Fingerhut, an online and catalogue retailer founded in 1948, allows customers to pay for a variety of products in installments over time. Fingerhut appeals primarily to lower-income shoppers or those with limited credit histories by offering affordable payment plans. With product categories spanning clothing, shoes, home goods, furniture, electronics, toys, pet supplies, and more, customers can purchase almost anything they need from Fingerhut and pay through monthly installments. Fingerhut reports customer payment histories to credit bureaus, so on-time installments can help build credit.
However, Fingerhut is not the only retailer providing buy now, pay later payment options. Below examines 10 alternatives sites with comparable offerings:
Top 10 Fingerhut Alternative Stores
1. The Shopping Channel
Similar to Fingerhut's model, The Shopping Channel is a television and online retailer selling various consumer discretionary products with the option of installment financing. Specific categories focus heavily on fashion, jewelry, beauty products, electronics, and home goods. Customers can finance purchases by applying for The Shopping Channel credit card and paying off balances in installments over time. Interest rates can vary from around 15-29% based on credit scores.
2. HSN - Home Shopping Network
Launched in 1982, Home Shopping Network (HSN) is another TV and online retailer providing household items, kitchenware, furniture, bedding, beauty products, fashion, accessories, consumer electronics and gifts. HSN offers two primary installment plan options:
ExtraFlex - Fixed monthly payments are set based on price, with deferred interest promotions ranging from 6-18 months. Variable interest rates apply after the promotional period, typically around 26.99% APR.
VIP Financing - Interest-free installment plans for purchases $399+, with fixed monthly payments over 6-18 month terms. Requires qualifying credit approval.
3. Venue
First launched in 1958 as Celebrity Inc., Venue supplies apparel, shoes, accessories, and home goods for men, women, and children both online and via catalogs. Specific categories carried include fashion, furniture, kitchenware, bedding and bath items, consumer electronics, sports equipment, tools, musical instruments, and auto accessories.
Venue provides lease-to-own installment payment plans allowing customers with limited credit or income to finance necessary household items or clothing, eventually owning them after all payments are made. Given the higher credit risk, interest rates on Venue's plans tend to range from 29.99-34.99%. However, Venue runs frequent promotions with discounted prices or deferred financing incentives.
4. Ginny's
Ginny's is an online apparel and home goods store founded in 1959. Product categories include women's, men's, and children's clothing and shoes, health and wellness items, jewelry, handbags, furniture, major kitchen appliances, cookware, home decor, bedding and bath goods.
Ginny's offers their own private label revolving credit accounts to extend financing to applicants who may not qualify for standard credit cards. Customers with bad credit may be asked for 10-20% down payments on purchases. Interest rates typically range from 24.99-29.99% APR. Timely monthly payments are reported to credit bureaus and can help improve scores over time. Credit limits may also increase with responsible use.
5. Stoneberry
Established in 1917 as a family-owned home furnishings business, Stoneberry today sells a wide range of consumer products online spanning jewelry, apparel, footwear, electronics, kitchenware, home decor items, furniture, outdoor living equipment, and more.
Stoneberry provides instant credit account approval for first-time customers buying through their website. This "Easy Pay" revolving credit offers fixed monthly installment plans tailored to each purchase, with starting payments as low as $5.99 per month. While convenient, these plans carry high variable interest rates ranging from 23.99-29.99% APR depending on credit. There are no annual fees, but late and returned payments may incur penalties.
6. Country Door
Launched in 1973, Country Door focuses on rustic, farmhouse-inspired home and garden decor, as well as women’s clothing with a vintage style. Core categories include wall decor, furniture, kitchen linens, candles, clothing, jewelry, pet supplies, kids’ toys, and outdoor games.
Country Door's house credit card provides instant approval decisions for customers and offers fixed monthly payment installment plans tailored to each purchase. Initial payments start as low as $20 per month. Variable interest rates apply after promotional periods expire, typically ranging from 22.99-26.99% APR. Customers receive one year of complimentary protection plans for certain purchases. On-time payments help strengthen credit scores.
7. The Swiss Colony
Operating since 1926, The Swiss Colony specializes in sending high-end food gifts featuring Wisconsin cheese, sausage, fruitcakes, nuts, sweets, and bakery items. Their signature assortment gifts arrive packaged in decorative tins or baskets.
