Washing machines are an essential appliance for any household. However, the price of washing machines are usually quite high and many of us can’t afford to pay for it in one lump sum. As a solution to this common problem stores/catalogues such as Brighthouse and Pay Weekly Store have started allowing their customers to finance washing machines so they can have them when they need them while paying off their outstanding balancing via installments.
When you finance a washing machine through Brighthouse you are going to have to undergo a credit check before they will even consider approving you. However, do not let the credit report discourage you from applying because even if your credit is less than perfect you could still be approved yet you may just have to pay a deposit (keep in mind you will be required to pay a deposit with no credit check options such as Pay Weekly Store as well). Credit provided is subject to successful credit and affordability checks.
However, if approved your payments will be reported to the credit reporting agencies which will affect your credit report positively.
Pay Weekly Store financing works a little differently than Brighthouse financing. With them you are not going to have to undergo a credit check but you will have to pay a deposit and the interest that you are going to pay on the washing machine is going to be significantly higher. Not to mention the fact since they are not approving you based on your credit they are not going to be reporting to the credit reporting agencies so even if you do make your payments on time it is not going to affect your credit rating in a positive way.