Rent-to-own sound too good to be true. For a small recurring fee, you could take an item home with the intent to pay it off later. With a rent-to-own arrangement, consumers get immediate access to new or used merchandise – such as furniture or household appliances – and in return pay a weekly, semi-monthly, or monthly rental payment. Most rent-to-own don’t require a credit check or down payment and the rental has a pre-determined period, usually between 12 and 24 months. Best of all, customers can cancel at anytime and the item can be returned. It’s a $8.5 billion dollar industry, with about 9,200 stores in the USA and Canada, and Mexico serving 4.8 million customers annually.
But is it worth it?
The rent-to-own industry is notorious for costing customers double or triple what they would pay for an item by purchasing it outright upfront.
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.