For financing, customers can apply for a Swiss Colony credit card and receive a spending limit if approved. Tailored installment plans are set for each purchase, with payments potentially as low as $30 per month. For applicants initially denied, down payment options may be offered instead to secure items. There are no annual fees, and purchase history is reported to credit bureaus. Given narrow product selection, this card is best suited for food aficionados.
8. Midnight Velvet
Launched in 1979, Midnight Velvet sells women’s clothing with a focus on romantic, vintage-inspired styles including tops, pants, dresses, outerwear, swimsuits, shoes, jewelry, handbags and sleepwear. The company has also expanded into linens, furniture, mattresses, kitchen and dining products.
The proprietary Midnight Velvet Credit Card provides instant spending power with no preset spending limits. Initial minimum monthly payments are set at $20 per purchase. Variable interest rates range from 5.75-25.99% based on applicant qualifications. Customers with lower scores may need to put 10-50% down. On-time payments are reported which can strengthen credit history over time.
9. Seventh Avenue
Established in 1962, Seventh Avenue sells primarily home furnishings and women’s clothing with romantic, feminine styles. Home goods include furniture, bedding, bathroom items, and decor while apparel covers dresses, tops, pants, outerwear, and sleepwear. Some children’s items are offered too.
Seventh Avenue Credit Cards promise quick approval decisions and low initial $20 monthly payments per fixed installment plans tailored to each purchase. For applicants unable to qualify outright, down payment options from 10-30% may be extended instead. Financing offers convenient flexibility but with interest rates ranging from 23.74-26.99% that accrue on any unpaid balances.
10. FlexShopper
FlexShopper is a lease-to-own online retailer founded in 2013 offering electronics, furniture, appliances, jewelry, sporting goods, bedding, health aids and more across over 85,000 eligible items. Instead of lump payments, customers pay for items over 12-month installment plans on recurring weekly terms.
The site approves shoppers for personal lines of credit up to $2,500. Once purchases are made, weekly payments are automatically debited from checking accounts for 52 weeks. Ownership transfers upon final payment. For those unable to pay in full within a year, options to buy out leases early or extend terms may be offered. Given the risk, APR equivalents approach 200%. This model best suits those needing urgent access to necessary household items quickly.
Conclusion
While Fingerhut pioneered the concept of buy now, pay later catalog shopping in the late 1940s, numerous major retailers have adopted similar installment financing programs to appeal to budget-conscious consumers. When used responsibly, these deferred payment plans allow greater access to household necessities and luxury items that lower income families may struggle to purchase outright in cash. However, patrons should educate themselves on all credit terms and budget adequately when buying to ensure affordable, transparent arrangements. Missed payments can trigger aggressive collections efforts, damaged credit or even ownership revocation, so understanding one's rights and obligations before signing financing contracts remains key.
FAQs
1. What types of credit checks do these stores perform?
A: The retailers examined often conduct checks with TeleCheck, peer-to-peer databases, and national credit bureaus Experian, TransUnion and Equifax to evaluate applicant qualifications prior to approving lines of credit or installment plans. Those with limited credit histories may be asked for down payments first.
2. Can excessive inquiries when shopping for credit hurt my score?
A: Yes - each application triggers a hard credit check which may temporarily lower scores by a few points. However, installment approvals also help build positive repayment history. Experts thus advise limiting applications and instead checking pre-qualification criteria.
3. What recourse exists for dissatisfied account holders?
A: Customers can file complaints regarding billing disputes, fraud allegations or abusive collection tactics with the Consumer Financial Protection Bureau or their state attorney general's office which may then open investigations. Recording all interactions helps substantiate allegations.
4. What protections exist against missed payment fees or ownership revocations?
A: Federal regulations like the CCPA, TILA and FDCPA strictly govern late fees, privacy rights and fair debt collection practices. Patrons facing unjust treatment can request protections like forbearance or consider legal advocacy via non-profits. Know your rights.
5. How can conscientious consumers avoid “predatory” lending traps?
A: Carefully vetting credit terms upfront remains vital - specfically interest rates, payment timetables and early repayment options. Seeking neutral financial guidance can also help customers better weigh risks versus rewards before committing. Limit financing only essential, modestly-priced necessities.