing Power a legitimate company?
Yes, Purchasing Power is a legitimate company that has been in business since 2001. The company is headquartered in Atlanta, Georgia, and has an A+ rating from the Better Business Bureau. Purchasing Power partners with reputable retailers to offer employees a wide range of products and services and carefully vets its partners to ensure that they meet high quality and customer service standards.
Purchasing Power is also committed to protecting the privacy and security of its users. The company uses industry-standard encryption to protect sensitive information and has strict policies in place to prevent unauthorized access to user data.
Overall, Purchasing Power is a reliable and trustworthy company that provides valuable employee benefits. While users should always do their due diligence and carefully consider the costs and risks involved before making any purchases through the program, there is no reason to believe that Purchasing Power is anything other than a legitimate and reputable company.
Is Purchasing Power a good company?
Purchasing Power is not a lender but an employee purchasing program that allows workers to purchase products and services through payroll deduction. As such, it does not offer loans or credit lines in the traditional sense.
However, Purchasing Power does partner with third-party financing companies to fund employee purchases, and it negotiates favorable terms and interest rates with these companies on behalf of its users. While the cost of financing through Purchasing Power may be higher than paying for purchases upfront, it can provide a convenient and accessible way for employees to make larger purchases over time.
Whether or not Purchasing Power is a "good" company ultimately depends on the needs and circumstances of individual employees. The program can be useful for those who need to make large purchases but do not have the funds to pay for them upfront. However, users should carefully consider the total cost of the purchase, including any interest or fees, before deciding whether to use the program.
It's also worth noting that Purchasing Power does not require a credit check, making it accessible to employees who may have poor credit or no credit history. While this can be a benefit for those who might not otherwise qualify for financing, it also means that the risk of default may be higher, which could result in financial consequences for the employee.
Purchasing Power can be a good option for employees who need to make large purchases but do not have the funds to pay for them upfront. However, users should carefully consider the costs and risks before using the program.
